Top S&P Movers on Monday
56 minutes ago
Gainers
- The weekend’s political violence helped shape the market’s performance on Monday, boosting stocks related to security as well as companies that could benefit from a second Trump administration. Shares of Axon Enterprise (AXON), manufacturer of the Taser and other law enforcement devices, charged 5.5% higher, notching the top daily performance in the S&P 500.
- Shares of cloud-based human resources software provider Paycom Software (PAYC) jumped 5.2%, following positive comments from Zacks Equity Research. Analysts pointed to Paycom as an attractive pick for value investors, highlighting its dividend payouts and lack of debt, and indicated the company could be poised to beat estimates when it releases quarterly results on July 31.
- Energy was the top-performing sector on Monday amid higher probabilities of a Trump election victory, boosting expectations that favorable policies could be on the horizon for players in the oil and gas industry. Shares of oil exploration firm APA Corp. (APA), which has been strategically limiting production as it navigates a difficult pricing environment, added 5%. Shares of oilfield services companies also posted notable gains.
Decliners
- Greater confidence in Trump retaking the White House helped lift some companies in the energy sector, though the shifting political landscape pressured renewable energy companies, with a clean energy transition likely to be less of a priority in a new Republican administration. Shares of green energy utility AES Corp. (AES) plunged 10%, suffering the steepest losses of any S&P 500 constituent on Monday.
- Beyond the unfavorable political outlook for renewables, losses spread across the solar power industry after Israel-based SolarEdge Technologies (SEDG) said it would lay off 400 employees as it reacts to a buildup of inventory and a slowdown in Europe’s solar markets. SolarEdge shares plummeted 15%, while shares of U.S.-based solar panel manufacturer FirstSolar (FSLR) sank 8.5%.
- Shares of luxury lifestyle firm Ralph Lauren (RL) fell 5.8%. Although the apparel designer has been focusing on enhancing its digital and direct-to-consumer sales, the company faces macroeconomic challenges and elevated operating expenses.
Tesla Rises as Musk Says He Requested Robotaxi Design
1 hr 38 min ago
Tesla (TSLA) shares finished Monday higher as CEO Elon Musk said the EV maker delayed its robotaxi debut event because he requested a design change.
Musk confirmed the delay of Tesla’s highly anticipated robotaxi event, originally scheduled for Aug. 8, after reports that it would be postponed to October. He wrote on the social-media site X Monday that he requested “what I think is an important design change to the front.”
Richard Bord /WireImage / Getty Images
Musk said the time would also allow Tesla engineers to add more features to the vehicle. A new date was not provided.
Investors will be watching for further details on the event and Tesla’s plans when the company reports second-quarter earnings July 23.
Shares of Tesla gained 1.8% on Monday and have closed higher in 13 of the last 14 trading sessions, boosted in large part by better-than-expected second-quarter production and delivery numbers.
Bitcoin Momentum Seen Helped by Election Outlook
3 hr 19 min ago
Bitcoin (BTC) was back above $63,000 for the first time in two weeks on Monday, up more than 15% from the lows of last week.
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Some of that price momentum is likely associated with the viewpoint that the re-election of former President Donald Trump, who has lately become viewed as a stronger supporter of cryptocurrency, is more likely.
Trump has indicated he will attend a bitcoin conference in Nashville later this month, according to conference organizers.
“Bitcoin’s price is positively correlated with the probability of a Trump Presidency and will remain sensitive to election updates,” said analysts from brokerage firm Bernstein in a report, according to The Block.
The report also offered upbeat scenarios for bitcoin-mining stocks, including their diversification into artificial intelligence.
Crypto-related stocks also saw gains in trading Monday. MicroStrategy (MSTR), one of the largest corporate bitcoin investors, saw its shares rise more than 16% while Coinbase (COIN) and miner Marathon Digital (MARA) shares jumped 11% and 18%, respectively.
