First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ: QCLN)

最新ニュース First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN)

First Trust NASDAQ Clean Edge Green Energy Index Fund

Technology

Consumer Cyclical

Utilities

Basic Materials

Industrials

Other

Real Estate

Energy

The fund will normally invest at least 90% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the index. The index is designed to track the performance of small, mid and large capitalization clean energy companies that are publicly traded in the United States. It is non-diversified.

Tesla, Inc.

On Semiconductor Corp

Enphase Energy Inc.

First Solar Inc

Rivian Automotive

Albemarle Corp.

Universal Display Corp

Lucid Group Inc

Acuity Brands Inc

Brookfield Renewable Partners Lp

Acuity Brands, Inc (NYSE:&nbsp;AYI)&nbsp;reported fiscal first-quarter 2025 net sales growth of 1.8% year over year to $951.6 million, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g42868674/acuity-brands-reports-fiscal-2025-first-quarter-results" rel="noreferrer noopener">analyst consensus estimate of $956.2 million</a>.&nbsp;
It clocked an adjusted EPS of $3.97, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $3.89</a>.
Sales by segments: Acuity Brands Lighting (ABL) and Lighting Controls revenue hit $886.0 million (+1.1% Y/Y), and Intelligent Spaces Group (ISG) clocked $73.5 million (+14.5% Y/Y).
Also Read: <a target="_blank" href="https://www.benzinga.com/24/12/42710321/gaming-at-a-crossroads-balancing-graphics-budgets-and-player-demand" rel="noreferrer noopener">Gaming Conundrum &#8211; Balancing Graphics, Budgets, and Player Demand</a>
The consolidated adjusted operating margin grew by 20 bps to 16.7%. ABL&#8217;s adjusted operating margin declined by 20 bps to 17.3%. ISG&#8217;s margin increased by 500 bps to 21.0%.
The company generated $132.2 million in operating cash flow for the quarter, compared to $190.0 million a year ago. Free cash flow was $113.3 million.
Acuity held cash and equivalents of $935.6 million, compared to $845.8 million last year.
Adjusted EBITDA was $171.6 million, up from $166.7 million a year ago.&nbsp;The margin expanded by 20 bps to 18.0%.
Effective January 1, 2025, the company completed the acquisition of QSC, LLC for $1.215 billion, expanding Acuity&#8217;s Intelligent Spaces into cloud-manageable audio, video, and control.
Acuity Brands stock surged 49% in the last 12 months. Investors can gain exposure to the stock through First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and Invesco S&amp;P MidCap Quality ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XMHQ#NYSE">XMHQ</a>).
Price Action: AYI stock is down 0.82% at $301.38 premarket at the last check on Wednesday.
Also Read:
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</ul>

Earnings

News

QCLN

XMHQ

Acuity Brands Q1 Earnings: Revenue Miss, Smart Spaces Revenue Soars 14.5%, Expands Into Cloud Tech With $1.2 Billion Deal

Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) saw its shares climb in the premarket session on Tuesday following the release of fourth-quarter production and delivery&nbsp;results and an announcement regarding its <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">upcoming Lucid Gravity Grand Touring SUV.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, LCID stock has lost over 12% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
In a collaboration with Panasonic Energy, Lucid confirmed that the Gravity Grand Touring will be powered by Panasonic&#8217;s advanced lithium-ion battery cells, delivering an<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/n42834287/the-groundbreaking-lucid-gravity-to-leverage-panasonic-energys-latest-generation-high-performance-" rel="noreferrer noopener"> EPA-estimated range of up to 450 miles</a>. The battery pack is up to 40% smaller than those of competitors.
The Lucid Gravity, with a sophisticated interior offering up to 120 cubic feet of usable cargo space, provides the roominess of a full-size SUV within the footprint of a mid-size vehicle.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/25/01/42782683/tesla-hits-record-ev-sales-in-china-despite-global-dip" rel="noreferrer noopener">Tesla Hits Record EV Sales In China Despite Global Dip: Report</a>
Capable of seating up to seven adults, the Gravity Grand Touring offers 828 horsepower and accelerates from 0 to 60 mph in under 3.5 seconds. These features are made possible by Panasonic&#8217;s 2170 cylindrical lithium-ion cells, which boast an energy density above 800Wh/L.
Lucid&#8217;s partnership with Panasonic Energy has been a key driver in the development of its powertrain system, and Panasonic Energy&#8217;s batteries have already been successfully integrated into Lucid Air Pure. Lucid&#8217;s vehicles, including the Gravity, rely on Panasonic Energy&#8217;s&nbsp;technology for fast-charging, safety, and longevity.
Production of the Lucid Gravity Grand Touring officially began in December 2024 at Lucid&#8217;s Arizona factory.
With a starting price of $94,900, the model is set to make a significant impact on the electric vehicle market.
Additionally, the Lucid Gravity Touring, with a price tag of $79,900, will debut in late 2025.
Yesterday, &nbsp;announced its EV production and delivery&nbsp;<a target="_blank" href="https://www.benzinga.com/25/01/42820060/lucid-shares-rise-after-q4-deliveries-jump" rel="noreferrer noopener">totals for the fourth quarter.</a>
Lucid said it produced 3,386 vehicles and delivered 3,099 vehicles for the quarter ended December, a 42% and 78.7% jump,&nbsp;<a target="_blank" href="https://lucidmotors.com/media-room/lucid-announces-q4-production-deliveries" rel="noreferrer noopener">respectively, from a year ago</a>.
For comparison, the company produced 1,805 vehicles and delivered 2,781 vehicles in the<a target="_blank" href="https://www.benzinga.com/24/10/41209381/lucid-reports-q3-ev-production-and-delivery-totals-what-to-know" rel="noreferrer noopener"> third quarter of 2024</a>.
Price Action: LCID shares are trading higher by 2.71% to $3.42 premarket at last check Tuesday.
See Also:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42822846/nvidia-5000-series-product-updates-make-it-top-semiconductor-pick-ahead-of-jensen-huangs-ces-keynote-analyst" target="_blank" rel="noreferrer noopener">Nvidia 5000 Series, Product Updates Make It Top Semiconductor Pick Ahead Of Jensen Huang&#8217;s CES Keynote: Analyst</a></li>
</ul>
Photo via Shutterstock.

Equities

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Movers

General

LCID

What's Going On With Lucid Group Stock Today?

Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading higher premarket on Tuesday. The company disclosed a conditional commitment from the U.S. Department of Energy&#8217;s Advanced Technology Vehicle Manufacturing (ATVM)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42180279/rivian-receives-conditional-commitment-for-up-to-6-6-billion-loan-from-the-u-s-department-of-energ" rel="noreferrer noopener"> Loan Program for up to $6.6 billion</a>.
The loan comprises $6 billion in principal and approximately $600 million in capitalized interest.
Rivian expects the loan to support its growth and strengthen its hold in EV design, development, and manufacturing in the U.S.
If finalized, the DOE loan will help Rivian&#8217;s construction of a new facility in Stanton Springs North, Georgia, significantly expanding its U.S. production capacity to meet <a href="https://www.benzinga.com//node/42173555">domestic and international demand.</a>
The funding will primarily support the production of Rivian&#8217;s midsize platform, which includes the R2 SUV and R3/R3X midsize crossovers.
Designed, engineered, and manufactured in the U.S., these vehicles are expected to combine capability, performance, functionality, and competitive pricing, positioning them as key contributors to Rivian&#8217;s long-term growth and profitability.
The DOE loan would boost the U.S. EV industry, creating 7,500 operational jobs and 2,000 construction jobs at Rivian&#8217;s planned Georgia facility, with Phase 1 production starting in 2028.
The facility will add 400,000 units of annual capacity in two phases, supporting domestic and international markets.
These efforts complement jobs at Rivian&#8217;s Illinois plant, strengthening the U.S. EV ecosystem and economy.
Rivian plans to build a state-of-the-art manufacturing facility at the Stanton Springs site near Atlanta, incorporating advanced construction techniques, environmental management, and community investments while preserving natural spaces.
The DOE&#8217;s conditional loan commitment signals intent to finance Rivian&#8217;s project, pending fulfillment of technical, legal, environmental, and financial conditions.
If approved, the loan will be secured by the project&#8217;s assets, fixed assets, and guarantees from Rivian Automotive, Inc. and select subsidiaries.
Investors can gain exposure to the stock via&nbsp;Renaissance IPO ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPO#NYSE">IPO</a>) and First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Price Action: RIVN shares are up 6.037% at $12.30 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42181771/rivian-ceo-tesla-exec-slam-restrictions-on-direct-to-customer-sales" target="_blank" rel="noreferrer noopener">Rivian CEO, Tesla Exec Slam Restrictions On Direct-To-Customer Sales: RJ Scaringe Says It Is &#8216;As Close As You Can Get To Corruption&#8217;</a></li>
</ul>
Image via Shutterstock.

Government

Large Cap

Contracts

RIVN

Rivian Rides High: $6.6 Billion DOE Loan Commitment Fuels EV Expansion

Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) introduced a new DIY permit plan <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g41876565/enphase-energy-unveils-ai-powered-diy-permitting-feature-for-solargraf-slashing-solar-permit-plan-" rel="noreferrer noopener">feature on its Solargraf platform</a>.
This feature automates the complex permitting process for solar and battery installations using AI and machine learning, reducing permit preparation time by up to 95% for U.S. installers.
The new DIY permit plan feature makes Solargraf a complete end-to-end platform for solar and battery system design, proposals, and permitting. This tool helps installers improve productivity and reduce costs by streamlining workflows and shortening cycle times.
Jayant Somani, senior vice president of the digital business unit at Enphase Energy, said, &#8220;With more than 300 permit plans already generated across more than 50 AHJs, the new DIY permitting feature is proven to streamline the solar permitting process and empower installers to operate more efficiently, delivering exceptional service to homeowners.&#8221;
Ryan Hurlock, co-founder of Magic Sun Solar, added, &#8220;We can now use a single software application to manage the full life cycle of the job beginning with the proposal creation through the system design phase. We are excited to start using this new feature to trim our workflow and give our customers an even more seamless experience, which is unique in the market.&#8221;
Last month, &nbsp;the company reported worse-than-expected financial results for the third quarter, with revenue of&nbsp;$380.9 million missing the&nbsp;estimate of $391.979 million and EPS of 65 cents coming <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41488921/enphase-energy-stock-is-diving-wednesday-whats-going-on" rel="noreferrer noopener">below the estimate of 77 cents</a>.
Also as per a regulatory <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1463101/000146310124000145/enph-20241107.htm" rel="noreferrer noopener">filing </a>last week, Enphase Energy notified its employees of a restructuring plan on November&nbsp;7, that it will reduce headcount and move certain functions to cost-efficient regions, affecting approximately 17% of its global workforce &#8211; approximately 500 employees and contractors.
In addition, the company will streamline its operations by focusing on contract manufacturing in four existing locations: two in the U.S., one in India, and one in China. It will also cease its contract manufacturing operations in Guadalajara, Mexico.
The company estimates that it will incur approximately $17 million to $20 million in restructuring and asset impairment charges, of which approximately $14 million are expected to be incurred in the fourth quarter of 2024 and approximately $11 million to $12 million will be total cash expenditures.&nbsp;
Investors can gain exposure to the stock via&nbsp;Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Price Action: ENPH shares are down 4.56% at $63.85 at the last check Monday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41856843/solaredge-is-a-show-me-story-after-disappointing-q3-analyst" target="_blank" rel="noreferrer noopener">SolarEdge Is A &#8216;Show-Me Story&#8217; After Disappointing Q3: Analyst</a></li>
</ul>

Mid Cap

ENPH

Enphase Unveils AI-Powered DIY Solar Permits: Details

Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) announced that customer orders for the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41598678/lucid-gravity-orders-to-open-november-7-2024" rel="noreferrer noopener">Lucid Gravity will open on November 7.</a>
The initial offering will be for the Grand Touring trim, starting at $94,900, which has over 800 horsepower and a projected range of over 440 miles.
Production of the Grand Touring model, priced at $79,900, is set to begin in late 2024, while the Touring trim, priced at $79,900, is expected to start production in late 2025.
The introduction of the Lucid Gravity marks an essential step in Lucid&#8217;s expansion into the SUV market.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, LCID stock has lost over 38% in the past year. Investors can gain exposure to the stock via&nbsp;VanEck Green Infrastructure ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNEW#NASDAQ">RNEW</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40324241/lucid-gravity-suv-offers-tesla-compatible-and-standard-charging-a-win-for-ev-drivers" rel="noreferrer noopener">Lucid Gravity SUV Offers Tesla-Compatible And Standard Charging: A Win For EV Drivers?</a>
&#8220;There is a growing anticipation for Lucid Gravity&#8217;s unprecedented combination of versatility, performance, design, and all-around capability,&#8221; said&nbsp;Peter Rawlinson, CEO at Lucid. &#8220;This is uniquely enabled through our revolutionary technology. We look forward to bringing the world&#8217;s most advanced SUV to the world soon.&#8221;
The Lucid Gravity aims to be the ultimate SUV, accommodating up to seven adults along with their belongings.
It has up to 120 cubic feet of usable cargo space, including a front trunk (frunk). An optional frunk seat can fit two adults when the vehicle is parked.
Drawing on Lucid&#8217;s electric powertrain technology, the Gravity features in-house electric motors.
Its projected range exceeds 440 miles, with a battery pack capacity comparable to the 2025 Lucid Air Grand Touring. This design ensures a responsive and agile driving experience while providing exceptional interior space.
Additionally, an optional three-chamber air suspension adjusts to various terrains, delivering a smooth ride and precise handling.
Price Action: LCID shares are trading lower by 1.98% to $2.47 at last check Tuesday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40799524/lucid-showcases-new-gravity-suv-teases-affordable-crossover-ev" target="_blank" rel="noreferrer noopener">Lucid Showcases New Gravity SUV, Teases Affordable Crossover EV</a></li>
</ul>

RNEW

What's Going On With EV Maker Lucid Stock Today?

