Lockstep's Market Recap - 9 May 2024

Drivers of Performance

It was a quiet day yesterday, with very little driving the market.

Company Specific News

The top performer on the S&P 500 was Equinix (EQIX), whose share price appreciated by over +11.5% yesterday.

It wasn’t that EQIX reported outstanding earnings but rather that it reported its Q1 2024 after it was the subject of some controversy, including accusations of accounting manipulation.

In the Q1 2024 results, the Board of Directors declared that the financial report was accurate after the audit committee conducted an internal investigation.

The worst index performer was EPAM Systems (EPAM), which lost over a quarter of its value after it reported Q1 2024 results. Due to lower demand, the company revised its full-year guidance downward, as it now expects FY 2024 revenue to decline year-on-year.

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