PRISM Market Moves on Monday: Ballard Power Systems Soars; InterDigital and FedEx Fall
US equities are trading lower on Monday afternoon with stocks selling off after finishing higher last week. Underperformers include healthcare, regional banks, homebuilders, trucking, telecoms, credit cards, and drug stores, while semis, precious metals, airlines, energy, hotels/restaurants, dollar stores, casinos, and China tech are stronger. Treasuries are under pressure, the Dollar index is up +0.4%, Gold is up +0.9%, Bitcoin futures are down (3.4%) and WTI crude is up +0.8%.
Notable gainers on Monday are Ballard Power Systems ($BLDP) which is up +14.9% after the company signed a long-term supply agreement with the European manufacturer Solaris Bus & Coach. Semtech ($SMTC) has gained +7.9% on strong earnings with Q4 revenue, margins, and FCF beat. Analysts are upbeat on AI commentary and increased PON demand. Cameco ($CCJ) has risen +5.2% after being iInitiated as a buy at Goldman Sachs. Analysts noted company’s significant role in the uranium/nuclear fuel value chain and the potential for increased demand and higher prices.
The day’s decliners include InterDigital ($IDCC) which has dropped (6.8%) after being downgraded to underperform from buy at Bank of America Securities, Universal Health Services ($UHS) has lost (4.0%) after the company reported that its direct subsidiary Pavilion Behavioral Health was ordered to pay $60 million in compensatory damages, and $475 million in punitive damages for claims of negligence and misrepresentation. FedEx ($FDX) has fallen (1.9%) after announcing that its deal to provide domestic transportation services for USPS will expire at the end of September. FedEx said the parties have been unable to reach an agreement on mutually beneficial terms to extend the contract.
