Constellation Energy Price Levels To Watch as Stock Retreats From Record High
10 minutes ago
Constellation Energy (CEG) shares retreated Monday after surging more than 25% Friday when the energy giant announced that it will acquire rival Calpine in a deal valued at $26.6 billion.
Constellation Energy shares broke out from a falling wedge pattern earlier this month, briefly retraced to the pattern’s upper trendline, and then staged a breakaway gap to a new all-time high (ATH) on Friday.
Importantly, Friday’s surge occurred on the third-highest day of trading volume since the energy giant went public in early 2022, signaling buying conviction from larger market participants, such as institutional investors and hedge funds.
The relative strength index (RSI) confirms bullish price momentum with a reading above 70, but also indicates overbought conditions, opening the door to short-term profit-taking.
During retracements, like the one seen Monday, investors should initially monitor the $280 level. The shares may find support in this area near a trendline that links the mid-October countertrend peak with the low of Friday’s breakaway gap.
Finally, the bulls’ inability to defend this price could see a pullback to around the $236 level. Investors may look for buying opportunities in this region that finds a confluence of support from the prominent May swing high, the 50-day moving average, and the falling wedge pattern’s upper trendline.
Constellation shares were nearly 6% at $387.20 Monday afternoon.
-Timothy Smith
Moderna Stock Plummets 20% After Slashing Revenue Forecast
58 minutes ago
Shares of pharmaceutical giant Moderna (MRNA) plunged Monday after the company cut its 2025 revenue forecast by $1 billion.
The company now projects revenue of $1.5 billion to $2.5 billion this year, down from a prior estimate of $2.5 billion to $3.5 billion in September. That revenue is expected “mostly in the second half of the year” in large part from sales of its Covid-19 and respiratory syncytial virus vaccines. Moderna also said it expects to cut $1 billion worth of expenses this year, with another $500 million reduction planned in 2026.
Shares of Moderna dropped more than 20% intraday to $33.44, more than erasing gains last week after the first bird-flu death was reported in the U.S. The stock has lost about two-thirds of its value over the past year and is well off its all-time high near $490 in August 2021, during the COVID-19 pandemic.
-Andrew Kessel
U.S. Steel Stock Jumps as US Extends Deadline To Axe Takeover
1 hr 49 min ago
U.S. Steel (X) shares jumped Monday after the U.S. government extended the deadline for Nippon Steel to abandon its planned $14.1 billion acquisition of the American steelmaker to June.
U.S. Steel and Nippon Steel said in a statement that the Committee on Foreign Investment in the United States—an inter-agency committee that assesses financial transactions—extended the deadline, which was originally in February.
Earlier this month, President Joe Biden blocked the sale of the iconic American company to the Japanese firm on national security grounds.
“We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” a joint statement by U.S. Steel and Nippon Steel said over the weekend. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.”
The two companies last week sued the U.S. government over Biden’s blocking of the deal. Their suit, filed in the U.S. Court of Appeals for the District of Columbia Circuit, alleges that Biden’s order violated the “constitutional guarantee of due process and statutory procedural requirements,” and exerted “unlawful political influence.”
U.S. Steel shares were up 8% late Monday morning, and have gained nearly 10% so far this year.
-Nisha Gopalan
Intra-Cellular Therapies Stock Jumps on Johnson & Johnson Acquisition
2 hr 30 min ago
Shares of Intra-Cellular Therapies (ITCI) surged about 35% Monday morning after Johnson & Johnson (JNJ) said it would acquire the biopharmaceutical company for roughly $14.6 billion.
Johnson & Johnson will pay Intra-Cellular shareholders $132 per share, a premium of roughly 40% to the latter’s close at the end of last week. Shares jumped 15% to a record closing high of $94.87 Friday after the company announced it had settled a patent lawsuit with Sandoz, which was looking to produce and sell a generic version of Intra-Cellular’s Caplyta, which treats schizophrenia and bipolar I and II depression.
The company is also developing drugs to treat Alzheimer’s Disease and Parkinson’s Disease, among others.
“This acquisition further differentiates our portfolio, serves as a strategic near- and long-term growth catalyst for Johnson & Johnson and offers compelling value to patients, health systems and shareholders,” Johnson & Johnson CEO Joaquin Duato said.
The companies said the deal is expected to close later this year pending approval from regulators and Intra-Cellular shareholders, with Johnson & Johnson funding the deal through a combination of cash and debt.
Intra-Cellular shares rose to a record $127.70 Monday morning, while Johnson & Johnson shares were up about 1%.
-Aaron McDade
Apple Stock Slips as iPhone Reportedly Concedes Market Share
3 hr 32 min ago
Apple’s (AAPL) global smartphone market share slipped one percentage point to 18% last year as fourth-quarter iPhone sales dropped 5%, according to Counterpoint Research.
Bloomberg earlier had reported the fourth-quarter slump, reflecting the U.S. firm’s lack of artificial intelligence (AI) features in its phones in China, and a spokesperson at the research firm confirmed the figure.
Apple’s global smartphone sales dropped 2% year-over-year at a time when the overall market grew 4%, as the iPhone 16 series “was met with a mixed response, partly due to a lack of availability of Apple Intelligence at launch,” Counterpoint said.
Still, Counterpoint analyst Ivan Lam said that Apple’s premium products are winning fans.
“iPhone sell-through was down, but consumers are pivoting to Apple’s ultra-high end, helping to offset some of the declines,” Lam said. “In markets like China, we’re seeing sell-through share of Pro series devices ballooning.”
Shares of Apple were down more than 2% early Monday morning, bringing their year-to-date decline to nearly 8%.
-Nisha Gopalan
Stock Futures Slump as Rate Cut Hopes Fade
4 hr 27 min ago
Futures contracts connected to the Dow Jones Industrial Average were slightly lower in premarket trading on Monday.
S&P 500 futures were down 0.6%.
Nasdaq 100 futures declined 0.9%.
