Market Updates
U.S. Movers: Broadcom, Coinbase, EVgo, Palo Alto, Pfizer, Red Cat Holdings, SolarEdge Tech
Scott Peters
17 Dec, 2024
New York City
Palo Alto Networks edged down 0.5% to $201.52 after the cybersecurity company's stock split two-for-one.
Broadcom Inc. declined 0.6% to $248.87 and eased from a jump of more than 30% in the previous week's trading after the company announced a sharp rise in sales in its artificial intelligence-linked chips and products.
SolarEdge Technologies soared 14% to $14.26 after Goldman Sachs revised its opinion to "buy" from "sell," citing the company's turnaround in 2025.
Pfizer Inc. gained 2.9% to $25.25 after the pharmaceutical company reiterated its 2025 earnings, and the company plans to sell its non-core business and repay its debt following the decline in Covid-19 products.
Coinbase Global Inc. advanced 1.1% to $318.83, and MicroStrategy gained 1.1% to $413.63, and crypto-linked stocks continued to extend their 2024 rally following the rise in price of bitcoin to $07,000.
EVgo plunged 23.5% to $4.83 after the company announced an affiliate of LS Power Equity Partners sold 23 million shares at $5.0 per share, 20% lower than the last closing price on Monday.
The company also announced the closing of a $1.25 billion guaranteed loan facility from the U.S. Department of Energy on Thursday, initially announced on October 2.
Red Cat Holdings plunged 14.7% to $8.91, and the stock gave back some of the 27% advance in the previous session after the drone maker announced a partnership with Palantir.
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