On Thursday the S&P 500 Movers

3 hours 4 minutes ago

Beneficiaries

Shares of Albemarly (ALB), the world’s largest lithium producer, jumped 7.1%, marking the strongest daily performance of any S&P 500 stock. With Wednesday’s gains, the stock recouped a significant portion of the heavy losses posted in the previous session when analysts at two banks cited weak lithium prices and uncertain demand momentum for electric vehicles (EVs). Hoy, lowered his price targets. Other analysts have suggested that lithium prices are poised to recover in the medium to long term.

Car Max (KMX) shares rose 6.5 percent. The gain came after Needham analysts Upgraded shares of fellow vehicle retailers to drive (CVNA) from “hold” to “buy,” highlighting the firm’s growth potential and new features designed to streamline the buying process for those eligible for EV tax credits. Carvana shares rose 4.2 percent.

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Shares of the pharmacy giant Walgreens Boots Alliance (WBA) increased by 4.4 percent. The stock fell to a 27-year low in late June after the company cut its profit estimates, cut its guidance, and announced it would close underperforming stores amid sluggish consumer demand. . Shares of the healthcare provider are down more than 55% year to date.

Those who refuse

Decker Outdoor (Deck) shares fell 4.9%, the biggest loser in the S&P 500, after a report from data analytics firm M Science pointed to weaker June sales of the company’s Hoka and Ugg footwear brands. The slowdown for popular shoe brands is consistent with broader pressures on discretionary spending, with consumers cutting back on high-end purchases in response to high inflation and limited wage growth.

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Shares of software companies moved lower, suggesting that red-hot semiconductor stocks could lose steam in potential spin-offs among potential beneficiaries of artificial intelligence (AI) in the software industry. Shares of cyber security software provider Crowd Strike Holdings (CRWD) fell 3 percent. Meanwhile, financial software firms Intuit (INTU) said it would.10% off of its workforce. Its shares fell 2.6 percent. HubSpot (Hubs) fell 12 percent after reports that Google parent Alphabet (Google) was no longer interested In buying it.

Uber Technologies (UBER) shares slipped 2.9 percent after Hong Kong said it would begin regulating ride-sharing services. The Transport and Logistics Bureau in the Special Administrative Region announced that it will require licensing for Uber and competing platforms while aiming for stricter enforcement of the rules and fines for violations.

Michael Bromberg

Goldman extends Tesla’s winning streak as it raises price target

3 hours 32 minutes ago

Tesla (TSLA) shares closed higher for the eleventh consecutive session on Wednesday. Analysts at Goldman Sachs raised their price target. For a large stock of electric vehicles.

The stock has been on a winning streak in the days leading up to its release. Second quarter production and delivery numbers, which exceeded analysts’ expectations. Recent Extension of benefits This has allowed Tesla’s stock to return to the green. Year to date.

The stock added 0.4% to end Wednesday’s session at $263.26, adding 44% to its winning streak.

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Goldman analysts raised their price target on the stock to $248 from $175, maintaining a neutral rating.

Analysts at Goldman said the lower-cost model could have a positive impact on Tesla’s market share, helping the EV maker compete more with Chinese companies that offer cheaper vehicles.

Analysts also pointed to Tesla’s developing self-driving software and its planned launch of Robotaxis next month as future growth areas, but said autonomous taxis will be widely available. Or traditional Tesla vehicles will take time to become fully autonomous.

“While we continue to believe Tesla is well-positioned for long-term growth given its strong position in the EV and clean energy markets,” the analysts wrote, “we expect weak market conditions in the medium term Weighing in on incomes close to .

Tesla is scheduled to report earnings after the closing bell on July 23, when the company may provide additional details about the Robotxy debut event, which is currently scheduled. August 8.

Aaron McDaid

Nvidia stock nears record high, boosted by AI optimism

5 hours 21 minutes ago

Nvidia (NVDA) shares rose again on Wednesday, nearing a record high set last month, as the chipmaker capitalized on investor excitement about the company’s strong position amid the AI ​​boom.

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The continued climb could raise questions about how the company’s stock will sustain its record-breaking climb.

Earnings from rising sales are key to sustaining the stock’s outperformance, analysts at Trust Securities said in a report Wednesday. He highlighted strong demand for AI chips and Nvidia’s leading position as contributing to organic sales growth.

