Tesla (TSLA) shares surged on Friday, reaching their highest levels since April 2022.
The stock has soared 28% since the election on Tuesday, fueled by expectations that Elon Musk's support for President-elect Donald Trump will lead to favorable regulations for autonomous vehicles.
This rally follows recent price target increases by Wall Street analysts, signaling a return to favor after a challenging two years.
Earlier this week, Tesla broke out of its four-month trading range, surpassing the $270 mark. The stock then swiftly passed the psychologically significant $400 level amid increasing volume and buying interest.
This momentum shift solidifies Tesla's bullish trend that began in May when it crossed above its 20-month moving average, with analysts projecting a potential rise to $400 in the next 3-6 months.
Costco (COST) shares climbed over 3% on Friday, breaking out from a trading range that has held since August's post-earnings rally.
The stock has been trading between $875 and $925, but recent volatility propelled it past $900.
Year-to-date, Costco's shares are up 44%, making it a standout in the retail sector.
With an earnings announcement scheduled for December 12th, the market is reacting to both the anticipated strong quarterly performance and last quarter’s news of the first membership fee increase in seven years.
The hike affects U.S. and Canadian members, with fees now at $65 for Gold Star and business members, and $130 for executive members.
The rally suggests investors are optimistic about future earnings, potentially driving the stock towards a $1,000 target as speculation about a possible stock split grows.
Fluor Corporation’s (FLR) shares tumbled over 14% on Friday after disappointing quarterly earnings.
The company reported earnings of $0.51 per share, missing analysts’ expectations by $0.25, with revenue also below forecasts due to a slowdown in business.
Management attributed the sluggish pace to the pre-election uncertainty but anticipates a rebound in project commitments in 2025.
Despite the downturn, Fluor’s focus on expanding its data center construction operations positions it well within a rapidly growing sector driven by increasing demands for data processing and storage facilities.
The stock found support at its 50-day moving average and the $50 price level, suggesting underlying strength.
Forward-looking statements from management regarding the 2025 outlook and an expanded share buyback program are expected to draw investor interest.
Fluor maintains a bullish target of $75.
