Union Pacific (UNP), Enphase energy (ENPH), SolarEdge Technologies (SEDG) and Tesla (TSLA) were the top four S&P 500 index winners in the stock market today.
The UNP share rose 10.1% to 212.17. Shares moved above their 50-day line but closed below their long-sliding 200-day line. Union Pacific CEO Lance Fritz will step down in 2023, the rail giant said Sunday, hours after Soroban Capital Partners publicly called for his impeachment. The hedge fund claimed in its Sunday letter that a change to best-in-class leadership would result in Union Pacific’s share price doubling over the next two years.
The ENPH share rose 5.9% to 210.78. Janney Montgomery upgraded Enphase Energy to a buy with a price target of 282, citing optimism about long-term solar demand. Enphase and other solar stocks are struggling with US demand concerns given the tougher economic climate and new California regulations limiting how much homeowners can be paid for selling excess power back to the grid. ENPH shares ended just short of the 21-day line, where it hasn’t closed above in 2023.
SEDG shares rose 5.9% to 313.63, again above the 50-day and 21-day moving averages. A Feb. 15 breakout from a cup-with-handle base quickly backfired the next day, though investors could still use the buy point of 341.78. Shares of SolarEdge rose Monday on broader solar optimism.
First solar energy (FSLR) reports Tuesday evening. FSLR shares were not among the top S&P 500 performers on Monday, but were in the top 20. Shares were up 2.4% to 166.11. First Solar shares retook the 50-day line and settled near an early entry into a new base.
Tesla shares rose 5.5% to 207.63, bouncing from a pullback to near the 21-day line. The EV giant pauses just below its 200-day moving average. A decisive step above the 200-day mark, currently nearly 221, would provide access to TSLA stock. But that would be an aggressive move, especially with the market rally under pressure.
Tesla Investor Day could be a big catalyst for Tesla stock, which more than doubled from its bear market low of 101.81 on Jan. 6. Investor Day optimism likely fueled TSLA stock optimism.
The S&P 500 index itself jumped back above the 50-day line and the 4,000 level at Monday’s open. The benchmark index faded to close 0.3% to 3,982.24, a whisker above 50 days.
Follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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