In a recent study, researchers have suggested that Arkansas could potentially hold a significant amount of lithium, a crucial component for electric car batteries and other high-tech products.
What Happened: The researchers, in a study published in the journal Science Advances, have estimated that there could be between 5.1 to 19 million tons of lithium in the Smackover Formation brines in southern Arkansas, <a href="https://thehill.com/policy/energy-environment/4945872-arkansas-19-million-tons-lithium-battery-power/">reported</a> The Hill. This amount could potentially make up 35 to 136% of the current U.S. lithium resource estimate.
The researchers used a machine-learning model trained on published and newly collected brine lithium concentration data to create a map of predicted lithium concentrations in Smackover Formation brines across southern Arkansas.
Lithium ETFs offer a way to diversify your investments across multiple companies poised to benefit from the growing demand for lithium. 
Some of the top lithium ETFs to consider include the Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>), Amplify Lithium and Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>), First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQGM:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQGM">QCLN</a>), iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>), and the VanEck Vectors Rare Earth/Strategic Metals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REMX#NYSE">REMX</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41422633/investors-lost-over-95-of-their-wealth-in-this-nvidia-linked-etf-while-jensen-huang-led-chip-gia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Lost Over 95% Of Their Wealth In This Nvidia-Linked ETF While Jensen Huang-Led Chip Giant Gained 220% In The Past Year: Here&#8217;s More</a>
Why It Matters: Automakers and tech companies are scrambling to <a href="https://www.benzinga.com/markets/equities/24/10/41360023/lithium-americas-shares-surge-as-gm-commits-625m-to-thacker-pass-project">secure their lithium supplies</a>, with some even investing in mining projects, such as General Motors&#8216; joint venture with Lithium Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) for the Thacker Pass lithium project in Nevada.
Meanwhile, in Europe, the Serbian parliament&#8217;s decision <a href="https://www.benzinga.com/government/24/10/41289306/serbian-parliament-doesnt-pass-lithium-ban-keeps-rio-tintos-major-project-alive">not to ban lithium exploration and exploitation</a> has kept Rio Tinto&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) major Jadar project alive. 
In January, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) revealed its <a href="https://www.benzinga.com/top-stories/24/02/37188987/interesting-elon-musk-captivated-by-microsofts-70-lithium-reduced-battery-innovation">collaboration with a U.S. national laboratory</a> to create an innovative battery material that decreases lithium consumption by 70%, attracting interest from Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk.
Moreover, in July 2022 Musk tweeted that &#8220;lithium batteries are the new oil,&#8221; responding to Craft Ventures co-founder David Sacks&#8216; comments about the importance of <a href="https://www.benzinga.com/trading-ideas/movers/22/07/28056987/elon-musk-says-this-battery-metal-is-the-new-oil-but-should-the-vehicle-connoisseur-take-his">energy independence amid oil challenges</a> from Russia&#8217;s invasion of Ukraine. 
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<li><a href="https://www.benzinga.com/insights/options/24/10/41411253/palantir-technologies-unusual-options-activity?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir Technologies Unusual Options Activity</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Sector ETFs

Global

ETFs

BATT

iShares S&P Global Clean Energy Index Fund

ICLN

MSFT

Market Vectors Rare Earth/Strategic Metals Etf

REMX

TSLA

Arkansas May Be Sitting On 19M Tons Of Lithium Amid Rising Demand For EV Batteries: How To Invest In What Elon Musk Calls 'The New Oil'

Electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading lower after the company lowered its annual production guidance due to a supply shortage of <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">shared components on the R1 and RCV platforms.</a>
The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41181218/rivian-releases-q3-production-and-delivery-figures-updates-2024-annual-production-outlook-and-sets" rel="noreferrer noopener">cars during the same period.</a>
Rivian is experiencing a supply shortage that began in the third quarter of this year and has intensified in recent weeks.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40985825/tesla-and-chinese-ev-startups-outpace-toyota-volkswagen-in-critical-software-race-report" rel="noreferrer noopener">Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report</a>
In response, the company is revising its annual production guidance to a range of 47,000 to 49,000 vehicles (prior 57,000).
Additionally, Rivian is reaffirming its annual delivery outlook, anticipating low single-digit growth compared to 2023, with expected deliveries between 50,500 and 52,000 vehicles.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIVN stock has lost over 54% in the past year. Investors can gain exposure to the stock via&nbsp;Renaissance IPO ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPO#NYSE">IPO</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Earlier this week, the company&#8217;s top peer, Tesla, posted third-quarter deliveries and production numbers.
Tesla<a target="_blank" href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year" rel="noreferrer noopener"> reported third-quarter deliveries&nbsp;</a>of 462,890 vehicles, up 6.4% year-over-year and up 4.3% quarter-over-quarter. The company reported third-quarter production of 469,796 vehicles, up 9.1% year-over-year and up 14.4% quarter-over-quarter.
Price Action: RIVN shares are trading lower by 8.16% to $9.90 premarket at last check Friday.
Photo by Tada Images on Shutterstock
Read Also:&nbsp;
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41148891/jobs-report-in-focus-will-slower-growth-push-the-fed-toward-november-interest-rate-" target="_blank" rel="noreferrer noopener">Jobs Report In Focus: Will Slower Growth Push The Fed Toward November Interest Rate Cut?</a></li>
</ul>

