NEW YORK, NY / ACCESSWIRE / April 24, 2017 / U.S. markets dipped Friday, but still closed the week in the green, as investors remained cautious ahead of the French presidential election. The Dow Jones Industrial Average declined 0.15 percent on Friday to close at 20,547.76, up 0.48 percent for the week, while the S&P 500 fell 0.30 percent to close at 2,348.69, but up 0.86 percent for the week.
Data from Thomson Reuters shows that out of the 95 S&P 500 companies who have reported earnings through Friday afternoon, approximately 75 percent have surpassed expectations, topping the average of 71 percent over the past 4 quarters. The profit of S&P 500 companies is estimated to increase by 11.2 percent in the quarter, according to Reuters.
RDI Initiates Coverage on:
First Solar, Inc.
Valero Energy Corp.
First Solar's shares gained 0.22 percent to close at $26.80 a share on Friday. The stock traded between $26.68 and $27.00 on volume of 2.03 million shares traded. On April 5th, the company announced that it is reviewing alternatives for the sale of its interests in 8point3 Energy Partners. First Solar has begun taking actions to direct their resources and capital to support its transition to its new Series 6 product offering. Shares of First Solar have fallen approximately 16.48 percent year-to-date.
"Series 6 has the potential to be a transformational product and provide attractive returns to our shareholders. As we accelerate the cash conversion cycle from our systems business, we will further enable this important transition in our business. We want to thank SunPower for their partnership in forming 8point3, which has a portfolio of high quality solar assets and proven operating performance. We look forward to working cooperatively with them through this process," said Mark Widmar, CEO of First Solar.
Access RDI's First Solar Research Report at:
Valero Energy's shares gained 1.76 percent to close at $65.23 a share on Friday. The stock traded between $64.20 and $65.63 on volume of 5.11 million shares traded. The Oil & Gas Industry slumped last week after the U.S. Energy Information Administration (EIA) reported crude inventories declined by 1 million barrels for the week ended April 14th, short of analysts' expectations of a decrease of 1.5 million barrels. Gasoline inventories unexpectedly grew by 1.5 million barrels, compared to expectations of a 1.9 million barrel decrease, according to a Reuters poll. Shares of Valero Energy have fallen approximately 4.52 percent year-to-date.
Access RDI's Valero Energy Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Hemal K. Gandhi, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.