Union Pacific, Tesla among top S&P 500 performers today

Union Pacific (UNP), Enphase Energy (ENPH), SolarEdge technologies (SEDG) and Tesla ( TSLA ) were the top four S&P 500 index gainers in the stock market today.


The UNP share rose 10.1% to 212.17. The stock gapped above its 50-day line, but closed below just its long-sliding 200-day line. Union Pacific CEO Lance Fritz will step down in 2023, the railroad giant said Sunday, hours after Soroban Capital Partners publicly called for his removal. The hedge fund claimed in the Sunday letter that a change to “best-in-class” management would result in a doubling of Union Pacific’s share price over the next two years.

ENPH shares jumped 5.9% to 210.78. Janney Montgomery upgraded Enphase Energy to a buy with a price target of 282, citing optimism about long-term solar demand. Enphase and other solar stocks have struggled with concerns about U.S. demand given a tougher economic climate and new California rules limiting how much homeowners can be paid to sell excess power to the grid. ENPH stock ended just outside the 21-day line, which it has not closed above in 2023.

SEDG shares rose 5.9% to 313.63, back above the 50-day and 21-day moving averages. A breakout from a cup with handle on February 15 quickly failed the next day, although investors were still able to use the 341.78 buy point. SolarEdge shares rose Monday on broader solar optimism.

First Solar (FSLR) reports on Tuesday evening. FSLR stock wasn’t among the very best S&P 500 performers Monday, but was among the top 20. The shares rose 2.4% to 166.11. First Solar stock retook the 50-day line and settled near an early entry into a new base.

Tesla shares jumped 5.5% to 207.63, bouncing from a pullback to near the 21-day line. The EV giant pauses just below its 200-day moving average. A decisive move above the 200-day line, currently near 221, would offer an entry into TSLA stock. But that would be an aggressive move, especially with the market rally under pressure.

Tesla Investor Day could be a big catalyst for Tesla stock, which has more than doubled from a bear market low of 101.81 set on Jan. 6. Investor Day optimism likely fueled TSLA stock optimism.

The S&P 500 index itself retreated above its 50-day line and the 4,000 level at Monday’s open. The benchmark index faded to close up 0.3% at 3,982.24, a whisker above the 50-day.

Follow Ed Carson on Twitter at @IBD_ECarson for stock exchange updates and more.


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