PRISM Market Moves on Tuesday: Apogee Therapeutics, Target Outperform; Tesla, Apple Down
US equities are trading lower at midday on Tuesday with big tech weaker and semis lagging. Autos, tech hardware, casinos, transports, industrial metals and video games are underperforming, while banks, A&D, utilities and drug stores are stronger. Treasuries are firmer, the Dollar index is down (0.2%), Gold is up +0.4%, Bitcoin futures are down (3.2%) and WTI crude is down (0.6%).
Notable gainers at midday are Apogee Therapeutics ($APGE) which has soared +39.1% after announcing positive interim Phase 1 data from its first-in-human study of APG777 for moderate-to-severe AD and other inflammatory diseases. AeroVironment ($AVAV) is up +24.4% with FQ3 EPS and revenue beat with gross margins up 48% year over year, and Target ($TGT) has gained +12.0% on strong Q4 earnings with EPS beat by more than 23%. The company highlighted lower markdowns, lower freight, lower supply chain costs, lower shrink and favorable mix as keys to recent success.
The day’s decliners are Stitch Fix ($SFIX) which has dropped by (16.9%) on weak Fiscal Q2 revenue, GM, EBITDA and EPS, Tesla ($TSLA) is down (4.4%) after its German gigafactory halted production and had to be evacuated due to suspected arson, and GlobalFoundries ($GFS) has fallen (2.9%) after being downgraded to neutral from positive at Susquehanna. Apple ($AAPL) has lost (2.8%) after Bloomberg reported that iPhone unit sales in China are down 24% over the first six weeks of 2024.
