Happy Tuesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟩🟨🟥 | US stocks rose Tuesday as the market digested fresh policy suggestions from President-elect Donald Trump.

• 📈 | One Notable Gainer: JM Smucker Co’s stock surged 5.7% because its Uncrustables are just that good. No, seriously.

• 📉 | One Notable Decliner: Shares of Detroit automakers General Motors and Stellantis slid 9% and 5.7%, respectively, after Trump threatened 25% tariffs on imports from Canada and Mexico.

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MARKET MOVERS

Amgen, Eli Lilly, Novo Nordisk

AMGN (-4.8%) Amgen says obesity drug caused up to 20% weight loss after a year, but shares drop 10% (CNBC)

LLY (+4.6%) / NVO (+1.5%) Lilly, Novo shares rise as Biden proposes obesity care coverage (Reuters)

BBY (-4.9%) Best Buy broadly misses earnings estimates as consumers pull back on appliances, electronics (YF)

NRG (+10.1%) NRG Energy Is S&P 500’s Top Stock Today. Why It Gained a Bull. (Barron’s)

CEG (+7.2%) Constellation Energy wants FERC grid tariff rules for co-located data centers (SeekingAlpha)

OVERHEARD ON THE STREET

WSJ: Trump signaled plans to disrupt the USMCA and seek concessions on immigration and fentanyl.

CNN: Walmart, the U.S.'s largest private employer, will scale back some DEI efforts, under right-wing pressure.

AP: The Biden administration proposed a new rule that would make millions of Americans eligible for weight-loss drug coverage under Medicare or Medicaid.

CNBC: A Senate report revealed that air carriers American, Delta, United, Spirit, and Frontier raked in a combined $12.4 billion in seating fees from 2018 to 2023.

Barron’s: Home prices continued to rise in September, but at a slower pace, as more homes on the market give buyers greater choice and bargaining power.

TOMORROW’S TRADE IDEA, TODAY

A Renewed Interest in Renewables

Upside Remains

As President-elect Donald Trump prepares to take office in January, investors have grown skeptical of “sustainable” stocks. But the skepticism may have gone too far.

Morgan Stanley (MS) has picked two renewable energy stocks that it thinks still have significant upside. To do so, the investment bank looked for stocks with:

• An Overweight rating and a price target representing over 5% upside.

• A market cap of more than $2 billion.

• Either revenue or capex related to sustainability.

EDP Renovaveis

Spanish pure renewables company EDP Renovaveis (EDRVF) was among Morgan Stanley’s top picks. Its price target of $18.68 represents around 63% upside from today’s close.

The company operates wind and solar plants across the US, North America, and Europe. Nonetheless, the stock is extremely undervalued, according to analyst Arthur Sitbon. The market has essentially assigned its US business a $0 value. 

The bank believes that, despite Trump’s stance on renewables, high demand for clean energy will persist and the industry has strong fundamentals as a whole.

RWE

Morgan Stanley has also given German utility stock RWE (RWEOY) a price target representing more than 60% upside, and analyst Rob Pulleyn believes it is oversold. 

According to Pulleyn, falling power prices early in the year lead to investor fears and a mass exodus from the stock. However, he believes its investments in renewables will continue to create value thanks to power purchase agreements and AI energy demand.

Can the renewable energy sector be renewed? Only time will tell. But, according to Morgan Stanley, these stocks may be the ones to light the way.

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ON OUR RADAR

BI: After losing a rap battle to Kendrick Lamar, Drake is firing shots at Spotify — verbally and legally.

YF: Consumer confidence reached its highest level since July 2023 as Americans appear increasingly optimistic about the US economy's outlook.

Reuters: Meta Platforms' WhatsApp took its battle with the EU privacy board to the top European court.

WSJ: Kodak plans to terminate its U.S. pension and book a gain of over $500 million, offering a new retirement plan for employees.

CNN: Huawei unveiled a new flagship phone with homegrown software, offering an alternative to Google’s Android and Apple’s iOS to counter potential U.S. sanctions.

MONDAY’S POLL RESULTS

Are you bullish or bearish on Alphabet (GOOGL) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨⬜️⬜️⬜️⬜️⬜️ 🐻 Bearish