Biggest S&P Movers on Monday

Gainers

• Shares of Corning (GLW) soared 12%, notching Monday's top performance among S&P 500 stocks, after the specialty glass maker 澳洲幸运5官方开奖结果体彩网:boosted its guidance for the current quarter. The company attributed its improved outlook to high levels of demand for its optical connectivity products, which are used in generative 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) applications.
• Super Micro Computer (SMCI) shares jumped 6.2% on Monday as several stocks related to AI gained. The provider of servers and data storage hardware has garnered intense attention from investors for its potential to capitalize on AI opportunities, with its stock price more than tripling since the start of the year. Supermicro maintains a leading position in the AI server market, with its modular design capabilities offering clients flexibility in customizing and scaling up their systems.
• Intel (INTC) shares were up 6.2% as well after Melius Research highlighted the semiconductor giant's potential to play catch-up with peers in the tech sector. The analysts suggested Intel and other "AI Laggards" that underperformed in the first part of the year—including Advanced Micro Devices (AMD), Apple (AAPL), and International Business Machines (IBM)—could beꦦ poised for strength in the second half of🍨 2024. Intel and AMD could benefit from their chips being included in Microsoft (MSFT) devices, particularly its 澳洲幸运5官方开奖结果体彩网:new generation of AI-enabled PCs. AMD shares were up 4% on Monday.

Decliners

• Shares of Paramount Global (PARA) lost 5.3%, posting the heaviest losses of any S&P 500 constituent, after the entertainment giant 澳洲幸运5官方开奖结果体彩网:agreed to a merger deal with production company Skydance Media, bringing an end to months of negotiations that drove significant fluctuations in Paramount stock. Skydance founder David Ellison is set to become CEO of the merged company.
• Etsy (ETSY) shares fell 5.3% on Monday. The online crafts marketplace recently announced that it would restrict the sale of certain products that it deems to be inappropriate for its customer base. The e-commerce company also raised concerns this spring when first-quarter earnings fell short of expectations and it warned that slower consumer discretionary spending could drag down growth.
• Chipotle Mexican Grill (CMG) shares slipped 5.2%. Chipotle's share price has seen volatility since the company completed its 澳洲幸运5官方开奖结果体彩网:50-for-1 stock split late last month. The burrito chain has also received criticism from customers regarding portion sizes, with a recent study by Wells Fargo analysts suggesting sizing inconsistencies.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Super Micro Surges as AI-Related Stocks Gain

Super Micro Computer (SMCI) shares 澳洲幸运5官方开奖结果体彩网:surged Monday as some 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI)-related stocks gained to start the week.

The stock gained 6.2% to close at $899.34. Super๊ Micro shares have more than tripled year-to-date.

Super Micro Computer, which makes server te🐓chnology and hardware used in data centers, has been a major beneficiary of the AI boom.

As an Nvidia (NVDA) partner, Super Micro shares in some of the gains of the market's AI darling, and its hardware is found in some Nvidia data center technology—including that used by 澳洲幸运5官方开奖结果体彩网:Elon Musk's AI company, xAI.

Vanda Research analysts have suggested that Super Micro Computer, alongside Advanced Micro Devices (AMD) and Taiwan Semiconductor Manufacturing Company (TSM) as "AI proxies" that some investors may turn to if they feel Nvidia has reached "the peak of retail ℱbullishness."

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Why 'AI Laggards' Could Gain in 2nd Half

Intel (INTC) and Advanced Micro Devices (AMD) could rise as part of a second-half "catch-up," 澳洲幸运5官方开奖结果体彩网:Melius Research said. The companies, alongside Apple (AAPL) and IBM (IBM), were among the analysts' "AI Laggards" in the 🍰first six months of 2024.

The analysts noted a pattern in 2023 where "underdogs" underperformed in the first half and then caught up in the second half, while some "AI winners" experienced the opposite effect.

Melius said AMD and Intel could benefit from Microsoft's Copilot+ PCs, while Apple could benefit from an iPhone 16 upgrade cycle and IBM is positioned to gain from infrastructure software strength.

