SolarEdge (SEDG) jumped by 8.55% on Wednesday after announcing that it would shut down its Energy Storage division. This will lead to a cut of around 500 employees. Markets welcomed $7.5 million in quarterly expense savings.
SolarEdge is reversing its decision to purchase the drive unit and battery company. The move added factories to its balance sheet. This exposed it to valuation deteriorations, which accelerated when solar energy demand weakened.
Nordstrom (JWN) fell by 8.12%, back to its $22 - $22.80 trading range. The retailer reported growth in its children's and women’s apparel segments in the third quarter.
In the cryptocurrency market, Bitcoin (BTC-USD) attracted buyers when prices fell below $92,000 on November 26. BTC prices will inevitably reach $100,000, a new milestone.
MicroStrategy (MSTR), which jumped by 9.94%, may return to its $543 high. It needs a short squeeze to get there. Bears hold a 14.41% short interest in MSTR stock. Expect Robinhood (HOOD) to close at new highs, thanks to strong BTC prices.
In the cybersecurity market, CrowdStrike Holdings (CRWD) could trade close to its 52-week high of $398.33. CRWD stock pulled back after the firm posted a strong quarter. Strong adoption of Falcon will continue. Corporations need data protection and will choose CrowdStrike’s Charlotte AI.
