Happy Wednesday 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 fell sharply on Wednesday. The Dow notched its worst day of the month as climbing Treasury yields weighed down the market.

• 📈 | One Notable Gainer: Shares of financial services firm Northern Trust surged more than 7% after soaring past earnings expectations.

• 📉 | One Notable Decliner: McDonald’s stock shed more than 5% following an E. coli outbreak linked to Quarter Pounders. Not lovin’ it.

• 🌞 | Tomorrow's Trade: Is Solar Success Nonpartisan? Keep scrolling for more or read on our site.

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MARKET MOVERS

Enphase, CoStar, AT&T

ENPH (-14.9%) Enphase Stock Dives After Earnings—and Takes Sunrun, SolarEdge With It (Barron’s)

CSGP (-5.3%) CoStar downgraded at RBC Capital Markets on declined bookings (SeekingAlpha)

T (+4.6%) AT&T’s stock rises as subscriber beat overshadows a big charge (MarketWatch)

PKG (+5.4%) Packaging Corp. Reveals Surprise in Box Demand (Wall Street Journal)

ARM (-6.7%) Arm to Scrap Qualcomm Chip Design License in Feud Escalation (Bloomberg)

OVERHEARD ON THE STREET

MarketWatch: Biden awards nearly $250M to develop roughly 30,000 affordable housing units in an effort to rein in housing prices.

ABC: Boeing reported a third-quarter loss of more than $6B and expressed focus on ending machinists strike.

FT: Goldman and Apple will pay $89M in fines over credit card program after US regulators said they “illegally sidestepped” obligations.

CNBC: An escalation of US trade tensions and tariffs would have economic consequences around the world, per the IMF’s deputy managing director.

YF: Qualcomm and Google have partnered to create a "digital cockpit" for cars, using AI to allow cars to connect to users' digital lives.

TOMORROW’S TRADE IDEA, TODAY

Is Solar Success Nonpartisan?

A Winner Either Way

Citi (C) is weighing in on the 2024 presidential election, but that doesn’t mean it’s picking sides. The bank believes premier solar power stock First Solar (FSLR) could benefit regardless of who wins the election — albeit for different reasons.

Analyst Vikram Bagri upgraded First Solar to a Buy with a price target of $254 per share, more than 32% upside from Wednesday’s close. 

He believes a Democratic victory could result in a quick recovery for the stock, while a Republican win should lead to higher tariffs, which could support long-term growth.

Concerns & Counterpoints

Bagri’s take is somewhat contrarian. Although the stock has gained nearly 12% YTD, it has fallen more than 22% in the past month, as investors increasingly bet on a Trump victory, which is widely expected to benefit Big Oil over alternative energy.

However, Bagri believes that the astronomical tariffs proposed by the former president would benefit First Solar, which primarily manufactures its products stateside. Antidumping and countervailing duties could also hurt competitors like Canadian Solar.

What Does the Future Hold?

Investors also have concerns regarding First Solar’s upcoming earnings, which Bagri did acknowledge. Citi is predicting $3.10 in diluted earnings per share for Q3, which is slightly below consensus estimates. 

However, he does not believe this will have a marked impact, as he thinks investors have adjusted their expectations downward in anticipation of the report. Bagri also said that he believes delays and cancellations will not affect the company’s margins.

If Bagri is correct, First Solar may be the future, regardless of what the future holds — and now could be a great time to catch some rays before the heat wave.

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ON OUR RADAR

MarketWatch: Your Thanksgiving meal could be cheaper this year, as discount retailers undercut each other in vying for shoppers.

WSJ: China and India’s leaders held their first formal meeting in five years in Russia after the nations reached an understanding on a border disagreement.

Bloomberg: Mexico traders are bracing for violent swings in the peso after the US election in less than two weeks, with the winner a coin toss.

FT: Canada’s central bank made a super-sized rate cut amid an economic slowdown in the nation, and rate-setters signaled more sharp cuts to come.

Fortune: Famed investor Paul Tudor Jones, who predicted Black Monday, said an inflation-driven market crash is inevitable regardless of the election results.

Tuesday’s POLL RESULTS

Are you bullish or bearish on GE Vernova (GEV) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨⬜️⬜️⬜️⬜️⬜️ 🐻 Bearish

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