Guidance

Rivian's Production Forecast Hits Bump, Supply Shortage Sends Shares Tumbling

Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading lower today. The company is reportedly set to face trial over accusations that it prompted former Tesla Inc. employees to steal trade secrets, according to a preliminary ruling by a California judge.
Judge Theodore C. Zayner of the Santa Clara County Superior Court tentatively refused Rivian&#8217;s request to dismiss the case, asserting that Tesla had provided sufficient evidence for the case to proceed to trial, reported Reuters.
The judge highlighted that some Rivian employees were inadequately investigated and not disciplined, which supports Tesla&#8217;s claims.
The legal dispute <a target="_blank" href="https://www.benzinga.com/news/20/07/16744936/tesla-sues-rival-ev-maker-rivian-for-poaching-employees-stealing-intellectual-property" rel="noreferrer noopener">originated in 2020 when Tesla</a> filed a lawsuit against Rivian, alleging a concerning trend of employee poaching and the unauthorized use of proprietary information.
Rivian has reportedly hired 178 former Tesla employees, 70 of which joined the automaker directly after leaving Musk&#8217;s company.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39911412/rivian-reports-well-over-100k-r2-reservations-ahead-of-2026-launch" rel="noreferrer noopener">Rivian Reports&#8217; Well Over&#8217; 100K R2 Reservations Ahead Of 2026 Launch</a>
Tesla accused Rivian of deliberately encouraging its employees to defect and bring confidential data with them.
Tesla expanded the lawsuit in 2021, claiming that Rivian stole core technology <a target="_blank" href="https://www.benzinga.com/markets/equities/23/08/33545095/tesla-rivian-could-clash-in-california-court-over-trade-secrets-issue-what-you-need-to-know" rel="noreferrer noopener">related to its next-generation batteries</a>.&nbsp;
Despite Rivian&#8217;s efforts to demonstrate that it had conducted an investigation into the matter, Judge Zayner found that their evidence did not definitively prove the adequacy of the investigation.
A final hearing is scheduled for Wednesday at the Santa Clara court. Rivian stock has lost more than 32% in the last 12 months.
Investors can gain exposure to the stock via First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and KraneShares Electric Vehicles And Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>).
Price Action: RIVN shares are trading lower by 4% at $16.80 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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</ul>

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Tech

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What's Going On With Rivian Automotive Stock Today?

As the Q2 earnings season approaches, clean tech stocks like Enovix Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>) and ChargePoint Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) are catching the spotlight, navigating a landscape fraught with both <a href="https://www.benzinga.com/topic/clean-energy">opportunities and challenges</a>. 
According to JPMorgan analyst Bill Peterson, the sentiment among institutional investors is notably cautious, with &#8220;elevated short interest pervasive across our coverage universe.&#8221; This ambivalence is driven by concerns about company execution and balance sheets, keeping investors on the sidelines until clearer signals emerge.
<h2 class="wp-block-heading">Clean Tech&#8217;s Recent Rally: A Temporary Surge?</h2>
Despite the overall uncertainty, Clean Tech stocks have experienced a notable upswing over the past month, with the sector up 9%. 
However, these stocks remain down 10% year-to-date, highlighting ongoing volatility. The iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>) is down 10.61% and the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) is down 11.44% YTD.
Leading the recent rally, however, are EV charging and advanced batteries, where Enovix and ChargePoint are making significant strides.
<h3 class="wp-block-heading">Enovix</h3>
Peterson states, &#8220;Since 1Q, Overweight-rated ENVX has announced several commercial agreements in the smartphone and mixed reality spaces, providing investors with more evidence of technology validation in consumer electronics.&#8221;
The company&#8217;s strategic moves are bolstered by its plans to scale up production at Fab-2, further appeasing investor concerns. This positive momentum prompted Peterson to raise Enovix&#8217;s price target from $12 to $18.
<h3 class="wp-block-heading">ChargePoint</h3>
ChargePoint, meanwhile, is carving out its position in the EV Charging sector, buoyed by a 9.9% EV/PHEV penetration rate exiting 2Q. Peterson notes, &#8220;Considering the mixed demand environment overall, we think 2Q is unlikely to mark an inflection point for US EV Charging companies, but there will likely be sequential improvement to both top-line and margins with bigger improvements slated for the 2H contingent upon EV demand recovery and cost reduction efforts.&#8221; 
ChargePoint&#8217;s potential reaffirmation of year-end profitability targets could pave the way for a strong second half of 2024, driven by improved demand and cost-cutting measures.
<h2 class="wp-block-heading">eVTOL Stocks: The Patient Investor&#8217;s Game</h2>
In the realm of Advanced Air Mobility, stocks like Archer Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) and Joby Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) have surged recently, although Peterson warns that this momentum may not align with fundamentals. 
&#8220;While US-based JOBY and ACHR have rallied 25-30% over the last 1-month period, we think the stocks have moved ahead of fundamentals given few changes in either company's stories that de-risk the earnings outlook,&#8221; the analyst said.
However, as these companies inch closer to FAA certification, upcoming catalysts such as airline purchase orders could potentially justify their lofty valuations.
<h2 class="wp-block-heading">Plug Power&#8217;s Hydrogen Hurdles: Policy Uncertainty Looms</h2>
The hydrogen sector, represented by Plug Power Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>), is entangled in policy uncertainty, particularly around the awaited 45V tax credit guidance. This delay has stalled clean hydrogen projects, posing a challenge to Plug Power's growth trajectory. 
Peterson highlights, &#8220;We think 2Q top-line results are unlikely to move the needle too much for Neutral-rated Plug Power as a result of the 45V tax credit overhang.&#8221; Despite these issues, there is potential for positive movement in the second half of the year if macroeconomic conditions improve.
Read Also: <a href="https://www.benzinga.com/markets/esg/24/07/39794934/3-under-the-radar-clean-energy-stocks-with-upside-potential-regardless-of-whos-in-the-white-house">3 Under-the-Radar Clean Energy Stocks With Upside Potential, Regardless Of Who&#8217;s In The White House</a>
<h2 class="wp-block-heading">Political Risks, Economic Headwinds Abound For Clean Tech</h2>
The Clean Tech sector's journey through 2024 remains precarious, with political risks and economic headwinds casting long shadows. Although Clean Tech companies are expected to project revenue growth and margin improvements in the coming quarters, Peterson warns of persistent volatility tied to the upcoming presidential election. 
He advises, &#8220;Earnings commentary is likely to include views on political risk from the upcoming presidential election, demand in 2H24 assuming macro improvement, access to liquidity or means to reduce cash burn if the macro does not improve, as well as path to profitability for those who have yet to announce formal targets.&#8221;
As Clean Tech stocks like Enovix, ChargePoint, Archer Aviation, and Joby Aviation lead the charge, the sector stands at a critical juncture, poised between potential technological breakthroughs and the reality of a challenging investment landscape. 
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google&#8217;s Parent To Risk Of &#8216;Losing Their Grip On The Future&#8217;</a></li>
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Photo: Shutterstock

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Clean Tech Titans: Can Enovix, ChargePoint, Archer, Joby Defy The Doubters?

ON Semiconductor Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) shares are trading higher after the company signed a multi-year agreement with Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLKAF#OTC">VLKAF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) to provide solutions for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39878255/onsemi-selected-to-power-volkswagen-groups-next-generation-electric-vehicles" rel="noreferrer noopener">vehicle lineup across multiple brands</a>.
As per the deal, ON Semiconductor will supply a comprehensive power box solution for Volkswagen&#8217;s next-generation traction inverter within its Scalable Systems Platform (SSP).
onsemi&#8217;s EliteSiC M3e MOSFET-based power box offers higher power and efficiency in a compact design, enhancing heat management and extending EV range. Volkswagen Group can seamlessly adopt future EliteSiC platforms, staying at the forefront of EV innovation.
Volkswagen Group will benefit from onsemi&#8217;s investment in a new silicon carbide plant in the Czech Republic, which will streamline the supply chain and logistics for traction inverter systems, enhancing manufacturing efficiency.
Till von Bothmer, Senior Vice President VW Group Procurement for Powertrain, said, &#8220;On top of the verticalization, onsemi has furthermore provided a resilient supply concept with regional silicon carbide fabs across Asia, Europe and the U.S. In addition, onsemi will continuously provide the latest SiC generation to ensure competitiveness.&#8221;
Earlier this month, ON Semiconductor announced it had completed the <a target="_blank" href="https://www.benzinga.com/news/24/07/39608561/what-happened-with-on-semiconductor-stock-today" rel="noreferrer noopener">acquisition of SWIR Vision Systems</a>.
In June, On Semiconductor announced a&nbsp;restructuring plan&nbsp;that included reducing its workforce by 1,000 employees and consolidating nine sites to optimize its manufacturing network <a target="_blank" href="https://www.benzinga.com/news/24/06/39339784/why-are-on-semiconductor-shares-trading-lower-friday" rel="noreferrer noopener">and consolidate its global corporate footprint</a>.
Investors can gain exposure to ON stock via First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and Return Stacked Bonds &amp; Managed Futures ETF Veridien Climate Action ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIA#NYSE">CLIA</a>).
<h2 class="wp-block-heading">ON Stock Prediction 2024</h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of ON Semiconductor have an average 1-year price target of $86.53, representing an expected upside of 19.3%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 1 analysts have bearish recommendations on ON Semiconductor, while 14 analysts have bullish ratings. The street high price target from B. Riley Securities is $103.0, while the street low from Morgan Stanley is $65.0.
Price Action: ON shares are up 3.06% at $74.75 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

CLIA

VLKAF

VWAGY

ON Semiconductor Seals Multi-Year Deal with Volkswagen for Advanced EV Solutions; Stock Gains

U.S. solar manufacturers are prodding the Biden administration to toughen the rules on a law that gives a <a href="https://www.benzinga.com/news/24/07/39776035/solar-stocks-tumble-following-failed-assassination-of-trump-whats-going-on">10% tax credit </a>solar project developers who use materials made in the U.S.A.
The administration sought to encourage investment in clean energy and deter reliance on Chinese goods through the 2022 Inflation Reduction Act, which requires that 40% of the cost of a developer&#8217;s materials comes from U.S.-manufactured solar products.
But the Solar Energy Manufacturers for America Coalition (SEMA) said developers can reach that 40% requirement just by buying U.S.-made mounting racks and inverters, and then purchasing the solar panels overseas, Reuters reported.
Also Read: <a href="https://www.benzinga.com/trading-ideas/technicals/24/05/39068775/enphase-energy-solar-giant-shines-with-golden-cross-breakout">Enphase Energy: Solar Giant Shines With Golden Cross Breakout</a>
SEMA also said the situation undermines the administration&#8217;s goals of building a robust solar supply chain to compete with China because solar panels are more difficult and expensive to produce than the other components.
Price Action: Solar panel manufacturers trended downward by Wednesday&#8217;s late-morning trading.
Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) declined 4.36% to $111.10, while Brookfield Renewable Partners L.P. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEP#NYSE">BEP</a>) slid 2.78% to $25.19 and Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>) dipped 2.49% to $16.85.
Exchange-traded funds that hold shares of Enphase, which has the largest market capitalization of $17.1 billion, <a href="https://www.forbes.com/advisor/investing/best-solar-power-stocks/">according </a>to Forbes Advisor, also fell by late morning on Wednesday.
Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 3.06% as Global X Solar ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAYS#NASDAQ">RAYS</a>) declined 1.60% and Virtus Duff &amp; Phelps Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCLN#NYSE">VCLN</a>) dropped 1.18%. First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) shed 3.24% and iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>) declined 1.92%.
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Photo: Andreas from Pixabay

RAYS

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Solar Makers Push Biden To Tighten Tax Credit For US-Made Panels

