Sunday , 26 May 2024

PRISM Market Moves on Friday: Samsara Soars, Carvana Climbs; Amylyx Pharma and Marvell Drop

PRISM Market Moves on Friday: Samsara Soars, Carvana Climbs; Amylyx Pharma and Marvell Drop


US equities are mixed on Friday at midday, trading off best levels. The S&P 500 is currently on track to finish higher for the 17th time in the last 19 weeks. Small-caps are outperforming and big tech is mixed as Nvidia reverses earlier gains. Outperformers include cruise lines, autos, toys, tobacco, and biotech, while it’s a tougher day for big box retail, dollar stores, semis, precious metals, airlines, and drug distributors. Treasuries are mostly firmer, the Dollar index is down (0.2%), Gold is up +0.7%, Bitcoin futures are down (1.4%) and WTI crude is down (1.0%).

Notable gainers at midday are Samsara which is up +11.7% on strong Q4 earnings with FY25 revenue guidance better, Carvana has climbed +10.0% after being upgraded at RBC from underperforming to sector performance, and The Gap has gained +4.3% on strong Q4 earnings helped by lower commodity and air freight and improved promotional activity, and good traction behind strategic initiatives, positive growth at Gap and Old Navy, and sequential improvement at Athleta.

The day’s decliners are Amylyx Pharmaceuticals which plummeted (80.5%) on news that its Phase 3 PHOENIX trial of AMX0035 in ALS did not meet its primary endpoint. Marvell Technology is down (9.3%) after the company’s Q1 EPS and revenue guidance came out weaker than expected, and Costco Wholesale has lost (6.5%) on missing guided net sales and membership fees slightly missed. The company highlighted that renewal rates, new member sign-ups, and loyalty are all trending positively and membership price increases are inevitable though not imminent.

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