Read more here About Analysts’ Thoughts on Nvidia’s Outlook

Naomi Buchanan

The Carvana kicks into high gear on the stock upgrade.

7 hours 22 minutes ago

drive (CVNA) shares higher momentum after Wednesday Needham’s analyzers were upgraded. Its stock and the company unveiled new features for buying electric vehicles (EVs).

digtal The car-buying company is “a secular growth story with a cyclical recovery kicker,” Needham analysts Chris Pearce and Mackenzie Holleran wrote in a note Wednesday in which they raised their ratings from “hold” to “buy.” Picked up.

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Needham issued a price target of $160, a 27% premium to Tuesday’s closing price. Carvana shares, which traded as low as $25.09 last November, rose 4.6% to $131.40 in recent trading.

“After a volatile past we see. [Carvana] Becoming a profitable secular growth story, with increased retail unit sales and improved gross profit per unit benefiting from a higher fixed cost base,” the analysts wrote.

Andrew Castle

TSMC stock gains on strong earnings growth

8 hours 39 minutes ago

Shares of Taiwan Semiconductor Manufacturing Co. (TSM) rose on Wednesday after Chipmaker revenue figures released For June, provides a complete picture of the company’s second quarter performance.

June revenue was up 33 percent from a year ago. Combined with April and May performance, the June data put TSMC’s second-quarter revenue at NT$673.51 billion ($20.67 billion), about NT$20 billion better than analysts’ estimates and NT$480.84 a year earlier. 40% over the billion mark.

The company, which provides technology companies such as Apple (AAPL) and Nvidia (NVDA) has been the beneficiary of Artificial Intelligence (AI)) boom, as demand for chips to build AI products increases. Meet low demand for your other products.Like semiconductors used in the manufacture of cars.

Earlier this year, the Biden administration Announced plans to award TSMC up to $6.6 billion in grants from Chips and Science Act To help the chipmaker increase its production capacity in the US

Shares of TSMC rose 2.7% in recent trading.

Aaron McDaid

With the departure of the LegalZoom CEO, the record will decrease.

9 hours 39 minutes ago

Shares of Legal Zoom (LZ) fell 30% to an all-time low on Wednesday as online Declaration of Legal Services Provider Chief Executive Officer Dan Werkoff is stepping down to lead the year.

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The company reported that Wernikoff “will be stepping down,” and will be replaced by current board chair Jeffrey Stabler, effective immediately. Wernikoff has been CEO since October 2019, and took LegalZoom public in 2021.

The company said the time is “right for this transition,” as it shifts its focus to “subscription-based revenue to drive long-term profitable growth.”

Along with the CEO change, LegalZoom said it is lowering its 2024 revenue outlook to $675 million to $685 million from $700 million to $720 million previously.

Bill McCall

Corning shares rise again amid AI excitement

10 hours 14 minutes ago

Shares of specialty glassmaker Corning ( GLW ) moved higher in early trading Wednesday, sending the stock up 16 percent over the previous two sessions. The rally started on Monday after the company promoted it. Current Quarterly Outlook Due to the increasing use of optical connectivity products used in it Creative Artificial Intelligence (AI) Application

Since moving down to the lower trend line of a Descent channel In late October, Corning shares continued to rally, accelerating gains on a breakout of the pattern’s upper trend line.

Source: TradingView.com.

Importantly, the stock’s biggest weekly gain this week. Trading volume As of February 2018, indicating strong conviction behind the move. In addition, the Relative Strength Index (RSI) Confirms bullish price momentum, but also indicates significant overbought conditions with a reading above the 80 level.

Given the stock’s recent move, the price could see a retest of its April 2021 high of $46.82. The stock was up 0.8% at $45.03 early Wednesday.

During profit-taking periods, Corning shares can attract buying interest at key chart levels including $39, $35, and $31.

Read more here What the Technicals and Corning’s Weekly Charts Tell Us

Timothy Smith

Stock futures point to higher open for major indices

12 hours 3 minutes ago

Futures contracts linked to the Dow Jones Industrial Average rose 0.1 percent.

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S&P 500 futures added 0.3%.

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Nasdaq 100 futures rose 0.4 percent.

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