PRISM Market Moves on Tuesday: EXACT Sciences Surges on Colorectal Cancer Test Results; Tesla and Petco Slide
US equities are down on Tuesday at midday, close to worst levels after stocks finished lower on Monday. Big tech is trading lower with some drag from Tesla ($TSLA) which has declined on weak delivery numbers. Healthcare, semis, apparel retail, software, small-caps, homebuilders, EVs, and airlines are also underperforming. Energy, insurers, copper/aluminum, commodity chemicals, precious metals and food are performing better. Treasuries are mixed, the Dollar index is down (0.2%), Gold is up +1.6%, Bitcoin futures are off (5.8%) and WTI crude is up +1.3%.
The day’s outperformers are EXACT Sciences ($EXAS) has surged +10.7% after the privately-held firm Freenome announced positive topline results for its blood test for colorectal cancer among average-risk adults. ChampionX ($CHX) is up +9.0% after announcing it has agreed to be acquired by Schlumberger Limited ($SLB) in an all-stock transaction. Roivant Sciences ($ROIV) has gained +4.5% after the company announced strong efficacy data in its NEPTUNE study for Brepocitinib in noninfectious uveitis (NIU); The company’s Board authorized up to $1.5 billion in a share repurchase program.
The day’s decliners are Tesla ($TSLA) which has dropped (6.3%) after the company announced Q1 production and deliveries, missing consensus. Tesla highlighted Red Sea shipping headwinds and the recent arson attack at Gigafactory Berlin as factors in the miss. Veeva Systems ($VEEV) is down (5.8%) after announcing that CFO Brent Bowman exited the company on April 1 2024 and will be replaced by E Nitsa Zuppas as President. The company reiterated Q1 and FY guidance. Petco ($WOOF) has lost (5.0%) after being downgraded to underperform from buy at Bank of America.