As <a href="https://www.benzinga.com/topic/2024-presidential-election">the 2024 U.S. Presidential election</a> approaches, the energy sector stands at a crossroads. 
Potential shifts in policy could significantly impact both traditional and <a href="https://www.benzinga.com/topic/clean-energy">clean energy markets</a>.
According to <a href="https://markets.jpmorgan.com/research/email/scx/qijkd11j/LK2zzrWZCAlD7mRxHsWnxA/GPS-4675360-0">insights</a> from JPMorgan's Strategic Research team, the outcome of the election between incumbent President Joe Biden and Ex-President Donald Trump could lead to varying scenarios. 
Each of these scenarios has distinct implications for investors and companies in the sector.
<h3 class="wp-block-heading">1. Biden Presidency, Split Congress</h3>
<ul>
<li>Clean Energy: This scenario is seen as the lowest risk for the clean energy sector. A divided Congress would likely maintain the status quo, making it difficult to roll back or repeal the <a href="https://home.treasury.gov/news/press-releases/jy2376">Inflation Reduction Act</a> (IRA) incentives. This stability is favorable for companies relying on federal clean energy incentives. Under Biden, hundreds of billions of dollars were put toward <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/04/biden-harris-administration-announces-historic-20-billion-in-awards-to-expand-access-to-clean-energy-and-climate-solutions-and-lower-energy-costs-for-communities-across-the-nation/">incentives</a> for green energy.</li>
<li>Traditional Energy: The regulatory environment under Biden is expected to remain challenging, but stable. Companies have adapted to tighter regulations, which have not hindered record oil and gas output in the U.S. During Biden&#8217;s presidency, the U.S. <a href="https://www.eia.gov/todayinenergy/detail.php?id=61545">set a record</a> for crude oil production. In 2023, it outpaced what all other countries — including Saudi Arabia — have ever produced in one year. </li>
</ul>
<h3 class="wp-block-heading">2. Trump Presidency, Split Congress</h3>
<ul>
<li>Clean Energy: This scenario raises the risk profile slightly. A split Congress would make it challenging to repeal IRA incentives; Trump — who <a href="https://www.nytimes.com/interactive/2020/climate/trump-environment-rollbacks-list.html">rolled</a> back more than 100 pro-environmental policies during his administration — will likely slow their implementation by reducing funding to relevant departments. He may also impact grant and loan spending. </li>
<li>Traditional Energy: Trump — who <a href="https://apnews.com/article/trump-hannity-dictator-authoritarian-presidential-election-f27e7e9d7c13fabbe3ae7dd7f1235c72">vowed</a> to be a dictator on &#8220;day one&#8221; so he can &#8220;drill, drill, drill" — could ease regulations, potentially increase access to resources on federal lands and reduce regulations, thereby supporting more exports.</li>
</ul>
<h3 class="wp-block-heading">3. Trump Presidency, Republican Congress</h3>
<ul>
<li>Clean Energy: This is considered the highest-risk scenario for clean energy. A Republican majority could partially repeal the IRA through a reconciliation bill, particularly targeting unspent funds. However, full repeal is unlikely due to significant investments in Republican states.</li>
<li>Traditional Energy: The sector could benefit from reduced regulations and increased resource access. Policies encouraging more energy exports, such as LNG, could positively impact the long-term gas market.</li>
</ul>
JPMorgan did not explore the scenario of a Biden presidency and Democrat Congress.
Also Read: <a href="https://www.benzinga.com/news/24/05/39012457/enphase-stock-surges-amid-bidens-tariff-boost-on-chinese-solar-imports">Enphase Stock Surges Amid Biden&#8217;s Tariff Boost On Chinese Solar Imports</a>
<h3 class="wp-block-heading">Clean Energy Stocks</h3>
<ul>
<li>Valuation and Sentiment: Clean energy stocks, including those in electric vehicle (EV) charging and green hydrogen, have lagged due to weak fundamentals. Election outcomes could exacerbate this trend, especially under a Republican sweep.</li>
<li>Loan Programs: A Republican sweep might curtail the DOE Loan Programs Office's authority, negatively impacting companies seeking non-dilutive funding for capex-intensive projects.</li>
<li>Subsidies and Tariffs: Potential downsizing or repeal of subsidies for EVs and tightening of charging incentives are risks. However, protectionist measures like <a href="https://www.benzinga.com/markets/asia/24/05/38824198/biden-announces-massive-tariffs-on-chinese-imports-to-protect-us-industries-clean-energy-solar-stock">tariffs on Chinese imports</a> are likely to remain, regardless of the administration.</li>
</ul>
Investors in the iShares Global Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NYSE">ICLN</a>), the First Trust NASDAQ Clean Edge Green Energy Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NYSE">QCLN</a>) and the Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) must take heed of these observations.
<h3 class="wp-block-heading">Traditional Energy Stocks</h3>
<ul>
<li>Regulations: The Trump administration could ease regulations and increase resource access, but ongoing legal and political challenges could continue to <a href="https://www.benzinga.com/news/24/05/38997165/trumps-policies-for-money-transaction-with-big-oil-under-investigation-by-senate-democrats-cronyism">shape the regulatory landscape</a>.</li>
<li>Refiners: Refiners might benefit from the continuation of Trump-era corporate tax cuts. However, geopolitical tensions, such as those in the Middle East, could pose risks to crude supply and impact refiner margins.</li>
</ul>
Investors in the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), the Vanguard Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>) and the Alerian MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMLP#NYSE">AMLP</a>) may want to adjust their positioning based on these observations.
<h3 class="wp-block-heading">Utility and Renewables </h3>
<ul>
<li>Regulated vs. Unregulated: Unregulated renewables are more sensitive to election outcomes, while regulated utilities are less affected. A Biden re-election could be a catalyst for renewables to regain ground lost in 2023.</li>
<li>IRA Resilience: Core utility and renewable energy provisions of the IRA are expected to be resilient, though a Trump victory could create uncertainty until policy clarity emerges.</li>
</ul>
See Also: <a href="https://www.benzinga.com/markets/esg/24/05/38759168/solar-is-leaving-wind-in-the-dust-as-world-renewable-energy-hits-new-high">Solar Is Leaving Wind In The Dust As Renewables Hit New High</a>
Utility sector investors such as those invested in the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), the Global X US Infrastructure Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAVE#NYSE">PAVE</a>) or the Vanguard Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VPU#NYSE">VPU</a>) must take note of such observation.
For those looking to get exposure to renewables, the ICLN, QCLN and PBW ETFs are popular capital market funds in the space.
<h3 class="wp-block-heading">Investment Considerations</h3>
Investors should monitor the evolving political landscape as the election approaches. The potential for policy shifts under different election scenarios underscores the importance of a diversified portfolio. 
As always, staying informed and agile in response to political developments will be key to navigating the energy sector&#8217;s challenges and opportunities in the run-up to the 2024 election.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39082854/exclusive-will-trumps-possible-return-to-power-make-bitcoin-ethereum-go-boom-or-bus">EXCLUSIVE &#8211; Will Trump&#8217;s Possible Return To Power Make Bitcoin, Ethereum Go Boom Or Bust? Experts Weigh In On Crypto&#8217;s Regulatory Future</a>
Image: Shutterstock

