PRISM Market Moves on Thursday: Guess? Climbs; Papa John’s, Shake Shack Slide on CEO News

US equities are trading higher on Thursday at midday after stocks rallied on Wednesday. The S&P crossed 5,200 for the first time and the Dow and Nasdaq also hit all-time highs. Outperformers at midday are software, banks, credit cards, asset managers, homebuilders, machinery, transports, travel/tourism, and auto suppliers. Refiners, managed care, large-cap pharma, P&C insurance, restaurants, dollar stores, and media are underperforming. Treasuries are mostly weaker, the Dollar index is up+ 0.3%, Gold is up +0.6%, Bitcoin futures are up +1.4%, and WTI crude is off (0.8%).

Strong performers at midday include Guess? ($GES) which has gained +19.5% on Q4 EPS and revenue beat with gross and operating margins ahead of consensus. Micron Technology ($MU) is up +15.5% on strong fiscal Q2 results and fiscal Q3 guiding above expectations, and Revolve Group ($RVLV) has risen

+6.2% after being upgraded to outperform from market perform at TD Cowen. Analysts cited the company’s return to growth after a weak 2023, sales growth outpacing inventory, stabilizing returns, and record active customers.

The day’s decliners are Papa John’s International ($PZZA) which has fallen (7.3%) after the company announced CEO Rob Lynch will depart Papa John’s and join Shake Shack ($SHAK) as its CEO. Papa John’s CFO Ravi Thanawala will take on the role of interim CEO until the board identifies a successor. Chewy, Inc. ($CHWY) is down (3.2%) after missing Q1 revenue guidance. The company’s management cautioned on lower pet household formation trends. Shake Shack ($SHAK) has lost (2.5%) after the company appointed Rob Lynch as CEO, effective May 20. Apple ($AAPL) has dropped (2.4%) after a long anticipated DoJ antitrust lawsuit was filed today. The suit accuses the company of blocking rivals from accessing core hardware and software features of its iPhone.

Share This Article

 

About the Author

PRISM Market Moves on Thursday: Guess? Climbs; Papa John’s, Shake Shack Slide on CEO News

Editor Prism MarketView