Swing Trade Idea – April 3, 2023
Exxon Mobil Corp (XOM) – OPEC+ agreed to cut more than 1 million barrels per day to extend through the end of 2023 sending Brent crude and U.S. West Texas Intermediate crude futures higher. Oil and related stocks reacted and jumped pre-market.
C3.AI (AI) – C3, an artificial intelligence company, has been on a wild ride with the generative AI trend launching the stock’s price up over 200% in the past three months — but still remains far from its original $100 IPO share price from 2020.
Acuity Brands (AYI) – The major lighting company will be reporting earnings on Tuesday pre-market — William Blair analyst Ryan Merkel stated “Acuity should meet Street EPS [estimates] for the fiscal second quarter as lighting activity moderated in line with expectations,” while maintaining the equivalent of a Hold rating.
Nikola (NKLA) – After announcing it would sell shares to raise $100 million last Thursday, the electric truck maker’s stock plummeted through the end of the week. Shares were relatively stable Monday morning.
Synopsys (SNPS) – Semiconductor design and software company Synopsys garnered headlines for announcing a suite of AI-based tools for semiconductor chip design with high-powered early users — share price has seen relatively consistent growth over the last 5 years with currently optimistic analyst coverage.