Nov 9th, 2023 – Shares rose again today, following a stabilization in Treasury Yields. The Dow Jones climbed 1.15%, the S&P 500 instead climbed 1.56%. The tech heavy NASDAQ however added 2.05%, giving it its best day since May.
Groupon shares tumbled 34.82%, a day after the company posted their third-quarter results, which didn’t match analysts’ expectations. The company’s CEO also admitted that the business continues to be challenged, but he added that he is pleased there is an improvement in the financial performance of Groupon.
Plug Power shares lost more than 40.47% of their value today after third-quarter results missed analysts’ estimates. The hydrogen fuel cell developer issued an ongoing concern notice about its potential inability to fund operations over the next year. The main reason behind this decline are significant difficulties for the company to access hydrogen. Due to these factors, JPMorgan downgraded Plug Power’s price target.
Synaptics gained 10.75% after beating analysts’ expectations in its third-quarter report. Synaptics earned 52 cents per share, while analysts forecasted 38 cents per share. The market reacted optimistically also to comments from the company’s CEO, who conveyed that there was strong evidence that trends for the company would soon reverse, supporting the growth of its business.
Portfolio holding NVIDIA (0.215 units at $462.20) gained around 2.95% today after the giant chipmaker announced it has found a way to sell high-end chips to Chinese companies, whilst remaining compliant with U.S. restrictions against China. Chinese tech companies have a high demand for AI chips to develop local versions of AI like OpenAI’s ChatGPT. At the moment, due to the U.S. restrictions, Chinese companies only have either Chinese counterparts or lesser semiconductors to choose for their production.
Author: Luca Sesena