S&P 500 Gains and Losses Today: Edison International Stock Falls as Analysts Cites Liability Risk
The S&P 500 edged 0.1% higher on Monday, June 9, as the initiation of talks between the U.S. and China raised optimism around a possible trade truce.
Semiconductor stocks powered higher, partly driven by the possibility that trade talks could result in more relaxed export restrictions.
Shares of California-based utility Edison International lost ground after an analyst downgraded the stock. The analyst cited litigation and potential changes in the legal framework related to wildfire liabilities.Major U.S. equities indexes were mixed at the onset of a new week as trade talks between the U.S. and China got underway in London, pointing to a potential thaw in the icy relationship between the world's two largest economies.
The S&P 500 ticked 0.1% higher, while the Nasdaq added 0.3%. The Dow was essentially flat for the day, ending Monday's session just a single point below Friday's closing level.
Shares of solar technology firm Enphase Energy (ENPH) jumped 5.1%, securing the top daily performance in the S&P 500. Monday's gains extended a rally for the stock that began on Friday following reports of possible roadblocks in the Senate for the "One Big, Beautiful Bill," which includes proposals to eliminate solar tax credits that benefit Enphase and other manufacturers. Despite their recovery over the past two trading days, Enphase shares are still down more than 35% year-to-date.
Regeneron Pharmaceutical (REGN) shares advanced 4.9% after a positive clinical trial readout for Dupixent, a skin treatment developed by the biotech firm in collaboration with Sanofi (SNY). A Phase 4 study showed that Dupixent improved disease severity and symptoms for adults and adolescents with moderate-to-severe atopic dermatitis (AD).
Semiconductor stocks moved higher, boosted by optimism that progress on trade talks between the U.S. and China could result in softer export restrictions. Advanced Micro Devices (AMD) shares gained 4.8% after Citi analysts lifted their price target on the stock ahead of the company's artificial intelligence (AI) showcase scheduled for later this week. Shares of ON Semiconductor (ON) closed 4.4% higher, adding to strong gains posted last week as the chipmaker's CEO highlighted a recovery in automotive and industrial demand.
Edison International (EIX) shares plunged 8.1%, losing the most of any S&P 500 constituent on Monday, after Wolfe Research downgraded the California-based power generator's stock to "peer perform" from "outperform." Analysts cited legal proceedings related to this year's devastating wildfires in Southern California and legislation that could expose utilities in the state to increased wildfire liability costs. Shares of fellow Golden State electricity provider PG&E (PCG) sank 6.8%.
The chief financial officer (CFO) of hospital operator Universal Health Services (UHS) told an industry conference that the company has seen a slowdown in the volume of care people are seeking. According to the executive, demand for voluntary procedures surged in the wake of the pandemic as patients caught up on care they may have delayed, but has cooled off since then and remains below historical averages. UHS shares were down 6.1%.
Deutsche Bank downgraded Intuitive Surgical (ISRG) stock to "sell" from "hold" on Monday, and shares of the medical device maker slid 5.6%. While analysts highlighted the widespread adoption of the company's da Vinci robotic surgery system, Deutsche Bank cited risk to Intuitive's business from third-party companies repairing the manufacturer's older surgical instruments and returning them to service, cutting into sales of newer equipment.
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