SolarEdge Jumps After Bank of American Upgrade
46 minutes ago
SolarEdge Technologies (SEDG) shares surged in intraday trading Monday following an upgrade from Bank of America, which said the solar power equipment maker will post a profit next year and that its stock is undervalued.
BofA Securities raised its rating to “neutral” from “underperform,” although it lowered the price target to $29 from $44.1
The strategists said the recent drop SolarEdge’s share price is based on “an unlikely worst-case scenario of inventory writedowns, a lack of recovery in the inventory channel congestion through ’25 and an inability to monetize the balance sheet.”
Bank of America expects SolarEdge to return to profitability in the first half of 2025.
SolarEdge shares were up more than 8% in mid-afternoon trading.
Meta Platforms Down After Hitting Record High
1 hr 53 min ago
Shares in Facebook and Instagram parent Meta Platforms (META) were down 2% in afternoon trading Monday, after closing at a record high Friday amid optimism that the company’s significant AI investment is starting to translate into revenue growth.
Here are key price levels to watch:
Meta shares have broken out from a pennant pattern, but several chart indicators point to slowing price momentum.
The measuring principle, which calculates the distance of the most recent leg higher in points preceding the pennant and adds that amount to the pattern’s top trendline, projects a price target in Meta shares of $767.
During retracements, Meta shares may find support around $384 and $300.
Corning Surges More Than 10% On Guidance Boost
3 hr 17 min ago
Shares of Corning (GLW) soared Monday after the specialty glass maker boosted its guidance, citing rising demand for its products used in generative artificial intelligence (AI) applications.
The company now anticipates current-quarter earnings per share (EPS) at the high end of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about $3.6 billion, $200 million more than its earlier estimate.
Corning shares were up more than 10% around midday Monday, trading at their highest levels since early 2022.
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Nvidia Gains As Analysts Boost Price Targets
4 hr 9 min ago
Nvidia (NVDA) shares climbed Monday as analysts lifted their price targets for the stock, citing “exceedingly robust” demand for the chipmaker’s upcoming Blackwell platform.
Shares of Nvidia surged over 3% to above $130 before paring back some gains in early trading Monday, after UBS analysts boosted their price target for the stock to $150 from $120, while Wolfe Research analysts lifted their objective to $150 from $125.
UBS analysts reported supply chain checks indicated “demand momentum for Blackwell rack-scale systems remains exceedingly robust” as Nvidia works to strengthen its supply.
They added that demand for Nvidia’s data center components is “in part being driven by the enhanced power efficiency” amid concerns about power constraints affecting artificial intelligence (AI) computing.
Telsa Shares Down After Last Week’s Big Gains
5 hr 18 min ago
Tesla (TSLA) shares were down more than 2% in early trading Monday, after a 27% surge in the EV maker’s share price last week drove the stock back into the green for the year. The rally followed a better-than-expected second-quarter deliveries report and building anticipation ahead of the company’s Robotaxi Day next month.
Following the big move for the stock, these are the key areas on Tesla’s weekly chart to watch out for.
Last week, Tesla shares closed above both the 50- and 200-week moving averages and a prominent 12-month downtrend line on the highest trading volume since mid-February, indicating buying conviction among market participants.
Tesla shares may encounter resistance on the weekly chart at $299.29, $384.29, and $414.50, while potentially finding support around $205.
Stock Futures Edge Higher
6 hr 24 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.1%
S&P 500 futures were also up 0.1%.
Nasdaq 100 futures were up 0.1%.
