On Wednesday, eBay (EBAY) jumped by 9.86% to close at $69.40. The firm rallied after Meta Platforms (META) agreed to show eBay’s listings on Facebook Marketplace.
Buyers in the U.S., France, and German markets will see eBay listings. Meta is opening up the marketplace to settle Europe’s anti-competition ruling. Last Nov. 2024, the European Commission ruled that Meta’s classified advertising system hindered competition against its online rivals.
Edison International (EIX) dropped by 10.18% after investors worried about its liabilities related to the California wildfires. The firm’s Southern California Edison subsidiary cut power to over 110,000 customers.
Moderna (MRNA) gave back Tuesday’s gains when the stock lost 9.17%. Investors who bought the stock at over $48 could suffer further losses. Covid vaccination demand continues to decelerate.
ON Semiconductor (ON) dropped by 7% to close at $58.31. The support range of $70 broke down last Nov. The firm is collaborating with Japan’s Denso to support autonomous driving and advanced driver assistance systems.
ON stock is attractive at these prices with a forward P/E of 15.7 times. Short interest is 6.15%, so if the stock shows signs of bouncing back, ON stock will sustain its rally.
In the steelmaking market, be wary of Cleveland-Cliffs (CLF). The CEO suggested recently that it would not pursue buying U.S. Steel (X). This sector could struggle in the year ahead as steel demand falls.
