Union Pacific (UNP), Enphase Energy (ENPH), SolarEdge Technologies (SEDG) and Tesla (TSLA) were the four biggest gainers from the S&P 500 index in the stock market today.
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UNP shares rose 10.1% to 212.17. Shares surpassed their 50-day moving average but closed just below their 200-day long-term moving average. Union Pacific CEO Lance Fritz will step down in 2023, the rail giant said Sunday, hours after Soroban Capital Partners publicly called for his ouster. The hedge fund claimed in its Sunday letter that a move to best-in-class leadership would see Union Pacific’s stock price double over the next two years.
ENPH shares rose 5.9% to 210.78. Janney Montgomery upgraded Enphase Energy to buy with a price target of 282, citing optimism about long-term demand for solar energy. Enphase and other solar stocks are struggling on concerns about U.S. demand amid a tougher economic climate and new California regulations that limit how much homeowners can be paid to sell excess electricity to the grid. ENPH stock closed just below the 21-day moving average, which it has not broken through in 2023.
SEDG shares rose 5.9% to 313.63, back above the 50-day and 21-day moving averages. A breakout on the 15th from a cup and handle base quickly failed the next day although investors could still take advantage of the 341.78 buy point. SolarEdge stock rallied Monday on broader solar optimism.
first sun (FSLR) reports Tuesday evening. FSLR stock wasn’t among the very best S&P 500 performers on Monday, but it was in the top 20. Shares rose 2.4% to 166.11. First Solar stock has reclaimed the 50-day moving average and settled near an early entry into a new base.
Tesla shares rose 5.5% to 207.63, recovering from a pullback near the 21-day moving average. The EV giant is pausing just below the 200-day moving average. A decisive move above the 200-day moving average, currently near 221, would provide an entry into TSLA stock. But that would be an aggressive move, especially with the market rallying under pressure.
Tesla Investor Day could be a big catalyst for Tesla stock, which has more than doubled since its Jan. 6 bear market low of 101.81. Investor Day optimism likely fueled TSLA stock optimism.
The S&P 500 index itself climbed back above its 50-day moving average and the 4,000 mark at Monday’s open. The benchmark index faded to close 0.3% at 3,982.24, a whisker above the 50-day price.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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