Stocks to Watch in Intraday Trading
Chip Stocks: Semiconductor shares are back on the rise, particularly with investors buying into companies like Micron Technology. The VanEck Semiconductor ETF saw an increase of over 1%, while Micron’s stock jumped approximately 3%. Other notable gains included ON Semiconductor, which soared by 10%, Marvell Technology at 7%, and Nvidia, which rose by 2%.
Akamai Technologies: The cybersecurity and cloud computing firm experienced roughly a 7% rise in its stock price after Bank of America upgraded it to a “Buy” rating, boosting its price target from $130 to $175. The company described its evolution into a trusted AI infrastructure platform in a recent note.
Nebius: This artificial intelligence cloud company saw an impressive 16% increase in its stock. In the first quarter, Nebius recorded revenues of $399 million, marking a staggering 684% increase year-over-year, largely driven by heightened demand for cloud and GPU resources. They also announced plans for a new AI factory in Pennsylvania, complete with up to 1.2 gigawatts of power and land secured.
Alibaba: The e-commerce powerhouse’s shares, listed in the U.S., rose by 6% after announcing a 38% increase in first-quarter revenue for its cloud computing sector compared to the previous year. Additionally, Alibaba has made significant investments in AI.
EchoStar: After receiving the green light from the Federal Communications Commission for a $40 billion sale of radio spectrum to AT&T and SpaceX, shares climbed by 4%. The deal involves selling 50 megahertz of spectrum to AT&T and 65 megahertz to SpaceX.
Nextpower: Energy stocks surged by 12% after Nextpower raised its revenue forecast for the year to between $3.8 billion and $4.1 billion, a positive shift from the earlier expectation of $3.6 billion to $3.8 billion. The fourth quarter’s adjusted earnings and sales also exceeded analyst predictions.
Birkenstock: On the downside, the shoe manufacturer’s shares dropped over 10% following a fiscal second-quarter report that fell short of both earnings and sales expectations. They noted that the ongoing war in the Middle East has impacted growth in the Europe, Middle East, and Africa regions.
Resideo Technologies: Their shares fell 17% after the company forecasted adjusted earnings between 71 cents and 75 cents per share for the next quarter, while analysts had anticipated about 84 cents. Revenue expectations were lowered to between $1.916 billion and $1.94 billion against a consensus of $2.01 billion, despite reporting gains in first-quarter sales.
Photonics Stocks: The market favored optical networking stocks, with Coherent leading the S&P 500 with a 6% rise. Lumentum increased by over 2%, while Corning saw a nearly 2% gain.
Wix.com: The web development platform experienced a steep 30% drop after reporting adjusted earnings of just 68 cents per share, falling short of analyst expectations of $1.24 per share.
