SolarEdge Stock Slides Amid European Solar Slowdown
8 minutes 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
1 hr 27 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
3 hr 34 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
3 hr 48 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
5 hr 6 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
6 hr 6 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
6 hr 33 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
7 hr 37 min 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%.
