Solar stocks were on fire Thursday after Sunrun Inc (NASDAQ:RUN) reported earnings and California mandated solar on all new homes. Sunrun jumped as much as 19.7% while Vivint Solar Inc (NYSE:VSLR), Enphase Energy Inc (NASDAQ:ENPH), and SolarEdge Technologies Inc (NASDAQ:SEDG) were up 12.5%, 15.6%, and 16.3% respectively at their highs for the day.
Sunrun’s first quarter saw installations fall 5 megawatts (MW) to 68 MW and creation costs were up 3.8% to $3.51 per watt. What surprised investors was net income of $28 million, or $0.25 per share, which beat estimates by a penny. If earnings alone were all investors had to digest, I don’t think shares would have moved much, but there was other news on the market’s mind.
Image source: Getty Images.
On Wednesday, the California Energy Commission passed a rule that effectively mandates solar panels on new homes starting in 2020. According to Sunrun’s presentation to investors, about 100,000 new homes are built each year in California and if the average rooftop solar system is 6 kW, that could mean 600 MW of demand each year from new homes, a lot of which would be incremental growth for the market.
Hot Tech Stocks To Own Right Now: CyberArk Software Ltd.(CYBR)
- [By Joe Tenebruso]
Nearly 90%of security professionals believe that an enterprise’s IT infrastructure is not fully protected unless its privileged accounts are secured, according to a survey by CyberArk Software Ltd.(NASDAQ:CYBR). This global demand for cybersecurity solutions that safeguard an organization’s most sensitive data is helping to fuel CyberArk’s growth, as evidenced by its strong first-quarterresults.
- [By Lisa Levin]
Some of the stocks that may grab investor focus today are:
Wall Street expects Citigroup Inc (NYSE: C) to report quarterly earnings at $1.26 per share on revenue of $17.71 billion before the opening bell. Citigroup shares rose 0.30 percent to $67.22 in after-hours trading.
Analysts are expecting JPMorgan Chase & Co. (NYSE: JPM) to have earned $1.65 per share on revenue of $25.61 billion in the latest quarter. JPMorgan will release earnings before the markets open. JPMorgan shares gained 0.48 percent to $93.55 in after-hours trading.
Cyberark Software Ltd (NASDAQ: CYBR) lowered its guidance for the second quarter. The company now expects total revenue of $57.0 million to $57.5 million, versus earlier guidance of $61.0 million to $62.0 million. Cyberark shares dipped 17.65 percent to $42.00 in the after-hours trading session.
Before the opening bell, First Republic Bank (NYSE: FRC) is projected to report quarterly earnings at $1.1 per share on revenue of $675.70 million. First Republic Bank shares dropped 0.80 percent to close at $101.35 on Thursday.
Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
- [By Chris Lange]
The short interest at CyberArk Software Ltd. (NASDAQ: CYBR) increased to 1.10 million shares from the previous level of 861,800. Shares were trading at $53.34, within a 52-week range of $39.34 to $55.63.
- [By ]
RB: I thought wed be up more than we are on cybersecurity plays. We have 25% gains on recommendations like Palo Alto Networks (NYSE: PANW). Were off a few percentage points on CyberArk Software (NASDAQ: CYBR).
Hot Tech Stocks To Own Right Now: NXP Semiconductors N.V.(NXPI)
- [By Anders Bylund]
Shares of NXP Semiconductors (NASDAQ:NXPI) fell 10.3% lower in April 2018, according to data from S&P Global Market Intelligence. That’s arguably an impressive move for a stock with a firm all-cash buyout offer on the table and just awaiting one last regulatory approval, but that’s where the leader in automotive computing chips stands today.
- [By Sreekanth Anasa]
A recent Reuter’s report suggests that the San Diego, California basedchipmaker is all set to win a conditional Japanese antitrust go-ahead for its multi-billion dollar NXP Semiconductor (NASDAQ:NXPI) deal. Earlier, Bloomberg reported that Qualcomm may win European Union approval for its NXPacquisition by the year-end with slight modifications to the concessions. The smartphone chip giant reportedly seems to have struck a deal with the European regulatory body by agreeing to drop certainstandard essential and system-level patents belonging to NXP in the proposed takeover. EU anti-trust body has now set the new deadline fordeciding on Qualcommsacquisition of NXP asMarch 5, 2018. If Bloomberg reports turn out to be true, this could be shot in the arm for Qualcomm which at the moment is trying to fend off the takeoverfrom Broadcom. If EU approval goes through then other remainingregulatory bodies will soon fall in line.
- [By Leo Sun]
Qualcomm’s long-delayed takeover of NXP Semiconductors (NASDAQ:NXPI) remains in limbo as China’s Ministry of Commerce takes its time with its decision. Qualcomm tried to curry the favor of the Chinese government by working with Chinese companies to develop new chips for connected cars, Internet ofThings (IoT) devices, and5G technologies. Unfortunately, President Trump then proposed tough tariffs against China, turning Qualcomm into a potential target for retaliation from Chinese regulators.
- [By Anders Bylund]
Just five months ago, fellow Fool Leo Sun compared the investing theses for Intel (NASDAQ:INTC) and NXP Semiconductors (NASDAQ:NXPI). He found NXP to be the better pick, thanks to massive growth opportunities and a low PEG ratio.
Hot Tech Stocks To Own Right Now: Polycom Inc.(PLCM)
- [By Emily Stewart]
Polycom (PLCM) is Soros’ top tech holding. As of the end of the second quarter, he owns 7.9 million shares valued at $89.2 million.
Polycom provides collaboration solutions for voice, video, and content sharing. It has a $1.7 billion market cap and trades at a P/E of 73.24.
Hot Tech Stocks To Own Right Now: Diodes Incorporated(DIOD)
- [By Jim Robertson]
Small capsemiconductor stock Diodes Incorporated (NASDAQ: DIOD) has produced a double top on its technical chart with shares just below breakout levels: