Stocks In News: OPEN, PEGY, MEGL
3:16 pm Friday, August 05th, 2022
Shares of Opendoor Technologies (NASDAQ:OPEN) are flying higher on the day, with OPEN stock up 20%. The move comes after the company issued its second-quarter results and a new multi-year deal with its rival, Zillow (NYSE:Z). This partnership comes after a bit of a bumpy start to the week. Opendoor was fined $62 million by the Federal Trade Commission (FTC) after claims that the company was misleading customers “into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process.”
Today’s move in small cap renewable energy company Pineapple Energy (NASDAQ:PEGY) is rather incredible. Indeed, a move of more than 30% in any stock on a given day is noteworthy. However, the fact that PEGY stock is making this move on an otherwise down day in the market is even more notable. Now, Pineapple Energy is a unique company to assess in this market. That’s because this company focuses on local and regional storage of solar energy, via pairing solar power with battery storage. Given the catalysts provided by President Joe Biden’s recent bills supporting green energy, there is precedent for this move. Today, the Invesco Solar ETF (NYSEARCA:TAN) has surged more than 2%, indicating there is broad interest in this sector.
On an otherwise down day in the market, some stocks are seeing incredible interest. Magic Empire Global (NASDAQ:MEGL) is one of these names; MEGL stock made its debut today to the cheer of investors. As of this writing, shares are increasing more than 2,000% on its first day of trading. Magic Empire Global announced the pricing of its initial public offering (IPO) yesterday, pricing 5 million shares at $4 per share. This capital raise of $20 million — for a company with revenues of less than $17 million — is significant. However, the incredible surge in shares to the $90 level has raised questions as to whether the IPO was misplaced.
