Albemarle (ALB), GE Vernova (GEV), Camden Property Trust (CPT), Tesla (TSLA) and Mid-Atlantic Apartment Communities (MAA) were the top S&P 500 index gainers on the stock market today.
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Paramount Global (PARA), CF Industries (CF), Solventum (SOLV), Fortinet (FTNT) and Kroger (KR) were Monday’s biggest S&P 500 losers.
Albemarle stock jumped 6.7% to 131.69, rebounding back above the 50-day moving average. Shares of the lithium producer have rebounded from a three-year low in early March. But ALB stock has largely been going sideways for the past few months after a terrible 2023 as weaker-than-expected EV demand sent lithium prices plunging.
GE Vernova stock popped 5.9% to 129.96, ending a four-day losing streak. JPMorgan upgraded the power generation company to a buy. GE Vernova in late March was spun off General Electric, which is now GE Aerospace (GE). GEV stock could be starting to work on a possible IPO base, which can be as short as two weeks or 10 days.
Camden Property Trust stock leapt 5.7% to 102.13, running through the 200-day line and briefly hitting a 2024 high. Investors could use 102 as a buy point in a bottoming base for CPT stock following a prior uptrend. But the apartment REIT operator’s base is almost all below the 200-day line.
Tesla stock raced 4.9% higher to 172.98. Shares remain below their declining 50-day and especially 200-day lines. Late Friday, CEO Elon Musk wrote on his social site X that Tesla will unveil a robotaxi on Aug. 8. That was in response to a Reuters report that Tesla was shelving a low-cost EV for a robotaxi. The robotaxi may be more aspirational for now, given the limitations of Tesla’s Full Self-Driving system, which is not full self-driving.
TSLA stock had been the S&P 500’s biggest loser heading into Monday’s trading.
Mid-Atlantic Apartment stock gained 4.4% to 132.72, jumping above the 50-day line and nearing the 200-day line. Like Camden Property, MAA stock is an apartment REIT, with a few others in the S&P 500’s top-15 performers Monday.
Two other apartment REITs, Mid-Atlantic Apartment Communities (MAA) and Equity Residential (EQR), were top-10 S&P 500 performers.
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S&P 500 Losers
Paramount Global stock tumbled 7.6% to 11.06, falling significantly for a third straight session amid takeover deal doubts. PARA stock spiked 15% on April 3 on reports that Skydance Media could acquire the streaming and entertainment giant, but hit resistance at the 200-day line.
CF Industries stock lost 6.25% to 79.79, falling below the 50-day line. The fertilizer giant has an 87.04 handle buy point in a consolidation going back to late September.
Solventum stock reversed lower, sliding 4.35% to 67.01. The health-care spinoff from Dow giant 3M (MMM) hit a record 96.05 in its March 26 debut but closed well off that high. SOLV stock could soon have an IPO base.
Fortinet stock declined 3.55% to 68.39, just below the 50-day moving average. FTNT stock rebounded back above its 50-day line last week and nearly hit a 73.91 cup-with-handle buy point before reversing back toward the support level.
Kroger stock sank 3.4% to 55.37, below a fast-rising 21-day moving average. Exane BNP Paribas downgraded KR stock to underperform, citing a “tougher” outlook for the U.S. grocery industry. Shares had soared from early February to early April.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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