SolarEdge Stock Slides Amid European Solar Slowdown
3 hr 31 min ago
SolarEdge Technologies (SEDG) is cutting 400 employees from its workforce owing to an inventory backlog and declining revenue, according to a Securities and Exchange Commission (SEC) filing Monday.
SolarEdge shares were down more than 14% in late-afternoon trading Monday. The stock has given up about 70% of its value so far this year.
Half the job cuts will occur in Israel, where the company is based. The company had 5,633 employees as of Dec. 31, 2023.2
In a letter to employees, Chief Executive Officer Zvi Lando cited “an accumulation of excess inventory,” adding that solar installation rates are rising slower than expected in Europe.
Apple Hits New High Amid AI-Fueled Optimism
4 hr 50 min ago
Apple (AAPL) stock touched a record high in intraday trading Monday as the tech giant received price-target increases from analysts who cited the company’s strong position for the future of artificial intelligence (AI) use on smartphones.
Analysts from Loop Capital upgraded Apple stock to “buy” from “hold,” while bumping their price target to $300, from $170 previously.
Loop analysts drew a comparison Monday to how the first iPods went on to make Apple the dominant force in music and digital content and how the first iPhones coincided with the rise of social media. Similar to those advances, the analysts wrote that Apple’s new AI-powered iPhones and iPads could make Apple the generative AI “base camp” for users as the devices’ generative AI services grow more powerful.
The rise of digital content and social media were “material stock catalysts” that helped Apple’s stock rise substantially over time, and Loop analysts said generative AI could be a similar driving force.
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Apple shares were up 1.8% at $234.75 in recent trading, after rising to an all-time high of $237.23 early in the session.
Macy’s Stock Plunges After Buyout Talks End
6 hr 57 min ago
Shares of Macy’s were down some 12% after the retailer said it had ended talks with would-be buyers Arkhouse Management and Brigade Capital Management.
The announcement comes after the activist investors recently upped their offer by about $300 million to $6.9 billion.
Trump Media Stock Jumps After Shooting
7 hr 11 min ago
Shares of Trump Media & Technology Group jumped in the first trading session since Saturday’s attempted assassination of former President Donald Trump at a rally in Pennsylvania.
Stock in the company, which owns the Truth Social social-media platform, was recently up more than 30%, somewhat below morning highs.
Cleveland-Cliffs Stock Rises After News of Stelco Deal
8 hr 29 min ago
Shares of Cleveland-Cliffs rose Monday following the news that it agreed to acquire Canadian steelmaker Stelco Holdings.
The cash-and-stock deal is valued at about $2.5 billion. Cleveland-Cliffs’ shares were recently up about 0.5%
Google Price Levels to Watch as Company Eyes $23B Deal
9 hr 29 min ago
Alphabet shares are in focus on Monday after The Wall Street Journal reported Sunday that the Google parent is in advanced discussions to acquire cybersecurity startup Wiz for around $23 billion.
The stock climbed to a record high last Wednesday, but closed lower for the week, potentially setting the stage for a retracement.
The Alphabet share price could find support at key levels on the chart including $175, $150, and $134. A bars pattern that takes the stock’s upward move between March last year and January this year and overlays it from the March swing low projects a longer-term price target around $215.
Alphabet shares were down 0.2% at $186.31 in pre-market trading.
Read the full technical analysis on Alphabet shares here.
Blackrock Assets Reach Record $10.6 Trillion
9 hr 56 min ago
BlackRock reported a record $10.6 trillion in assets under management in its second-quarter earnings report Monday, as profits and revenue rose year-over-year.
BlackRock’s second-quarter revenue rose 8% from a year ago to $4.81 billion, while net income was up 9% at $1.5 billion, or $9.99 per share.
Stock Futures Pointing to Higher Open
11 hours ago
Futures tied to the Dow Jones Industrial Average were up 0.6%.
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S&P 500 futures were up 0.5%.
Nasdaq 100 futures gained 0.6%.
