Palantir (PLTR) supercharged the technology sector on Tuesday after rising by 30.8%. Momentum investors put aside concerns about the software firm’s generous stock-based compensation. Instead, they bought PLTR stock after it posted an 8-cent earnings per share on revenue of $608.35 million.
Palantir shares must continue yesterday’s momentum. Optimistic markets overlooked Palantir’s Q1 revenue forecast. Still, its full-year revenue guidance is above Wall Street’s expectations.
On the high-risk front, New York Community Bancorp (NYCB) has serious selling pressure. NYCB stock lost 22.22% on Tuesday. Moody’s downgraded all of NYCB’s long-term ratings after the market closed. The bank’s chief risk officer and chief auditor left the firm.
In the EV sector, Tesla (TSLA) shares will fight to find support at the $185 level. Shares peaked at over $260 in late Dec. 2023 only to fall almost daily. Ford (F) updated investors with its EV strategy in its quarterly report. Its inability to compete with Tesla should help TSLA’s stock. LCID stock rose by 8.7% yesterday. However, its business faces too much pricing pressure as EV demand falls.
The AI rally shows signs of losing momentum. AMD fell for two straight days. As the 15th most actively traded stock on Tuesday, trading volume will intensify today. Chip firm ARM Holdings will post results after markets close today.