PRISM Market Moves on Tuesday: BlackBerry Gains on AMD Partnership; ChargePoint, American Express Slide

US equities are trading mostly lower on Tuesday afternoon, with Big tech mostly lower. Outperformers include semis, EVs, precious metals miners, tobacco, chemicals, life sciences, and telecoms, while insurance, credit cards, retail, cruise lines, homebuilders, hotels, airlines, and trucking are weaker. Treasuries are firmer, the Dollar index is flat, Gold is up +0.5%, Bitcoin futures are down (4.0%) and WTI crude is down (1.4%).

Outperformers on Tuesday are BlackBerry ($BB) which has gained +9.4% after the company announced a collaboration with Advanced Micro Devices ($AMD) on next-generation robotic systems. Moderna ($MRNA) is up +6.3% after the company presented new data for mRNA-4157, a cancer vaccine being developed with Merck ($MRK), showing that the compound benefits in head and neck cancer. Alkermes ($ALKS) has risen +3.6% after the company announced topline results from a Phase 1b study of ALKS 2680 demonstrating improved wakefulness in patients with narcolepsy Type 2 and Idiopathic Hypersomnia.

The day’s decliners are Tilray Brands ($TLRY) which has dropped (19.7%) on weak Fiscal Q3 revenue and EBITDA. The company lowered its FY24 EBITDA guidance and said it no longer expects to generate positive FCF due to delayed timing for collecting cash on various asset sales. ChargePoint Holdings ($CHPT) is down (4.3%) after being downgraded to sell from neutral at Goldman Sachs. Analysts cited headwinds from slower EV growth and noted rising competition, notably from Tesla. American Express ($AXP) has lost (1.8%) after being downgraded to equal-weight from overweight at Barclays. Analysts cited concern about headwinds in the financial services sector.

 

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PRISM Market Moves on Tuesday: BlackBerry Gains on AMD Partnership; ChargePoint, American Express Slide

Catie Corcoran

Biotech Editor