Regulations

Specialty ETFs

Politics

AMLP

PAVE

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

What A Biden Or Trump Victory Might Mean For The Energy Sector

California is the largest U.S. state by population and was once the largest solar energy producer in the U.S. In a large shake-up, Texas has surpassed California as the largest domestic <a href="https://www.benzinga.com/topic/solar-energy">solar energy producer.</a>
The Data: An <a href="https://www.ft.com/content/ef2f6f8e-60df-4ccd-8c4f-ef5cd0eb3176">article</a> from the Financial Times outlined how Texas, which <a href="https://www.benzinga.com/general/23/06/32950886/texas-power-grid-strains-consumers-urged-to-cut-back-energy-use-during-heatwave">has its own energy </a>grid, has become a &#8220;model&#8221; for green energy adoption.
Texas&#8217; solar grid has grown exponentially in the past five years. In 2019, Texas had just over 2 gigawatts of solar plants compared to California&#8217;s 13. In 2024, Texas has 23.6 gigawatts to California&#8217;s 21.2. FT acquired the data from Grid Status.
According to data from the think tank Ember, Texas generated more power from solar than coal for the first time in March.
Why it Matters: Texas has consistently voted for Republican state legislative majorities, who themselves have been historically unlikely to support green energy. The fact that Texas surpassed Democratic stronghold California could indicate that solar energy adoption has become less politicized.
The state has also seen an increase in solar manufacturing. Enphase Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) <a href="https://www.solarpowerworldonline.com/2024/04/welcome-to-texas-the-new-solar-valley/">manufactures</a> solar inverters in Arlington while Canadian Solar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>) manufactures panels in Mesquite. Several other manufacturers have announced plans to produce parts in Texas.
The state attracted attention as a newfound leader in green energy when<a href="https://www.benzinga.com/news/24/04/38041385/elon-musks-tesla-is-austins-biggest-private-employer-so-how-much-do-giga-texas-workers-get-paid"> Elon Musk moved </a>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) headquarters from California to Austin. <a href="https://www.benzinga.com/news/24/05/38912593/elon-musk-wants-giga-texas-roof-to-spell-out-tesla-amid-solar-panels-bright-enough-to-be-seen-at-nig">Musk reportedly wants</a> the roof of his Texas Gigafactory to be covered in solar panels.
For investors interested in the solar energy sector, here are three ETFs to consider:
<ol>
<li>Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>): Specializes in solar energy stocks​</li>
<li>iShares Global Clean Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NASDAQ">ICLN</a>): Covers a diverse range of clean energy sources, including solar​ </li>
<li>First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>): Includes a mix of renewable energy companies, with substantial investments in solar energy​</li>
</ol>
Also Read: <a href="https://www.benzinga.com/markets/esg/24/05/38759168/solar-is-leaving-wind-in-the-dust-as-world-renewable-energy-hits-new-high">Solar Is Leaving Wind In The Dust As World Renewable Energy Hits New High</a>
Image generated using artificial intelligence via Midjourney.

CSIQ

California Loses The Solar Crown: Who's America's New Energy Star?

Benchmark&nbsp;analyst David Williams maintained&nbsp;ON Semiconductor Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) with a Buy and lowered the&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/ON/analyst-ratings" rel="noreferrer noopener">price target from&nbsp;$88&nbsp;to&nbsp;$80</a>.
While ON&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38494497/why-is-on-semiconductor-stock-trading-higher-on-monday" rel="noreferrer noopener">results were better</a>&nbsp;than feared, with stabilization in the Auto market and moderate improvement in traditional Industrial, Williams noted that the outlook missed expectations on persistent inventory digestion and a tepid demand environment.&nbsp;
SiC remains the key momentum driver in the near term, with convincingly strong evidence of the firm&#8217;s ability to outperform the industry growth by 2x, per the analyst.&nbsp;
Although unit volume remains the wildcard, share gains across existing platforms scheduled for production this year support substantial SiC growth opportunities.&nbsp;
However, with the pace of EV adoption in question and the accelerating push toward more economical models, investors are more concerned with the potential erosion of SiC content than ON seems to be, he said.&nbsp;
While Williams recognized the SiC performance advantages extend to the lower-end platforms, the number of sockets is considerably reduced&nbsp;and will&nbsp;require meaningfully higher unit sales to offset the lower available content.&nbsp;
The near-term growth opportunity remains positive, but the analyst is increasingly cautious about the sustainability of the&nbsp;mid&nbsp;to longer-term growth trajectory on the global SiC capacity expansion coming online and an anticipated mix shift toward&nbsp;lower content&nbsp;auto platforms over time.&nbsp;
Williams projected second-quarter revenue and EPS of $1.73 billion (prior $1.81 billion) and $0.92 (prior $1.00).
Goldman Sachs&nbsp;analyst Toshiya Hari reiterated a Buy rating on ON Semiconductor with a price target of $89 (up from $81 prior).
ON reported a modest upside to Street&#8217;s first-quarter 2024 EPS expectations ($1.08 vs. $1.04) and provided a better-than-feared fiscal second-quarter adjusted gross margin outlook of 45.2% (mid-point).&nbsp;
While the near-term outlook for the SiC business remains uncertain, Hari remained constructive on the company&#8217;s long-term growth potential given its above-average exposure to applications in secular growth, including Electrification, ADAS, Energy Infrastructure, and Factory Automation.
Hari projected second-quarter revenue and EPS of $1.71 billion and $0.93.
BofA Securities&nbsp;analyst Vivek Arya affirmed a Buy rating on ON Semiconductor with a price target of $80.
Arya noted that the first-quarter results were modestly better, with a better-than-expected second-quarter miss on auto inventory correction.&nbsp;
The second-half visibility sounded murky, but the analyst expects industrial stabilization and EV recovery to benefit ON, with incremental upside from data center power upgrades.&nbsp;
Arya expects the second quarter to be&nbsp;a cycle&nbsp;bottom, with $3.68 EPS in annualized trough proforma-EPS (4x Q2 $0.92 EPS).&nbsp;
He forecasts ON&#8217;s Silicon Carbide (SiC) sales to grow about 20% YoY to $980 million, though somewhat back-half weighted.
ON maintained a mid-40&#8217;s gross margin % floor, which Arya estimated sustains through the calendar year 2024, which is&nbsp;impressive despite low
utilization (65% in Q1 and likely stable through calendar 2024).
He noted that SiC growth is on track, as well as diversification within key Chinese OEMs (now in the top 10 of EV OEMs vs 4-5 prior).
The&nbsp;calendar year 2025 gross margin % expansion levers are in place as East Fishkill&nbsp;(EFK) headwinds&nbsp;roll-off&nbsp;(GlobalFoundries Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gfs#NASDAQ">GFS</a>) foundry relationship ending in 2025), along with&nbsp;$160&nbsp;million benefit from prior fab divestitures, Arya said.
The long-term gross margin upside&nbsp;is set at 53% from&nbsp;43% levels today, perhaps the highest among peers, the analyst added.
Arya projected second-quarter revenue and EPS of $1.73 billion (prior $1.76 billion) and $0.92.
ON Semiconductor stock lost over 9% in the last 12 months. Investors can gain exposure to the stock via&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and&nbsp;EA Series Trust Strive U.S. Semiconductor ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>).
Price Action:&nbsp;ON shares are trading lower by 0.09% at $70.76 at&nbsp;the last check Tuesday.

