PRISM Market Moves on Tuesday: Intra-Cellular Therapies Soars on Depression Results; Live Nation Down on Antitrust Lawsuit Reports
US equities are trading mostly lower on Tuesday at midday, with the S&P 500 down for a third straight session. Homebuilders, banks, chemicals, industrial metals, energy, airlines, REITs, and utilities are weak. Big tech is mixed with some drag from Tesla ($TSLA) again today. Outperformers include managed care, semis, P&C insurance, healthcare distributors, food/beverages, and payments. Treasuries are weaker, the Dollar index is flat, Gold is up +0.7%, Bitcoin futures are down (1.3%) and WTI crude is up +0.2%.
Outperformers at midday are Intra-Cellular Therapies ($ITCI) which has soared +25.8% after the company announced positive topline results from a study evaluating lumateperone as an adjunctive therapy to antidepressants for the treatment of major depressive disorder. UnitedHealth Group ($UNH) has gained +4.7% on strong Q1 earnings and revenue despite cyberattack disruptions, and Super Micro Computer) ($SMCI) is up +3.7% on a target price increased to $1,500 from $600 at Loop Capital Markets. The firm cited the company’s position as a leader in the AI server industry.
The day’s decliners are Live Nation Entertainment ($LYV) which has fallen (6.5%) after reports that the Justice Department is preparing to file an antitrust lawsuit against the Ticketmaster parent as soon as next month. Barrick Gold ($GOLD) is down (6.1%) on reporting lower preliminary Q1 production numbers for gold and copper due to planned maintenance at gold mines and lower metal grade at copper mines, Hims & Hers Health ($HIMS) has lost (5.1%) after being downgraded to hold from buy at Jefferies. Bank of America ($BAC) has dropped (3.9%) on Q1 earnings. Analysts expressed concerns about higher expenses and weaker credit metrics.
