3 Stocks on Sale for Tuesday
When markets open, watch Super Micro Computers (SMCI), APA (APA), and Devon Energy (DVN). Shares dropped by 9.77%, 7.91%, and 4.26% on Monday.
Markets reacted poorly to SMCI’s $2 billion convertible debt sale. The firm continues to need money, since the business does not generate strong cash flow increases to fund its growth. The senior notes are due in 2030. Buyers may purchase up to another $300 million of the notes.
In the energy sector, APA fell along with the rest of the sector. Heightened tensions between Israel and Iran lifted oil prices on June 13. However, WTI crude prices will likely weaken as supply overwhelms pricing power. On Monday evening, crude oil futures fell by 11.71% to close at $65.37. Similarly, Devon Energy fell.
After losing 6.78% on Monday, Halliburton (HAL) continued its downtrend. The firm announced a contract for GeoFrame Energy. It will provide planning and designing activities for the first demonstration phase wells in the Smackover Formation in East Texas.
In the tech sector, Arista (ANET) is the stock to watch. Evercore forecasts the networking firm will sustain at least 20% in revenue growth. It has a partnership with Meta Platforms (META) and other cloud providers. Evercore set a $110 price target on ANET stock, up from $105.
