Stocks close lower Monday, Dow falls more than 250 points
Stocks closed lower Monday, with the Dow Jones Industrial Average snapping a six-day win streak.
The Dow declined 260.99 points, or 0.77%, to 33,717.09. The S&P 500 fell 1.3% to 4,017.77. The Nasdaq Composite dropped by 1.96% to 11,393.81.
— Sarah Min
JPMorgan bullish on Array Technologies, SolarEdge
Solar is positioned for another year of relative outperformance compared to other energy sources this year, according to JPMorgan. Among its top picks are Array Technologies and SolarEdge Technologies, analyst Mark Strouse wrote in a note Monday.
Falling input prices improve the sector’s economic value and disruptions from geopolitical tensions will ease, he said. In addition, policy tailwinds will create catalysts for manufacturing expansion and order activity, he added.
Array Technologies should partially benefit from the Inflation Reduction Act’s domestic manufacturing incentives, Strouse said.
“ARRY is still a ‘show me’ story for most investors whom we speak with, which we believe sets up for the multiple to continue to rebound as margins recover,” he added.
Meanwhile, SolarEdge should outperform this year as demand remains solid and the company recovers from macro issues. Strouse also believes a potential announcement about new U.S.-based manufacturing to capture IRA incentives could serve as a catalyst this year.
— Michelle Fox
Bed Bath & Beyond stock surges after company closes more stores
Shares of Bed Bath & Beyond advanced more than 10% on Monday after the struggling retailer announced it will close dozens of additional stores.
The company, which is expected to file for bankruptcy after defaulting on its loans, is closing 87 more Bed Bath & Beyond stores, its entire chain of Harmon drugstores, and five buybuy Baby locations. Its stock price has plunged more than 82% last year.
Bed Bath & Beyond said in an earlier securities filing it was considering restructuring its debt in bankruptcy court, as well as attempting to improve its finances by cutting costs, lowering capital expenditures and reducing stores and distribution centers.
— Pia Singh
AMC shares fall below $5 after theater chain schedules shareholder meeting
Common shares of AMC Entertainment