Stock Futures Climb, But Solar Stocks Melt – Investor’s Business Daily

This post was originally published on this site

Futures showed U.S. stocks set to open moderately higher Tuesday, as earnings reports sparked some major moves.

The Nasdaq was indicated 0.2% higher, while futures for the S&P 500 and Dow Jones industrial average were up 0.3% each.

U.S. futures followed a rise in some major foreign markets. European stocks erased some gains but were still higher on the day. Germany’s DAX was up 0.6%, the Paris CAC 40 up 0.2%, and the London FTSE 100 up 0.3%.

In Asia, Japan’s Nikkei average rallied more than 2%. But the Shanghai composite closed near flat, and the Shenzhen composite dipped 0.1%. Hong Kong’s Hang Seng index added 0.4%.

Stamps.com (STMP) soared nearly 16% in extended trading. The company breezed past expectations late Monday, as adjusted earnings jumped 139%, and management raised its full-year outlook. It now sees sales of $310 million to $330 million, up from an earlier forecast of $290 million to $310 million. Adjusted EPS is expected to be $6 to $6.50, against a previous projection of $5 to $5.50.

Amazon.com (AMZN) rose 2% ahead of the bell. The stock was quoted near its Dec. 30 peak of 696.44. Reports said Bernstein raised its price target on Amazon to 1,000 from 770. Amazon is launching a meal-kit delivery service this fall with Tyson Foods (TSN), according to Business Insider.

But solar stocks could be among the worst-performing on today’s stock market after a discouraging report from the nation’s largest solar-panel installer.

SolarCity (SCTY) plunged 23% after it reported late Monday a larger quarterly loss than expected. It also cut its forecast for installations. A decision last year by Nevada regulators to reduce net-metering payments to solar customers not only forced the company to exit that state, but also has made some customers reluctant to install solar, SolarCity said.

SolarEdge (SEDG), a maker of solar panel inverters, was down more than 7% in premarket trading despite beating profit expectations. The company’s earnings rose more than 150%, and sales jumped 45%.