Union Pacific, Enphase Energy, SolarEdge Technologies and Tesla were the top four S&P 500 index gainers on the stock market today.
UNP stock surged 10.1% to 212.17. Shares gapped above their 50-day line but closed below just 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 ouster. The hedge fund, in its Sunday letter, claimed that a change to 'best-in-class' leadership would result in a doubling of Union Pacific stock price over the next two years.
ENPH stock jumped 5.9% to 210.78. Janney Montgomery upgraded Enphase Energy to a buy with a 282 price target, citing optimism about long-term demand for solar power. Enphase, and other solar stocks, have struggled on concerns about U.S. demand given a tougher economic climate and new California rules limiting how much homeowners can be paid for selling excess power to the grid. ENPH stock finished just shy of the 21-day line, which it hasn't closed above in 2023.
SEDG stock rallied 5.9% to 313.63, back above the 50-day and 21-day moving averages. A Feb. 15 breakout from a cup-with-handle base quickly failed the next day, though investors could still use the 341.78 buy point. SolarEdge stock rallied Monday on broader solar optimism.
First Solar reports Tuesday night. FSLR stock was not among the very best S&P 500 performers Monday, but was in the top 20. Shares rose 2.4% to 166.11. First Solar stock reclaimed the 50-day line and settled near an early entry in a new base.
Tesla stock jumped 5.5% to 207.63, bouncing from a pullback to near the 21-day line. The EV giant is pausing just below the 200-day moving average. A decisive move above the 200-day line, currently near 221, would offer an entry into 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 has more than doubled from its bear market low of 101.81 set Jan. 6. Investor Day optimism has likely fueled TSLA stock optimism.
The S&P 500 index itself gapped back above its 50-day line and the 4,000 level at Monday's open. The benchmark index faded to close up 0.3% to 3,982.24, a whisker above the 50-day.
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