PRISM Market Moves on Friday: Paramount Global Jumps on Acquisition Reports, AMEX Gains; Netflix and Pure Storage Slide

American Express

US equities are mixed on Friday at midday after the S&P 500 and Nasdaq reversed earlier gains, and remain on pace for a sixth consecutive day of declines. Underperformers include entertainment, coatings, semis, HPCs, beauty, pharma, and construction materials, while it’s a stronger day for credit cards, casinos, airlines, media, oil majors, pipelines, and managed care. Treasuries are firmer, the Dollar index is down (0.2%), Gold is up +0.5%, Bitcoin futures are up +1.7% and WTI crude is up +0.6%.

Outperformers at midday are Paramount Global ($PARA) which has surged +7.3% following a New York Times report that Sony and Apollo Global Management ($APO) are considering a joint proposal to acquire the company. Fifth Third ($FITB) is up +5.6% on strong Q1 EPS, NII, and NIM, with margins also ahead of consensus, and American Express ($AXP) has gained +4.5% on reporting Q1 diluted EPS ahead with revenue largely in line. Non-interest revenue was weaker than consensus.

The day’s decliners are Super Micro Computer ($SMCI) which has dropped (17.7%) after announcing that it would report FQ3 results on April 30 without offering guidance with the announcement, which it has historically done. Netflix ($NFLX) is down (8.5%) in spite of beating Q1 earnings, revenue, and OM. Analysts expressed disappointment in Q2 and FY revenue guidance, and Pure Storage ($PSTG) has lost (5.0%) after being downgraded to outperform from strong buy at Raymond James.

 

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PRISM Market Moves on Friday: Paramount Global Jumps on Acquisition Reports, AMEX Gains; Netflix and Pure Storage Slide

Catie Corcoran

Biotech Editor