As of April 26, 2024, four stocks in the health care sector appear to be overbought according to the Relative Strength Index (RSI) indicator, which suggests they may be due for a pullback. These stocks are Fusion Pharmaceuticals Inc. (FUSN), AstraZeneca PLC (AZN), Boston Scientific Corporation (BSX), and Elevance Health, Inc. (ELV). Investors who rely on momentum as a trading strategy may want to consider taking profits or hedging their positions in these stocks.
Analysts from leading investment firms have recently revised their outlooks on several prominent companies. Among the notable changes, Goldman Sachs upgraded Microsoft and raised its price target, while Mizuho downgraded Intel and lowered its price target. These analyst ratings can significantly impact investor sentiment and stock performance.
Following the close of trading, several companies released their latest financial results, leading to significant after-hours stock movements. Among the notable performers were Align Technology, Meta Platforms, Ford Motor, Ethan Allen Interiors, International Business Machines, Whirlpool, Chipotle Mexican Grill, Lam Research, ServiceNow, Churchill Downs, and United Rentals.
At the end of Tuesday’s trading session, key U.S. stock indices displayed positive gains. The Dow Jones Industrial Average climbed 0.7% to reach 38,503.69, the S&P 500 increased by 1.2% to 5,070.55, and the Nasdaq rose 1.6% to 15,969.64. Among the notable gainers were Tesla Inc., Meta Platforms Inc., Enphase Energy Inc., Texas Instruments Inc., and Rivian Automotive Inc.
International Business Machines Corporation (IBM) is scheduled to announce its first-quarter financial results on Wednesday after market hours. Wall Street analysts anticipate earnings per share (EPS) of $1.59 and revenues of $14.6 billion. IBM’s stock performance has been impressive over the past year, with a 45% increase and an 11.75% year-to-date gain. This growth is attributed to the company’s rapid product deployment, focus on artificial intelligence (AI), and robust cash flows.
Enphase Energy (ENPH) missed expectations for both revenue and earnings in its first-quarter report, according to Benzinga Pro. The company attributed the revenue decline to seasonality and softening U.S. demand. Despite strong growth in Europe, shares fell in after-hours trading as investors reacted negatively to the results and weak guidance for the second quarter. Enphase’s second-quarter revenue forecast is $290-$330 million, below analysts’ estimates, and it expects a gross margin of 42%-45%. The company generated $49.2 million in cash flow from operations and $41.8 million in free cash flow during the quarter.
Pineapple Energy (PEGY) has announced plans to regain compliance with Nasdaq’s listing requirements by July 24, 2024. The company’s shares have been trading below $0.10, violating the exchange’s minimum bid rule. To meet the requirement, Pineapple Energy plans to implement a reverse stock split before the deadline. The company will seek shareholder approval for the split at its annual meeting on July 1 and aims to enact it by July 11. PEGY stock has surged 43.7% following the announcement, with high trading volume. If the reverse stock split is approved and implemented, Pineapple Energy should be able to trade above $1 per share and regain compliance before the cutoff date.
The pre-market stock market is witnessing significant movements this Tuesday morning, driven by various factors such as delistings, proposed public offerings, and earnings reports. Here are the top 10 gainers and 10 top losers that traders should be aware of:
