PRISM Market Moves on Tuesday: Oracle Outperforms; Southwest, AA and Boeing Drop
US equities are trading mostly higher on Tuesday at midday after a depressed session on Monday. Nvidia ($NVDA) is outperforming among the big tech names and software, credit cards, household products, department stores, restaurants, and casinos are also strong. Underperformers include airlines, telecoms, energy, utilities, precious metals, and banks. Treasuries are weaker, the Dollar index is up +0.2%, Gold is down (1.0%), Bitcoin futures are down (0.4%) and WTI crude is up +0.6%.
Notable gainers at midday are Oracle ($ORCL) which has soared +11.2% with Fiscal Q3 revenue and EPS in line with expectation, Advance Auto Parts ($AAP) is up +4.5% after the company disclosed cooperation agreements with Third Point and Saddle Point Management, as well as new independent directors. 3M ($MMM) has gained +4.2% after announcing that the former Chairman and CEO of L3Harris Technologies ($LHX) will be the company’s new CEO, succeeding Michael Roman in May 2024.
The day’s decliners are Southwest Airlines ($LUV) which is down (14.1%) after the company announced it would cut capacity for 2024 primarily in the second half of the year given fewer expected deliveries of Boeing 737 MAX aircraft than before. American Airlines Group ($AAL) has lost (3.8%) after announcing its guidance for Q1. EPS is lower than expected but the company reaffirmed its FY24 guidance, and Boeing ($BA) has fallen (3.5%) on the New York Times reporting that the Boeing 737 Max production failed 33 out of 89 FAA product audits with 97 cases of noncompliance.
