Solar energy stocks took another turn downward after SunPower (SPWR) fell by 27.3% on Thursday. Reuters reported that the company informed its clients it is suspending various operations. This SPWR stock lost 40%.
Late last year, SolarEdge (SEDG) plunged after reporting weaker revenue. SunPower’s problems are worse. It likely ran out of cash and does not have the funds to pay for the new installation. Shorts hold a 253% short float against the stock.
In the restaurant sector, Domino’s Pizza (DPZ) posted Q2 revenue growing by 7.1% Y/Y to $1.09 billion. DPZ stock lost 13.57% yesterday after shareholders expected more. Gross margins fell by 1%, hurt by higher insurance costs and labor costs. Customer transactions grew to offset those headwinds.
Customers may continue to cut back on spending as they increase their savings amid inflation.
Grail (GRAL), a spinoff from Illumina (ILMN), continues to trade in a wide range. The stock cycles between $14.00 and $20.00 on no news. Investors will need to wait for positive clinical data from its multi-cancer early detection test.
Among the magnificent seven, Amazon (AMZN) entered a downtrend since peaking at above $200. Despite a strong Amazon Prime event, co-founder Jeff Bezos’s stock sale is too negative a headwind. This encourages shareholders to take profits.
