Nvidia, SolarEdge, Teladoc, and Wingstop are among the stocks making significant moves midday, with Nvidia's shares rising after the company announced a stock split and a new buyback program, SolarEdge's stock dropping following a weaker-than-expected revenue forecast, Teladoc's shares falling after the company reported a wider loss than expected, and Wingstop's stock declining despite reporting better-than-expected earnings and revenue.
SolarEdge stock plummeted 14% after the company reported weaker-than-expected revenue guidance for the current quarter, citing a slowdown in residential demand and increasing inventories. The company expects first quarter revenue to be between $175 million and $215 million, significantly lower than Wall Street expectations of $373.2 million. CEO Zvi Lando attributed the challenges to market dynamics and inventory levels, with weakness noted in Europe and the US residential market. SolarEdge anticipates gradual improvement in installation rates in Europe and expects the US commercial segment to continue growing.
Nvidia, SolarEdge, Teladoc, and Palo Alto Networks are among the stocks making significant moves in premarket trading, reflecting the ongoing volatility in the market.
SolarEdge Technologies Inc. saw its stock plummet over 11% after reporting a more than 60% drop in quarterly sales and issuing lower sales guidance, reflecting the challenges facing the solar industry. The company attributed the decline to lower demand, high interest rates, and regulatory changes in California, and announced a cost-cutting plan and layoffs in response. SolarEdge swung to a surprise loss in the fourth quarter, with revenue dropping 65% to $316 million. The company's guidance for first-quarter revenues and gross margins fell significantly below analyst estimates, leading to concerns about continued margin pressures.
Jim Cramer recommends buying BlackRock due to its strong performance and recent acquisition, advises against owning SolarEdge and Axsome Therapeutics, and expresses uncertainty about HanesBrands.
SolarEdge, a solar inverter manufacturer, is laying off about 16% of its workforce, affecting roughly 900 employees, as part of a restructuring plan to reduce operating expenses and align its cost structure to current market conditions. The company cited challenging industry conditions and expects the layoffs to occur over the first six months of the year, with more than half of the affected employees working at its manufacturing locations. The restructuring will incur pre-tax costs of $59 million to $66 million, including severance and other benefit costs. CEO Zvi Lando expressed confidence in the long-term growth of the solar energy market despite the layoffs.
The U.S. stock market saw the Russel 2000 index outperforming major indexes, with Macy's rejecting a $5.8 billion bid, Boeing's stock falling after FAA's recommendation, and Archer-Daniels-Midland's stock dropping 20% due to an investigation into accounting practices. SolarEdge announced plans to lay off 16% of its workforce, while ExxonMobil filed a lawsuit against activist investors. Additionally, American Airlines stock rose after an upgrade, NuStar Energy and Sunoco agreed to combine, and Gilead Sciences' stock declined after a trial failure. Various technology stocks, including Palantir Technologies, Affirm Holdings, and Cloudflare Inc., experienced gains.
SolarEdge Technologies, an Israeli solar energy company, is laying off 900 employees, including 550 in Israel, representing about 16% of its workforce, due to weak financial results and a fall in its share price. The layoffs are primarily at the company's headquarters in Herzliya. The decision comes as a response to the weakness in the solar energy market, and the company remains committed to its vision and strategic direction in leading the renewable energy revolution.
SolarEdge, a renewable energy company, is set to lay off 900 employees, 16% of its workforce, due to a sharp decline in revenue, with expectations of a 55% drop in fourth-quarter revenues compared to the third quarter. The company attributes this to postponed orders, cancellations, and macroeconomic challenges. SolarEdge's stock value has plummeted, falling from a record $20 billion to $3.9 billion, prompting cost-cutting measures. Despite the challenges, the company remains confident in the long-term growth of the solar energy market and its leading position in the smart energy space.
SolarEdge shares plunged over 20% in after-hours trading after the solar product manufacturer provided weak guidance for its fourth quarter, citing struggles in the renewable energy sector. The company reported a loss per share of 55 cents, better than the expected 89 cents per share, but fell short of revenue expectations with $725 million compared to the estimated $768 million. SolarEdge expects revenue for the current quarter to be between $300 million and $350 million, significantly below analysts' estimate of $688 million. The solar sector has been facing challenges due to a slow market environment and declining installation rates for solar panels.
Analysts have made significant calls on several major companies, including Nvidia, Amazon, SolarEdge, Sunrun, IBM, Crocs, Meta, and Disney. The calls likely involve recommendations or assessments of these companies' stocks or business prospects, but specific details are not provided in the article.
Solar stocks, including SolarEdge, tumbled to a three-year low after SolarEdge warned of weakened demand in Europe, causing further pessimism in the renewable energy sector. The Invesco Solar ETF (TAN) dropped 8.5%, while Sunrun, Sunnova, and Enphase Energy also experienced significant declines. SolarEdge's stock fell nearly 28% after reporting missed revenue and lower guidance for the fourth quarter due to unexpected cancellations and slow installation rates in Europe. Rising interest rates and financing challenges have already impacted the solar sector this year. Goldman Sachs downgraded SolarEdge to neutral, citing concerns about the company's performance in 2024 and a significant deterioration in visibility.
SolarEdge Technologies, a global leader in smart energy technology, announced preliminary unaudited financial results for the third quarter of 2023. The company experienced unexpected cancellations and pushouts of existing backlog from European distributors, resulting in lower-than-expected revenue, gross margin, and operating income. Third quarter revenue is now expected to be in the range of $720 million to $730 million, compared to the previous expectation of $880 million to $920 million. The company also anticipates significantly lower revenues in the fourth quarter as the inventory destocking process continues.
SolarEdge is identified as one of the most oversold stocks in the S&P 500, with other companies also experiencing downside earnings momentum. Investors are advised to watch out for September's historically poor market track record, particularly for certain stocks.
