By Joe Woelfel and Mackenzie Tatananni
Stocks finished higher in Tuesday's holiday-shortened session with the three major stock indexes rising for a third-straight trading day.
These stocks were making moves Tuesday:
Super Micro Computer gained 6% to $34.33. Shares of the server maker closed 2.6% higher on Monday. The stock -- after an up and down 2024--has traded between $18 and $119 since Jan. 1. The company has delayed filing its latest financial reports but earlier this month received an extension until Feb. 25, which helped it avoid the immediate threat of delisting from the Nasdaq.
Semiconductor company, Nvidia, the maker of chips that are the favored choice for training artificial-intelligence models, ticked up 0.4% after jumping 3.7% on Monday. Analysts at Morgan Stanley last week issued a bullish report on AI chip companies and called Nvidia a top pick for 2025, optimistic about the growth prospects for the company's latest graphics processing unit named Blackwell. Nvidia shares have gained 183% in 2024.
Broadcom rose 3.2% after the semiconductor and software company ended Monday's session up 5.5%. Morgan Stanley also chose Broadcom as one of its favorite ideas for 2025. Analyst Joseph Moore likes Broadcom for its growth opportunity beyond 2025.
Tesla rose 7.4% to $462.28, making it the best-performing stock in the S&P 500. It has gained 86% this year. Shares rose 2.3% on Monday even as Honda and Nissan announced plans to merge. The deal would create the world's third-largest auto maker by annual sales. The move came amid increasing competition in the car industry from China's increasing car exports and electric-vehicle specialists such as Tesla.
United States Steel rose 1.9%, with Nippon Steel's plan to acquire the U.S. steel company referred to President Biden after a government panel reviewing the plan failed to reach a consensus. Biden has opposed the proposed $14.1 billion acquisition. The president now has 15 days to reach a final decision, said the White House.
American Airlines ultimately finished up 0.6% after the carrier canceled an earlier ground stop on all its flights nationwide on one of the busiest travel days of the year because of technical issues.
D-Wave Quantum dipped 2.5% after filing a $125 million mixed shelf offering. Shares of the quantum computing company, based in Palo Alto, Calif., closed up 27% on Monday. It has risen 803% this year.
Limoneira, the citrus and avocado producer, said it expects avocado volumes in fiscal 2025 of 7 million to 8 million pounds, down from the 15.1 million pounds of avocados it sold in 2024. The company anticipates fresh lemon volumes in the range of 5 million to 5.5 million cartons in the fiscal year. The stock declined 7%.
International Seaways jumped 9.3% following the announcement it will be joining the S&P SmallCap 600 on Dec. 30. The company is a transporter of crude oil and petroleum products.
The price target on shares of Netflix was raised to $1,000 from $785 by analysts at KeyBanc, which maintained an Overweight rating on the streaming giant. KeyBanc listed several reasons why it believes Netflix can outperform the S&P 500 into 2025, with one being that "competitive intensity is moderating," and another that live events should drive more engagement. The company will be showing two National Football League games on Christmas Day. The stock gained 2.3%, moving to $932.12.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 24, 2024 14:24 ET (19:24 GMT)
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