PRISM Market Moves on Tuesday: Fusion Pharma Soars on AZN Acquisition; META and Google Down
US equities are trading mostly higher on Tuesday at midday, just off best levels. Big tech is mixed with Meta ($META)and Alphabet ($GOOGL) hit by headlines about Temu dialing back its reliance on US business. Outperformers include energy, autos, department stores, steel, homebuilders, and hospitals, while underperformers include EVs, chemicals, copper and aluminum, airlines, railways, beauty, dollar stores, and solar. Treasuries are firmer, the Dollar index is up +0.4%, Gold is off (0.3%), Bitcoin futures are down (2.4%) and WTI crude is up +1.0%, adding to Monday’s gain.
Notable outperformers at midday are Fusion Pharmaceuticals ($FUSN) which has soared +97.4% after the company agreed to be acquired by AstraZeneca ($AZN) ~$2 billion in cash. Crinetics Pharmaceuticals ($CRNX) is up +20.2% on positive results from its Phase 3 study evaluating paltusotine for the treatment of acromegaly, and Nordstrom ($JWN) has gained +9.4% on reports that the company is working with advisors Morgan Stanley and Centerview in an effort to go private.
The day’s decliners are Nvidia ($NVDA) which is down (3.1%) after the company announced its new Blackwell GPU architecture, MongoDB ($MDB) which lost (2.5%) after being downgraded to sell from neutral at Redburn Atlantic. Analysts said the company lacks a clear generative AI advantage. Meta Platforms ($META) has fallen (2.1%) after reports that Temu is looking to reduce its reliance on US business. Temu was Meta’s top advertiser by revenue in 2023. Snowflake ($SNOW) has dropped (1.6%) after being downgraded to sell from neutral at Redburn Atlantic.
