PRISM Market Moves on Friday: Kura Sushi and Krispy Kreme Surge; Tesla and Plug Power Fall

US equities are trading higher on Friday afternoon after stocks came under pressure on Thursday. Big tech is mostly higher and other outperformers include semis/semicaps, software, life sciences, railways, building materials, P&C insurers, machinery, and entertainment. Pharma, solar, regional banks, diversified chemicals, packaging, consumer staples, and airlines are lagging Treasuries are notably weaker, the Dollar index is up +0.3%, Gold is up +1.5%. Bitcoin futures are down (1.6%) and WTI crude is up +1.0% after gaining nearly 1.5% on Thursday on the latest Middle East headlines.

Outperformers on Friday afternoon are Kura Sushi USA ($KRUS) which has gained +6.9% on strong FQ2 revenue. The company highlighted strong traffic growth and raised FY revenue guidance. Krispy Kreme ($DNUT) has risen +5.4% after being upgraded to overweight from neutral at Piper Sandler. Analysts cited the company’s partnership with McDonald’s ($MCD) as a positive. Cinemark Holdings ($CNK) is up +4.6% after being upgraded to overweight from underweight at Wells Fargo.

The day’s decliners are Altice USA ($ATUS), which is down (14.0%) after being downgraded to underweight from equal weight at Wells Fargo Securities, and Enphase Energy ($ENPH) which has lost (5.6%) after being downgraded to neutral from buy at Citi due to weakening solar trends. Tesla ($TSLA) has fallen (3.3%) after Reuters reported the company is discarding its low-cost EV plan amid fierce Chinese competition. Elon Musk denied the Reuters report on X. Plug Power ($PLUG) has dropped (1.3%) after being downgraded to sell from neutral at Citi.

 

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PRISM Market Moves on Friday: Kura Sushi and Krispy Kreme Surge; Tesla and Plug Power Fall

Catie Corcoran

Biotech Editor