Intel and AMD were the top two gainers on the Nasdaq Monday, up 6.2% and 4.0%, respectively. The stocks' performance this year significantly lags that of AI darling  Nvidia (NVDA), whose stock price has more than doubled.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

SolarEdge Jumps After Bank of America Upgrade

SolarEdge Technologies (SEDG) shares surged in intraday trading Monday following 澳洲幸运5官方开奖结果体彩网:an upgrade from Bank of America, which sai🉐d the solar power equipment maker will post a pro🥀fit next year and that its stock is undervalued.

BofA Securities raised its rating to "neutral" from "underperform," although it lowered the price target to $29 from $44.1

The strategists said the recent drop SolarEdge's share price is based on “an unlikely worst-case scenario of inventory writedowns, a lack of recovery in the inventory channel congestion through '25 and an inability to monetize the balance sheet.”

Bank of America expects SolarEdge to return to profitability in the fir꧃st half😼 of 2025. 

S𓆏olarEdge shares were up more than 8% in mid-afternoon trading.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Meta Platforms Down After Hitting Record High

Shares in Facebook and Instagram parent Meta Platforms (META) were down 2% in afternoon trading Monday, after closing at a record high Friday amid optimism that the company's significant AI investment is 🏅starting to translate into revenue ❀growth.

Here are 澳洲幸运5官方开奖结果体彩网:key price levels to watch:

Me🦄ta shares have broken out from a pennant pattern, but several chart indicators point to slowing price momentum.

The measuring principle, which calculates the distance of the most recent leg higher in points preceding the pennant and adds that amount to the pattern's top trendline, projects a price target in Meta shares of $767.

During retracements, Meta shares may find support around $🐼384 and $300.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Corning Surges On Guidance Boost

Shares of Corning (GLW) soared Monday after the specialty glass maker 澳洲幸运5官方开奖结果体彩网:boosted its guidance, citing rising demand for its products used in 澳洲幸运5官方开奖结果体彩网:generative artificial intelligence (AI) applications.

The company now anticipates current-quarter earnings per share (EPS) at the high end 💞of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about💟 $3.6 billion, $200 million more than its earlier estimate.

Corning shares were up more than 10% around midday Monday, trading at𒅌 their h🎶ighest levels since early 2022.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Nvidia Gains As Analysts Boost Price Targets

Nvidia (NVDA) shares climbed Monday as 澳洲幸运5🐠官方开奖结果体彩网:analysts lifted their price targets for the stock, citing "exceedingly robust" demand for the chipmakerဣ's upcoming Blackwell platform.

Shares of Nvidia surged over 3% to above $130 before paring back some 🐽gains in early trading Monday, after UBS analysts boosted their price ဣtarget for the stock to $150 from $120, while Wolfe Research analysts lifted their objective to $150 from $125.

UBS analysts reported 澳洲幸运5官方开奖结果体彩网:supply chain checks indicated "demand momentum for Blackwell rack-scale systems remains exceedingly robust" as 🐠Nvidia works to strengthen its supply.

They added that demand for Nvidia's data center components is "in part being driven by the enhanced power efficiency" amid concerns about power constraints affecting 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) computing.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Telsa Shares Down After Last Week's Big Gains

Tesla (TSLA) shares were down more than 2% in early trading Monday, after a 27% surge in the EV maker’s share price last week drove the stock 澳洲幸运5官方开奖结果体彩网:back into the green for the year. The rally followed a better-than-expected second-quarter 澳洲幸运5官方开奖结果体彩网:deliveries report and building anticipation ahead oඣf the company's Robotaxi Day next month.

Following the big move for the stock, 澳洲幸运5官方开奖结果体彩网:these are the key areas on Tesla’s 澳洲幸运5官方开奖结果体彩网:weekly chart to watch out for.

Last week, Tesla shares closed above both the 50- and 200-week moving averages and a prominent 12-m༒onth downtrend line on the highest trading volume since mid-February, indicating buying conviction among market participants.

Tesla shares may encounter resistance on the weekly chart at $299.29, $384.🌳29, and $414.50, while potentially finding support 💟around $205.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stock Futures Edge Higher

Futur💛es contꦅracts connected to the Dow Jones Industrial Average were up 0.1%

S&P 500 futures were also up 0.1%.

Nasdaq 100 futures were up 0.1%.