Stalkin' the Market: What We're Watching RN (8/23/2024)

What's going on right now in the stock market? Our writers Jessie Moore and Dan Simms are on the case. Keep reading for the hottest (and hottest) movers and 3 stocks we're watching right now:

Hot or Not: Stock Market Edition 

According to CNN, “Neutral sentiment” is driving the market — but that doesn’t mean all stocks are in neutral territory. Here are the latest winners and losers: 

🔥 HOT: Shares of Faraday Future (NASDAQ: FFIE), an electric technology company based out of California, gained 124% on Thursday, three days after it announced that it was exploring an automotive bridge strategy that would allow it to make high-performance electric vehicles more affordable. The company has lost 72% so far this year, but Thursday’s gain could be a sign that the stock is about to surge. FFIE was up as much as 450% in May before it plummeted back to Earth.

🥶 NOT: Advance Auto Parts (NYSE: AAP) lost 17.5% on Thursday after its second-quarter earnings report showed earnings-per-share of $0.75, which was about 20% lower than the $0.93 analysts expected to see. The company also lowered its 2024 guidance, citing slower sales than it anticipated.

🔥 HOT: Air Industries (NYSE: AIRI) gained 91.2% on Thursday after it announced that it received a $110 million contract to supply equipment for jet engine manufacturer Pratt & Whitney. AIRI has now gained 122.7% this year and is in a solid position for continued growth.

🥶 NOT: Solar panel manufacturer Canadian Solar (NASDAQ: CSIQ) closed lower than it has since July of 2018 after losing 15.7% on Thursday. The company’s second-quarter earnings report showed earnings of $0.02 per share, a far cry from the $0.21 per share investors were expecting. The company has now lost 52.4% this year.

📈 Want more? Check out the biggest winners and biggest losers on WSZ. 

Strong Buys: Top Picks from Top Wall Street Analysts 

Don’t trust strangers giving you stock recommendations. WallStreetZen's Top Analysts doesn’t just share Buy or Sell ratings — it lets you see each analyst’s track record and average return. It’s a premium feature on our site, but we’ve unlocked a FREE sampling below: 

1 - Jazz Pharmaceuticals (NASDAQ: JAZZ) 

⭐ High upside potential 

Analyst/Firm: Jessica Fye / JP Morgan

Analyst ranking: Top 7% / average return +18.29% / win rate 60% 

Yesterday’s market close: $114.55

Price target: $202.00 

• Maintaining a Strong Buy, JP Morgan's Jessica Fye raised their price target on Jazz Pharmaceuticals (NASDAQ: JAZZ) by 6.3% from $190 to $202 on 8/19.
• Rolling their price target forward to year-end 2025 and post the 7/31 release of Jazz Pharmaceuticals' Q2 2024 earnings, Fye told readers that JP Morgan views the stock's current valuation as an attractive entry point.
• The analyst explained that "the business has better durability than the Street appreciates, and the stock is trading at less than 6x the low end of management's FY 2024 guidance."
• Explore JAZZ’s 100%+ upside potential here.

1-year chart for JAZZ, courtesy TradingView

2- DraftKings, Inc. (NASDAQ: DKNG) 

Analyst/Firm: Mike Hickey / Benchmark

Analyst ranking: Top 8% / average return +7.41% / win rate 64% 

Yesterday’s market close: $35.25

Price target: $44.00 

• Maintaining a Strong Buy rating, Benchmark's Mike Hickey raised their price target on DraftKings (NASDAQ: DKNG) by 7.3% from $41 to $44 on 8/20. 
• Hickey still considers Draftkings "a 2024 top idea" and predicts a "strong run" for the company by year's end in spite of the stock's 2% YTD price dip.
• The analyst argued that the stock's current valuation is "an attractive entry point" given "management's guidance for stronger market win margins in Q3, new user growth, traditional tax mitigation strategies, and valuation contraction ahead of the NFL season."
• See why some analysts believe DKNG could top $60 in the coming year.

1-year chart for DKNG, courtesy TradingView

3- Tesla Inc. (NASDAQ: TSLA) 

Analyst/Firm: Alexander Potter / Piper Sandler

Analyst ranking: Top 3% / average return +37.17% / win rate 48% 

Yesterday’s market close: $210.66

Price target: $300.00 

• Piper Sandler's Alexander Potter maintained their Strong Buy rating and $300 price target on Tesla (NASDAQ: TSLA). Here’s why:
• Potter suggested buying Tesla shares before the company's robo-taxi event on 10/10.
• The analyst commented that the increasing profitability of Tesla's "large stationary batteries" and the apparent enhancements to its "comprehensive self-driving software" are two new developments that "have distracted investors from their normal fixation on the company's vehicle deliveries and automotive gross margins."
• Although Chinese competitors are increasing their presence in the stationary battery industry, Tesla's demand remains robust, Potter told investors.
• Similar to other segments, the analyst believes that Tesla Energy's long-term gross margin goal should be 20%.
• See more ratings and forecasts for TSLA here.

1-year chart for TSLA, courtesy TradingView

Gain access to dozens of alerts like this per week — Click the button below.

👉👉 Try WallStreetZen Premium for just $1

Want to get in touch? Email us at news@wallstreetzen.com.