Investing.com – Although we haven't had a full week after the holiday yet, there has been plenty of news and market action for investors to digest. Here are this week's Investing.com stocks:
Insurance stocks, Edison, PCG
The California wildfires have had a significant impact and, according to RBC Capital, “are expected to be among the costliest in history, particularly in light of the number of high-value homes damaged.”
“As the fires are still burning, it is difficult to get a full damage assessment, but we believe this could result in losses of at least $10 to $20 billion (may be higher depending on the longevity of the situation),” he added. Bank.
The fires sent stocks such as Edison and Pacific Gas & Electric, which fell -5.8% and -10.5%, respectively, on Friday. Edison stock fell more than 10% in Wednesday's session.
Elsewhere, insurance stocks also fell, with names like Allstate (NYSE:) and Chubb (NYSE:) falling more than 6% and 4%, respectively.
Mobileye International (NASDAQ:)
MBLY stock is down more than 20% this week. This decline comes after the company's presentation at the Consumer Electronics Show (CES).
Investors appeared to be reacting to the lack of new updates on commercial progress during the event, which contrasts with the high expectations set by the company's previous announcements.
Jake Silverman, a Bloomberg Intelligence analyst, noted that the presentation did not provide updates on new business milestones.
“Mobileye's CES headline lacked trading progress updates after an eventful day in the capital markets in December, which likely caused a negative stock reaction,” Silverman explained.
Airlines stocks
Airline stocks received a boost on Friday after Delta Air Lines' latest quarterly earnings report beat consensus expectations. The carrier said it saw an acceleration in demand during the fourth quarter. As of 01:35 PM EST on Friday, Delta Air Lines (NYSE:) shares were up approximately 9.4%.
“As we move into 2025, we expect continued strong demand for travel, with consumers increasingly seeking the premium products and experiences Delta provides,” said Ed Bastian, Delta CEO.
In response to the results, other airlines, such as United (+4%) and American (+4.3%), also posted strong gains.
Energy constellation (NASDAQ:)
Constellation Energy shares rose more than 25% on Friday. The rise comes on the heels of news that the company will acquire privately held geothermal power company Calpine Corp in a cash-and-stock deal worth about $16.4 billion.
Bank of America raised its target for CEG to $308 from $269 after the announcement.
“We do not anticipate significant regulatory challenges. This transaction will likely require approval by the FERC Market Power Regulatory Commission (FERC), the Department of Justice (Hart-Scott-Rodino Antitrust Regulatory Commission), and the PUCs,” the bank stated.
“While we do not expect this to be a lengthy or difficult process, there may be potential market power issues given PJM's consolidated generation position. Constellation said it will propose a limited sale of PJM assets to mitigate market power concerns.”
pop
Snap shares are up more than 6% at the time of writing on Friday, as the Supreme Court considers a possible US ban on the social media app TikTok.
TikTok appears before the US Supreme Court today in a final attempt to overturn the ban.
Reuters reported earlier in the day that Supreme Court justices “indicated their skepticism” about the challenge brought by TikTok and its Chinese parent company ByteDance.
