By Joe Woelfel, Mackenzie Tatananni, and Connor Smith
The stock market couldn't hold on to earlier rally, as the Dow Jones Industrial Average marked its biggest blown gain since September.
These stocks made moves:
Super Micro Computer was up 9.4% after shares of the maker of artificial-intelligence servers jumped 11% on Friday, ending a five-session losing streak. The stock received a boost from an announcement by Microsoft that it planned to spend $80 billion in its current fiscal year ending in June to develop AI data centers.
Microsoft gained 1.1% after rising 1.1% on Friday following a blog post from Microsoft President Brad Smith announcing that the company would build out AI-enabled data centers that train models and run AI applications globally. More than half of the spending will be in the U.S., Smith said.
Nvidia, the leading maker of AI chips, rose 3.4% to $149.43, extending Friday's gain of 4.5%, after Foxconn, a supplier to companies such as Nvidia and Apple, posted record revenue in the fourth quarter. ASML gained 7.6%, Advanced Micro Devices was up 3.3%, and Micron Technology rose 11%.
FuboTV soared 251% after the company announced it would be merging its sports streaming service with Walt Disney's Hulu + Live TV service.
Shares of MicroStrategy rose 12% after the world's largest corporate holder of Bitcoin said it was targeting a capital raise of up to $2 billion from a perpetual preferred stock offering to continue to strengthen its balance sheet and acquire more of the world's largest cryptocurrency.
SolarEdge Technologies was up 6.6% after the solar power equipment maker said it would be laying off 400 global employees. It is the fourth time over the past 12 months that SolarEdge has announced staff cuts.
Plug Power closed 13% higher on Friday. It was up an additional 20% on Monday after the Treasury Department issued new rules that would allow clean hydrogen companies to qualify for tax breaks if they capture and store carbon from their hydrogen production, or if they use clean electricity to make it. Bloom Energy, which rose 4.1% on Friday, gained 4.8% on Monday.
VeriSign rose 2.5% after Berkshire Hathaway bought about $4 million more stock of the internet domain-name registry company. The small recent buys of about 20,000 shares were made at an average price of nearly $205 a share, according to a regulatory filing. Berkshire Hathaway now owns 13.3 million shares of VeriSign, a roughly 14% stake worth about $2.7 billion.
Boeing gained 0.5% to $170.78 as analysts at Barclays raised their recommendation on the airplane maker to Overweight from Equal Weight and boosted their price target on the stock to $210 from $190. The analysts cited the potential for a Boeing recovery in 2025, arguing that CEO Kelly Ortberg could affect "meaningful change" and restore investor confidence in the wake of an emergency door-plug incident and two fatal crashes.
Palantir Technologies declined 5% to $75.92. Morgan Stanley analyst Sanjit Singh assumed coverage of the stock with an Underweight rating and set a price target of $60, implying about 20% downside. "While acknowledging strong execution and momentum, we see success more than priced in at the current multiple premium," Singh wrote in a research note, adding that "business momentum now seems to be stabilizing."
T-Mobile declined 3.1% to $212.38. Wells Fargo analysts downgraded the telecommunications company to Equal Weight from Overweight and reduced their price target on the stock to $220 from $240.
Earnings reports are expected later this week from Delta Air Lines, Cal-Maine Foods, Jefferies Financial, Albertsons, Infosys, Constellation Brands, Walgreens Boots Alliance, KB Home, and Tilray Brands.
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
January 06, 2025 16:49 ET (21:49 GMT)
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