Thursday’s market will open with three stocks up sharply after Wednesday’s trading session. A UBS analyst’s speculation that First Solar (FSLR) would benefit from AI-driven electricity demand lifted the stock by 18.69%. In addition, China vowed to end its price war in the solar industry.
Chances are good that SunPower (SPWR), Maxeon Solar (MAXN), and First Solar shares will trade higher from here.
In the biotech sector, Moderna (MRNA) has the momentum to move up again today. Markets have a renewed interest in Covid vaccine makers. Despite any evidence of catalysts driving vaccine demand, MRNA is now up by 44.5% YTD.
Analog Devices (ADI) added 10.86% yesterday. The firm posted a 33.7% Y/Y drop in revenue. The disappointing Q3 and FY 2024 outlook makes the rally puzzling.
In the retail sector, Target (TGT) and Lululemon (LULU) are two stocks that are on sale. Target reported headwinds from softer consumer discretionary spending. LULU stock lost 7.23% and is near a 52-week low at $299.63. Look for a $250 entry point. Cautious investors may consider Walmart (WMT) instead. It is growing market share and offers a wider range of goods that consumers need.
Copper producer Freeport-McMoRan (FCX) dipped by 5.69%. Copper prices fell after traders took profits. Copper futures fell by nearly 4% in Wednesday trade. Metal investors may consider Southern Copper (SCCO), Teck Resources (TECK), BHP and Rio Tinto (RIO).
