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As U.S. stock index futures exhibit a hint of positivity this Friday following on-par inflation figures and the aftermath of a heated presidential debate, discerning investors are eyeing some top stocks for the day.
- Plunging headfirst into the limelight, Plug Power (PLUG) seems to be buzzing with fervor, attracting heightened trading interest before the market rings open, amplifying its value by a robust 6%. The hydrogen fuel cells powerhouse gleefully announced its eligibility for a federal tax credit at its Woodbine, Ga. base. The company eagerly highlighted its plans to relish the fruits of the Inflation Reduction Act’s (IRA) Section 45V Credit for Clean Hydrogen Production (PTC) in its forthcoming financial disclosures. Riding the wave of an Act endorsed by U.S. President Biden, the PTC tantalizes with a production credit extending up to $3/kg for domestically spawned clean hydrogen.
- Meanwhile, Apple (AAPL) shares are keeping the momentum alive, bustling with activity as they sway upwards by nearly 1% in pre-market dealings. Bloomberg News served up a tasty nugget revealing a 40% spike in iPhone shipments within China in May, as reported by the China Academy of Information and Communications Technology. This surge spells hope for Apple’s loyalists, particularly following a disheartening 37% slump in iPhone deliveries during the initial two months of this year within the Asian precinct. Additionally, the scrutiny of Apple’s affairs in the UK persists as regulators extend their gaze into the tech behemoth’s app store protocols alongside Google.
- On a slightly discordant note, the sibling shares of Google, encompassing both class A (GOOGL) and class C (GOOG) stocks, appear to be under a gloomy cloud as they wither by almost 1% each during early trading hours. Rosenblatt Securities didn’t mince words as it took a jab at the tech titan’s shares, downgrading them from Buy to Neutral, citing apprehensions surrounding a transitional jeopardy in varied sectors. The brokerage expressed concerns over the potential negative impact on search ad revenue due to the encroaching realm of artificial intelligence and conceded signs of market share erosion to Microsoft’s Bing, albeit in its embryonic stage.
- Shifting attention to Xerox (XRX), a noticeable tremor reverbates through the market as the stock quivers down by over 3% on the precipice of the trading day, stirred by Citi’s unenthusiastic entrance with a Sell rating and a munificent $11 price target that envisages a 10.6% dip from the prior close. Expressing mild despair, Citi elucidated that the American printer maestro finds itself in the throes of a sweeping restructuring swamped by the murk of stagnant-to-falling revenues. Xerox’s leap into the realm of specialized digital and information technology services demands an extensive temporal and fiscal commitment. Citi hinted at the post-pandemic era, rife with uncertainty regarding investor faith in Xerox’s ongoing overhaul and cost-curbing strategies.
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