PRISM Market Moves on Wednesday: United Airlines Outperforms, Mobileye Global Gains; Autodesk Drops on Missing 10K Filing
US equities are trading lower at midday on Wednesday after a mostly lower finish on Tuesday that saw the S&P 500, Nasdaq, and the Russell 2000’s third consecutive decline. Underperformers today are C&E, road/rail, MedTech, and semi caps, while airlines, industrial metals, managed care, investment banks, food/beverages, utilities, and credit cards are outperforming. Big tech is mixed, with Tesla ($TSLA) trading down again. Treasuries are firmer, the Dollar index is down (0.1%), Gold is down (0.2%), Bitcoin Futures are down (2.5%) and WTI crude is down (1.0%).
Outperformers at midday are United Airlines ($UAL) which has soared +12.1% on strong Q1 earnings with EPS and revenue beat and FY24 EPS guidance reaffirmed. The company said that due to aircraft delivery delays, it expects 61 narrowbody and five widebody aircraft deliveries in 2024. Mobileye Global ($MBLY) has gained +4.1% after announcing that it had secured orders to ship at least 46M EyeQ6 Lite assisted-driving chips over the next few years. Citizens Financial Group ($CFG) is up +3.0% after reporting strong Q1 earnings.
The day’s decliners are J.B. Hunt Transport Services ($JBHT) which is down (8.6%) on missing Q1 earnings and revenue. The company flagged lower gross revenue per load in both intermodal and truckload segments and a tough pricing/competitive environment. Travelers Cos. ($TRV) has fallen (8.0%) on missing Q1 EPS but beating revenue, and Autodesk ($ADSK) has lost (7.9%) after the company provided an update on its delayed 10-K filing, noting that it expects to receive a notice from Nasdaq that it is not in compliance with the timely filing requirement.
