PRISM Market Moves on Wednesday: Beyond Meat Surges, Polestar Outperforms, Bumble Shares Tumble
US equities are lower on Wednesday at midday following Tuesday’s mostly higher session. Small-caps are lagging and big tech is trading lower. Managed care, hospitals, semis, luxury apparel, refiners, road/rail, and airlines are underperforming, while autos, exchanges, grocers, and telecom are performing better. Treasuries are firmer, the Dollar index is up +0.2%, Gold is down (0.1%), Bitcoin futures are up +7.1%, reaching above $60K for the first time since Nov-21. WTI crude is down (0.1%).
Industry gainers at midday are Beyond Meat ($BYND) which has soared +47.5% after Q4 earnings were missed but revenue beat. The company announced cost cutting efforts to support margin expansion in 2024, with plans to eliminate unprofitable products and selectively raise US prices. Flywire ($FLYW) gained +19.7% on strong Q4 earnings with revenue growth reaccelerating to 38% year over year, and Polestar Automotive ($PSNYW) has risen +18.7% after announcing $950 million in external funding via a three-year loan facility.
The day’s decliners include Integral Ad Science Holding ($IAS) which has dropped (39.6%) in spite of strong Q4 earnings with EPS, EBITDA, revenue beat. The company guided Q1, FY revenue and EBITDA below consensus and has been downgraded to outperform from strong buy at Raymond James. Boston Beer ($SAM) is down (16.4%) on weak Q4 results, and Bumble ($BMBL) has lost (12.1%) after the company lowered its 2024 revenue growth guidance. The company highlighted Bumble app softness, which was concentrated in the US and flagged a slower start to 2024.
