From Barron's, July 3:
Tesla stock extended gains after second-quarter deliveries at the electric-vehicle maker beat expectations, while Paramount surged following a report it has reached a deal to merge with Skydance Media.
The S&P 500 and Nasdaq Composite wrapped up a holiday-shortened session at record closing levels on Wednesday, while the Dow ended slightly lower.
These stocks made moves:
Tesla rose 6.5% [$15.13] to $246.39. Shares of the electric-vehicle maker closed Tuesday up 10% after second-quarter deliveries at Tesla topped Wall Street expectations. The stock has closed higher for seven-straight sessions.
Paramount Global jumped 6.9% after The Wall Street Journal reported it had reached a preliminary deal to combine with Skydance Media. The agreement would see Skydance buy National Amusements, Paramount’s controlling shareholder, and then merge it with Paramount, according to the Journal, which cited people familiar with the matter.
Nvidia rose 4.6% [$5.61] to $128.28, reversing earlier declines. Shares of the chip maker fell 1.3% on Tuesday. The leading maker of chips for artificial-intelligence applications has risen 158% this year but has been in a relative lull over the past week as investors take profits.
Constellation Brands , the alcoholic beverage company, reported fiscal first-quarter adjusted earnings of $3.57 a share on revenue of $2.66 billion. Analysts were expecting a profit of $3.46 a share on revenue of $2.67 billion. The stock fell 3.3%.
Simulations Plus , the modeling and simulation software company, suspended its quarterly dividend, saying the funds would be used toward its “capital allocation strategy for investing in growth initiatives that are intended to generate long-term shareholder value.” Shares declined 15%. The company also reported third-quarter adjusted earnings of 19 cents a share that topped analysts’ estimates and revenue of $18.5 million, an increase of 14% from a year earlier.
First Solar rose 6.6% [$14.38] to $231.06. Analysts at Susquehanna raised their price target on the solar stock to $285 from $258 and maintained a Positive rating on the shares....
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