Closing Bell Movers: Marvell up 11%, reversing initial earnings selloff

Major U.S. indices had paused a string of five consecutive gaining sessions on Monday, but Tuesday risk-on sentiment has returned, and the after-hours session bodes well for more gains on Wednesday.  In the opening hour of the evening session, U.S. equity futures are up marginally, with S&P 500 e-minis, Nasdaq, and the Dow all up by a decimal.  In commodities, Crude Oil was back under pressure amid reports that U.S. officials continue to work to bring Russia-Ukraine conflict to a resolution along with inventory data from API suggesting that demand is overshadowed by supply.  The stock in Metals remains dominated by the break-out in Silver, which is rapidly approaching $60 per ounce.

Utilities and Health Care were again among the weakest sectors in the S&P 500 index, though Energy was the biggest loser on weak oil prices.  Meanwhile, the 10% spike in Boeing (BA) shares driven by the bullish remarks by the company at the UBS Global Industrials and Transportation Conference has lifted Industrials to the top of the day’s sector rankings.   That commentary also offset a soft set of economic data as U.S. ISM Manufacturing print registered its 9th consecutive month of contraction.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Marvell (MRVL) up 10.6%
• American Eagle Outfitters (AEO) up 10.2%
• Asana (ASAN) up 3.5% 

ALSO HIGHER –

• Aardvark Therapeutics (AARD) up 8.1% after Raymond James Strong Buy initiation
• Elastic N.V. (ESTC) up 1.7% after insider buy

DOWN AFTER EARNINGS –

• Leslie’s, Inc. (LESL) down 11.2%
• Pure Storage (PSTG) down 10.0%
• GitLab (GTLB) down 9.1%
• Asana (ASAN) down 6.0%
• Okta (OKTA) down 3.3%
• Crowdstrike (CRWD) down 1.5%

ALSO LOWER –

• Acadia Healthcare (ACHC) down 23.0% after cutting guidance following review of professional and general liability – PLGL – reserves