
Tech Sector Fluctuates as Tariff Tensions Persist
U.S. stocks ended mixed with First Solar gaining and Micron lagging amid ongoing tariff concerns and market volatility, following a record climb in major averages.
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U.S. stocks ended mixed with First Solar gaining and Micron lagging amid ongoing tariff concerns and market volatility, following a record climb in major averages.

First Solar's stock surged 6% after the company reported better-than-expected quarterly earnings and strong guidance, with revenue expected to reach $4.4 billion to $4.6 billion. The company attributes its success to strong demand in the United States, particularly in the utility sector, and a backlog of orders extending into the end of the decade. Despite industry challenges, such as oversupply and pricing volatility, First Solar remains optimistic. However, the solar industry as a whole has been struggling, with SolarEdge recently posting weaker revenue guidance due to a slowdown in residential demand and increasing inventories, while higher interest rates are impacting the renewable sector.

As investors look ahead to 2024, there are potential turnaround stocks that could offer big rewards. Albemarle, a lithium stock, is showing signs of life after a significant drop in 2023, as global lithium demand is expected to exceed supply in the future. First Solar, a solar company, could benefit from upcoming interest rate cuts, which may boost solar panel installations and company revenues. Bristol Myers Squibb, a pharmaceutical company, is rebounding after a challenging year, with insiders showing confidence in its recovery. Investors can also collect a dividend yield of 4.61% from BMY.

The stock market's recent rally appears to be fading, as major indexes ended Friday with a mixed performance. Some of the notable movers include Roku, First Solar, Costco, JD.com, and Tesla.

Stocks such as Costco, Lennar, and First Solar are experiencing significant movement in premarket trading.

Stocks such as Paramount, RH, Carrier Global, Lululemon, and First Solar are moving the most today as markets rise following better-than-expected job data in the US.

Several stocks, including Carrier Global, First Solar, Lululemon, and RH, are experiencing significant premarket movements, indicating potential market volatility.

First Solar, a company based in Perrysburg, Ohio, has managed to sustain solar panel manufacturing in the United States while most of the industry moved to China. President Biden's efforts to establish a large domestic green energy industry have authorized federal incentives for manufacturing solar panels, wind turbines, batteries, electric cars, and semiconductors. However, the viability of these investments remains uncertain due to China's dominance in industries like battery and solar panel manufacturing. First Solar's survival can be attributed to its panels not using polysilicon, a material mostly made in China. While some argue that importing panels from low-cost producers would be more cost-effective, others emphasize the importance of domestic production to reduce dependence on China and ensure a secure supply of panels. The world will need a significant increase in solar panel capacity to combat climate change, and First Solar's CEO is confident in the company's ability to expand U.S. production.

Today's stock market movers include Roku, GitLab, Southwest Airlines, First Solar, and more.

First Solar, the largest solar panel maker in the US, has announced plans to invest $1.1 billion in building its fifth solar panel production factory in Louisiana. The factory is expected to create over 700 new manufacturing jobs and will significantly increase First Solar's manufacturing capacity. Once operational, the factory will produce Series 7 modules, which are expected to account for over two-thirds of the company's annual domestic capacity. This investment is seen as a major win for the state of Louisiana and the renewable energy industry.

First Solar's stock surged after beating earnings expectations and announcing plans to invest $1.1 billion in a new manufacturing facility in the US. Nextracker also experienced breakout gains after reporting strong Q1 results. However, Enphase Energy's stock plummeted after reporting weaker-than-expected Q2 revenue and providing a disappointing outlook for Q3.

First Solar, the largest solar panel maker in the US, has secured a major order to supply North American wholesale power producer Capital Power with 1 gigawatt (GW) of ultra-low carbon thin film solar modules. The modules, which use First Solar's thin-film cadmium telluride technology, have up to 19% efficiency and a 30-year warranty. This order will contribute to First Solar's ongoing expansion plans, which include increasing its US manufacturing capacity to around 10.9 GW by 2026.

First Solar's stock surged after the U.S. Treasury released new rules allowing solar manufacturers to receive extra tax credits for making products in the U.S. The company also announced a deal to acquire European solar tech firm Evolar.

First Solar announced its acquisition of Evolar AB for up to $80 million, which caused FSLR stock to soar above a resistance level and lift other solar stocks as well. The acquisition is expected to speed up the development of next-generation solar technology, including highly efficient tandem devices. FSLR stock leapt 26.5% to 231.69 in huge volume, clearing resistance around 220 and regaining its 50-day moving average for the first time since late April.

First Solar's shares surged 22% after announcing the acquisition of Evolar AB for up to $80 million. News Corp's stock rose 6% after reporting an earnings and revenue beat for its fiscal third quarter. Charles Schwab's shares rose over 2% after reporting a 1% rise in total client assets in April. Twilio's shares dropped nearly 5% after Mizuho downgraded the stock to neutral from buy. Robinhood's stock shed 7.7% after Morgan Stanley said its new 24-hour trading won't provide any material lift for the company's financials.