The S&P 500 Gains and Losses Today: Bright Growth Outlook Lifts First Solar Stock

On Tuesday, May 21, 2024, the S&P 500 added 0.3% as investors eagerly awaited the quarterly report from semiconductor giant Nvidia. The index reached a new all-time closing high, with the Nasdaq and Dow also posting gains. Here are some of the key highlights from the day’s trading session:

First Solar Shines Bright

First Solar (FSLR) stole the spotlight on Tuesday, with shares soaring 8.0% after UBS analysts raised their price target on the stock. The solar panel maker is expected to benefit from tax credits under the U.S. Inflation Reduction Act, leading to projected growth in earnings per share and gross margin. This positive outlook propelled First Solar to the top performance in the S&P 500 for the day.

Tesla’s Electric Dreams

Tesla (TSLA) also made waves, with shares surging 6.7% following an update on its electric semi-truck program. Despite facing delays since its launch in 2017, Tesla remains on track to deliver production-spec electric trucks in 2026. The company is ramping up production capacity in Nevada, aiming to produce 50,000 EV trucks annually.

Constellation Energy’s Power Play

Maryland-based electric utility Constellation Energy (CEG) saw its stock rise by 3.5% after Keybanc raised its price target. Analysts highlighted Constellation’s efforts to expand energy production capacity through plant upgrades and collaborations with other companies. These initiatives are expected to drive growth for Constellation Energy in the coming quarters.

Dollar General’s Retail Success

Dollar General (DG) shares climbed 3.5% after Zacks included the company in a list of retailers poised for gains. Dollar General exceeded first-quarter earnings estimates and is expected to drive market share growth through various initiatives, including digitization and fleet expansion. The company’s strong performance bodes well for its future prospects.

Nordson Corp. Faces Challenges

On the flip side, Nordson Corp. (NDSN) experienced a steep decline of 9.4% after lowering its full-year sales and profit guidance. The industrial equipment maker cited challenges in electronic end markets and issues related to the agricultural cycle in Europe as reasons for the muted outlook. Nordson Corp.’s struggles weighed heavily on its stock performance for the day.

Keysight Technologies’ Earnings Miss

Keysight Technologies (KEYS), a provider of electronics test and measurement equipment, saw its shares tumble 8.4% following its latest earnings report. Despite beating sales and profit estimates, Keysight reported a year-over-year revenue decline and issued lower-than-expected profit guidance for the current quarter. Weakness in consumer electronics and semiconductor end markets contributed to Keysight Technologies’ disappointing results.

Walgreens Boots Alliance Faces Headwinds

Walgreens Boots Alliance (WBA) fell 6.4%, reaching its lowest level since 1998. The pharmacy giant has been exploring options for its U.K.-based Boots chain amid reports of seeking potential buyers. Walgreens has been focused on cost-cutting measures as it adapts to changing consumer spending habits, leading to downward pressure on its stock price.

In Conclusion

The S&P 500’s positive performance on Tuesday was driven by strong showings from companies like First Solar and Tesla, while others like Nordson Corp. and Walgreens Boots Alliance faced challenges. Investors will continue to monitor earnings reports and market developments to gauge the overall health of the economy and individual sectors.

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