First Solar, Enphase Energy, Arch Capital Group, Tesla supplier On Semiconductor and Progressive were the top S&P 500 index gainers on the stock market today. Verizon Communications, SBA Communications, AT&T, Tesla rival Ford Motor, and Crown Castle were the S&P 500's biggest losers on Monday.
The S&P 500 index rose 0.4%, hitting a 15-month high.
S&P 500 Winners
FSLR stock jumped 8.1% to 206.71, surging above the 50-day line, offering an early entry in a two-month consolidation. Volume was slightly above average. Israel-based Energix Renewable Energy will buy five gigawatts' worth of First Solar's cadmium telluride thin-film photovoltaic modules for delivery in 2026-30.
But it was clearly a strong day for solar stocks overall.
ENPH stock leapt 6.6% to 189.67, its best level since late April. Enphase stock retook the 50-day line a week earlier, but remains well below its 200-day line.
Both First Solar and Enphase report Q2 earnings on July 27.
ACGL stock gained 4.7% to 80.61 in heavy volume, hitting a record high and exiting a buy area. The property & casualty insurer broke out of a cup-with-handle base on July 11, but in light trade, according to MarketSmith analysis. Arch Capital earnings are due July 26.
ON stock rose 4.7% to 104.33, hitting a record high. However, On Semiconductor is well extended from a consolidation buy point of 87.55. On Semi is a silicon carbide chip supplier to Tesla.
PGR stock bounced 4.4% to 121.95. Shares plunged 13% on July 13 after Progressive reported heavy catastrophic category losses in June. The insurer did reverse higher from a nine-month low the next day.
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S&P 500 Losers
VZ plunged 7.5% to 31.46, tumbling to its worst levels since 2010. That's after the Dow Jones telecom giant sold off 5.3% last week.
SBAC stock fell 7.2% to 226.15, undercutting the 50-day line. SBA Communications has been in a downtrend since April 2022. Wireless tower REITs appear to be tumbling in sympathy with legacy telecom giants.
AT&T stock skidded 6.7% to 13.53, a 30-year low after last week's 7.1% dive.
Telecom giants Verizon and AT&T have been selling off ever since last week's Wall Street Journal article detailing telecoms' use of lead-covered copper cables overhead, in soil and underwater, often contaminating the areas. Removing these cables, largely installed before the 1960s, and the related cleanup could cost Verizon and other telecoms tens of billions of dollars, analysts said Monday.
Verizon earnings are due July 25, with AT&T due a day later.
Ford Down As Tesla Debuts Cybertruck
S&P 500 stock Ford slumped 5.9% to 14.09, sliding through its 21-day line. Shares are working on a 16.68 buy point from a cup-with-handle base. On Tuesday, Ford slashed the price of its F-150 Lightning electric pickup by up to 17%. The automaker cited increased capacity and lower battery raw material costs. Ford had raised prices multiple times in the past year amid production woes.
But investors worried about demand and potential competition from the upcoming Tesla Cybertruck. The EV giant touted an Austin-made Cybertruck on Saturday, though it's not clear if it rolled off an actual production line. Cybertruck pricing and key specs aren't available yet, but Tesla CEO Elon Musk hinted at competitive pricing. TSLA stock rose 3.2% to 290.38, the highest since September.
CCI stock sank 4.9% to 109.99, close to June's four-year low. Crown Castle stock is another wireless tower REIT.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
