S&P 500: Eli Lilly, Power Generators Lead Top Performers Monday

Constellation Energy Group (CEG), Eli Lilly (LLY), Dominion Energy (D), Booking Holdings (BKNG) and Centene (CNC) were the top S&P 500 index gainers on the stock market today. Paramount Global (PARA), Moderna (MNRA), Albemarle (ALB), Norwegian Cruise Line (NCLH) and SolarEdge Technologies (SEDG) were the S&P 500’s biggest losers on Monday.


CEG stock leapt 6.5% to 124.73, hitting a record high after crushing Q3 EPS views. The nuclear plant operator also raised its full-year profit outlook.

LLY stock popped 4.8% to 595.19, rebounding from the 50-day line, possibly offering an early entry. Eli Lilly’s chief scientific and medical officer told MarketWatch in an interview that he’s “extremely optimistic” that an Alzheimer’s breakthrough is coming. Lilly stock has risen significantly in 2023 from its GLP-1 weight-loss drug.

Eli Lilly stock is on IBD Leaderboard.

Dominion Energy stock rose 4.5% to 45.59, retaking the 50-day line after Barclays upgraded it to overweight from equal weight. On Friday, the big power generator and utility operator reported a 76% EPS gain for the third quarter. Dominion stock is still far below a sliding 200-day line.

BKNG stock climbed 3.9% to 2,971.43, moving toward its 50-day line, as D.A. Davidson upgraded the online travel site to buy and added it to its list of top picks. On Friday, Booking stock rebounded from its 200-day line. Late Thursday, Booking beat third-quarter views with 36% EPS growth and a 21% revenue rise. BKNG stock has a 3,251.71 consolidation buy point.

CNC stock climbed 3.6% to 71.84, rising within a buy zone in above-average volume. Several health insurers were solid performers on Monday.

S&P 500 Losers

PARA stock tumbled 7.8% to 12.69, after Bank of America downgraded the media giant to sell from buy. Paramount Global stock surged 27% in the prior two sessions following quarterly results, but still fell some 40% since the start of May, BofA noted.

MRNA stock fell 7% to 72.07, giving up most of Friday’s 8.8% spike. On Monday, rival coronavirus vaccine maker BioNTech (BNTX) reported a surprise Q3 profit and better-than-expected sales. But vaccine sales did plunge while BioNTech also cut guidance. BNTX stock still rose 4.1%. Last Wednesday, Moderna stock hit a three-year low after its Q3 results.

ALB stock sank 6.7% to 119.46, sliding to its worst close since November 2020. UBS downgraded Albemarle stock to neutral, slashing the price target to 140 from 253. RBC Capital cut its price target to 163 from 212. Both are still far above Albemarle stock’s current price. But the bigger problem is plunging lithium prices, amid concerns about weakening electric vehicle demand. Last week Albemarle reported Q3 EPS plunged 63%.

NCLH stock slumped 5.1% to 13.11. Last week, Norwegian Cruise Line topped third-quarter views, but cut full-year guidance.

SEDG stock crumbled 5.1% to 71.77. Wells Fargo became the latest to downgrade SolarEdge stock, cutting the solar power inverter maker to equal weight and slashing the price target to 82 from 190. SolarEdge has cratered on warnings and weak results, as high interest rates slam the residential solar market.

Meanwhile, the S&P 500 index rose 0.2% on Monday, following its best week of 2023.

Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.


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