PRISM Market Moves on Thursday: C3.ai and Okta Outperform; Snowflake Falls, Birkenstock Down
US equities are trading higher on Thursday at midday, with small-caps extending the week’s outperformance. Big tech is mostly higher and other outperformers include semis, banks, media, crypto-linked names, autos, metals/miners, and REITs. Pharma, MedTech, payments, fertilizers, and hotels are underperforming. Treasuries are firmer, the Dollar index is down (0.2%), Gold is up +0.6%, Bitcoin futures are up another +4.5% after yesterday’s surge through $60K, and WTI crude is up +0.5%.
Notable performers at midday are C3.ai ($AI) which is up +22.4%, Okta, Inc. ($OKTA) which has risen +20.8% on strong Q4 revenue, cRPO growth, EBIT and EPS all ahead, and Monster Beverage ($MNST) which has gained +5.2% with Q4 EPS in line. The company stated that strong volume growth continued into January.
The day’s decliners are Snowflake ($SNOW) which has dropped (19.6%) on Q1 and FY25 product revenue growth guidance well below expectations and CEO Frank Slootman unexpectedly retiring, effective immediately. WW International ($WW) has lost (19.5%) on weak Q4 earnings with revenue and EPS missed and FY24 revenue and operating income guiding below expectations. Oprah Winfrey won’t be standing for reelection to WW’s board in May, though said she will continue to collaborate with the company. BIrkenstock ($BIRK) is down (5.8%), and Bath & Body Works ($BBWI) has fallen (5.5%) following strong Q4 earnings with EPS and revenue beat but Q1 and FY24 EPS and revenue growth guidance falling short of estimates.
