In this article, we will take a look at the 10 trending stocks to watch on Monday. If you want to explore some more stocks on the list, go directly to 5 Trending Stocks to Watch on Monday.
U.S. stocks edged lower during the last trading day of October. As of 01:13 PM ET, S&P 500 was down 0.69 percent, Dow Jones Industrial Average was negative 0.39 percent and the Nasdaq Composite slipped 0.96 percent. On the other hand, the 10-year Treasury yield jumped back over 4 percent around the same time.
The drop in the key indices reflects investors' fears surrounding another interest rate hike from the U.S. Federal Reserve later this week. The U.S. central bank is expected to increase rates by 75 basis points to curb inflation.
Meanwhile, smartphone giant Apple Inc. (NASDAQ:AAPL), construction-equipment behemoth Caterpillar Inc. (NYSE:CAT) and diversified industrial company Emerson Electric Co. (NYSE:EMR) made their way into the headlines this morning.
Apple Inc. (NASDAQ:AAPL) shares inched down after multiple reports suggested that iPhone production could drop due to increasing coronavirus restrictions in China. On the other hand, Caterpillar Inc. (NYSE:CAT) came into the spotlight after receiving a downgrade from UBS, while Emerson Electric Co. (NYSE:EMR) was trending after posting better-than-expected earnings. Check out the remaining article to see some other trending stocks of the day.
Shares of First Solar, Inc. (NASDAQ:FSLR) jumped nearly 10 percent in mid-day trading Monday after a couple of market research firms raised their price targets for the solar technology company.
Guggenheim analyst Joseph Osha lifted his price target for First Solar, Inc. (NASDAQ:FSLR) from $200 to $233, citing its solid bookings activity. Separately, BofA analyst Julien Dumoulin-Smith also raised his ratings for First Solar stock from $13 to $165. Smith believes the recent pricing and demand trend will drive the company's core earnings growth in the coming years.
The latest price-target revisions follow the company's third-quarter results. While First Solar, Inc. (NASDAQ:FSLR) missed profit and sales expectations for Q3, it reported strong net bookings for the quarter. First Solar, Inc. (NASDAQ:FSLR) said that it secured record net bookings of 43.7 GWDC on a year-to-date basis, with deliveries stretching to 2027.
Shares of Wynn Resorts, Limited (NASDAQ:WYNN) jumped over seven percent this morning following the news that billionaire investor Tilman Fertitta now holds a 6.1 percent stake in the high-end hotels and casinos operator.
According to a regulatory filing, Fertitta bought 6,917,551 shares of Wynn Resorts, Limited (NASDAQ:WYNN). Fertitta is CEO of Fertitta Entertainment, which owns several luxury hotels and casinos, such as Bubba Gump Shrimp, Del Frisco, the Bubba Gump Shrimp and Golden Nugget Hotel & Casinos.
Wynn Resorts, Limited (NASDAQ:WYNN) shares remained under pressure this year, primarily due to Covid-19 restrictions severely hurting its sales in Macao. The stock has lost about 30 percent of its value so far in 2022.
8. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR)
Number of Hedge Fund Holders: 30
Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) is next on the list of 10 trending stocks to watch on Monday. The stock fell more than seven percent in pre-market trading today after receiving a downgrade from JPMorgan.
The research firm lowered its ratings for Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) from "Overweight" to "Neutral," citing leadership change in Brazil. Analyst Rodolfo Angele believes the new administration may call for a change in the company's strategic directions. He also trimmed his price target for Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) from $20 per share to $14 per share.
Besides Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), Apple Inc. (NASDAQ:AAPL), Caterpillar Inc. (NYSE:CAT) and Emerson Electric Co. (NYSE:EMR) were also among the top trending stocks of the day.
7. Public Service Enterprise Group Incorporated (NYSE:PEG)
Number of Hedge Fund Holders: 31
Public Service Enterprise Group Incorporated (NYSE:PEG) came into the spotlight on Monday after releasing its financial results for the third quarter. The diversified energy company reported adjusted earnings of 86 cents per share, compared to 98 cents per share in the corresponding period of the prior year.
In addition, Public Service Enterprise Group Incorporated (NYSE:PEG) posted revenue of $2.27 billion, up 19.4 percent on a year-over-year basis. The results exceeded the consensus of 82 cents per share for earnings and $2.04 billion for revenue.
Meanwhile, Public Service Enterprise Group Incorporated (NYSE:PEG) narrowed its full-year adjusted earnings guidance to a range of $3.40 - $3.50 per share, from its previous forecast between $3.35 - $3.55 per share.
Shares of ON Semiconductor Corporation (NASDAQ:ON) slid more than six percent in mid-day trading Monday despite beating financial expectations for the third quarter. The semiconductor supplier earned $1.45 per share on an adjusted basis, significantly higher than 87 cents per share in the year-ago period.
Revenue for the quarter climbed 26 percent versus last year to $2.19 billion. Analysts expected ON Semiconductor Corporation (NASDAQ:ON) to earn $1.32 per share on revenue of $2.12 billion.
For the current quarter, ON Semiconductor Corporation (NASDAQ:ON) guided for adjusted earnings in the range of $1.18 - $1.34 per share and revenue between $2.01 - $2.14 billion.
Speaking on the results, CEO of ON Semiconductor Corporation (NASDAQ:ON), Hassane El-Khoury, said in a statement:
"We have taken a proactive and deliberate approach over the last several quarters to make the structural changes required to strengthen our business, and we are in a better position than ever to navigate the current uncertainty in the market."