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ON Semiconductor Set for Growth: Analysts Cite SiC and Auto Market Stability As Catalysts

ON Semiconductor Corp&nbsp;(NASDAQ:&nbsp;ON) stock reported a fiscal first-quarter 2024 revenue decline of 5% year-on-year to $1.86 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38487299/onsemi-first-quarter-2024-results-exceed-expectations" rel="noreferrer noopener">consensus of $1.85 billion</a>.&nbsp;The adjusted EPS of $1.08 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $1.04</a>.&nbsp;
Revenue from Power Solutions Group (PSG) grew 2%&nbsp;year over year&nbsp;to $874.2 million, Analog and Mixed-Signal Group (AMG) decreased 6%&nbsp;year over year&nbsp;to $697.0 million, and Intelligent Sensing Group (ISG) fell&nbsp;18% year over year&nbsp;to $291.5 million.
The adjusted gross margin declined by 90 bps to 45.9%, and the adjusted operating margin decreased by 320 bps to 29.0%.
ON Semiconductor generated $276.3 million in free cash flow and held $2.61 billion in cash and equivalents&nbsp;as of March 29, 2024.
Outlook:&nbsp;ON Semiconductor expects second-quarter adjusted revenue of $1.68 billion&nbsp;– $1.78&nbsp;billion, below the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $1.92 billion</a>.
The company sees adjusted EPS of $0.86 – $0.98 versus the consensus of $1.10.
Last week,&nbsp;Piper Sandler&nbsp;analyst Harsh V. Kumar noted that fundamentals will bottom in the June quarter, and commentary on the call will remain conservative while pointing to opportunities for growth in the second half.&nbsp;
However, the shape of any potential recovery through the second half remains uncertain and will depend on demand trends in key end markets, he said.
Kumar expected second-quarter guidance to be slightly down from the March 2024 quarter, modeling a 2.7% sequential decline primarily driven by automotive.&nbsp;
He forecasted automotive, which is 50%+ of revenues for ON, to be down 4% for the June quarter.&nbsp;
Given current lead times and channel levels, Kumar&#8217;s base case posits that the June quarter will serve as the bottom quarter for this cycle.&nbsp;
For the second half of 2024, he expects sequential growth in both the September and December quarters, where he modeled low single-digit type growth sequentially for each quarter.&nbsp;
Kumar noted a robust and steady recovery starting in the second half of 2024 for gross and operating margin trends.&nbsp;&nbsp;
Despite the recent consternations in the EV market, Kumar noted that the EV market&nbsp;is set&nbsp;to grow 20%+ long-term. Additionally, EVs come with further benefits, such as high electronic content.&nbsp;
Notably, silicon carbide penetration for EVs is still only in the high teens to 20% range, and excluding&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), the penetration of silicon carbide in EVs is in the mid-single digits. Kumar had projected first-quarter revenue and EPS of $1.86 billion and $1.05.
ON Semiconductor stock lost over 13% in the last 12 months. Investors can gain exposure to the stock via&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and&nbsp;EA Series Trust Strive U.S. Semiconductor ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>).
Price Action: ON shares are trading higher by 4.23% at $70.94 on the last check Monday.
Photo by Anne Nygård on Unsplash

Why Is ON Semiconductor Stock Trading Higher On Monday?

Joby Aviation, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">trading lower in the premarket session on Tuesday.</a>
The company is reportedly envisioning a futuristic commute &#8211; flying above traffic from downtown Manhattan to JFK Airport in under seven minutes, rivaling&nbsp;Uber Technologies, Inc.&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) cost.
With $400 million support from&nbsp;Toyota Motor Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and $60 million from&nbsp;Delta Air Lines, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), Joby aims to lead in launching air taxis, or eVTOLs, to market, Yahoo Finance&nbsp;<a target="_blank" href="https://finance.yahoo.com/news/jetsons-like-travel-in-air-taxis-is-as-close-as-weve-seen-jobys-chief-product-officer-says-195438697.html" rel="noreferrer noopener">reported</a>.
&#8220;This is as close as we&#8217;ve seen, I think, in terms of the technology coming together to make something that you could use on a daily basis,&#8221; said Eric Allison, Joby&#8217;s chief product officer, Yahoo Finance added.
A Federal Aviation Administration spokesperson informed Yahoo Finance that while 2025 might see initial flight launches, 2028 appears more realistic for a competitive, scaled air taxi market in at least one location, the report read.
According to Wall Street research firm Jefferies, certification is the primary factor for retail investors interested in this sector to monitor closely.
Joby anticipates that their aircraft technology will aid in the regulatory process, Yahoo Finance stated.&nbsp;
The FAA&#8217;s certification demands compliance with safety standards and operational proficiency under diverse conditions.
Joby&#8217;s eVTOL boasts a range of up to 100 miles per charge, enabling two round trips between JFK and a downtown NYC heliport before needing a recharge. They anticipate recharging to coincide with passenger boarding and deplaning times.
Uber reports the average Manhattan to JFK trip costs $135 for Uber Black and $87 for regular Uber.&nbsp;
Jefferies predicts Joby&#8217;s initial ride could be around $200, Yahoo Finance added.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, JOBY stock has gained over 17% in the past year. Investors can gain exposure to the stock via&nbsp;ALPS Clean Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACES#NYSE">ACES</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38024854/flying-cars-are-here-but-it-may-take-some-time-before-they-land" rel="noreferrer noopener">Flying Cars Are Here, But It May Take Some Time Before They Land</a>
Price Action: JOBY shares are trading lower by 1.09% to $4.62 premarket on the last check Tuesday. 
Dimitris Vetsikas from Pixabay

ACES

UBER

Joby Aviation May Launch Flying Taxis By 2025 - What's Going On?

Rivian Automotive, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading slightly lower in the premarket session on Tuesday after closing&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">yesterday&#8217;s session with a massive 8% slump.</a>
The downturn follows the market buzz of EV behemoth&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which is<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38241819/tesla-on-the-cusp-of-massive-20-job-cuts-amid-fundamental-woes-stock-slump-report" rel="noreferrer noopener">&nbsp;looking to trim its workforce.</a>&nbsp;The job cuts being contemplated would impact tens of thousands of employees.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIVN stock has lost over 38% in the past year. Investors can gain exposure to the stock via&nbsp;ALPS Clean Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACES#NYSE">ACES</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Rivian is set to announce its first-quarter financial results after the market closes on May 7 and will host a conference call to&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38045151/rivian-releases-q1-production-figures-and-sets-date-for-first-quarter-2024-results" rel="noreferrer noopener">discuss the results at 5:00 p.m. ET the same day.&nbsp;</a>
For fiscal 2024, Rivian plans to be focused on cost efficiency, continuing progress made in 2023 that<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37247948/rivian-q4-earnings-highlights-revenue-beat-eps-miss-2024-guidance-and-more" rel="noreferrer noopener">&nbsp;increased gross profit per delivered vehicle.</a>
Earlier this month, the company reaffirmed its guidance for annual production of&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38045151" rel="noreferrer noopener">57,000 total vehicles.</a>
Price Action: RIVN shares are trading lower by 0.36% to $8.36 premarket on the last check Tuesday.
Photo via Shutterstock

What's Going On With Rivian Automotive Shares Today?

Rivian Automotive, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">&nbsp;trading lower in the premarket session on Friday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIVN stock has lost over 30% in the past year. Investors can gain exposure to the stock via&nbsp;ALPS Clean Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACES#NYSE">ACES</a>) and&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>).
Rivian is set to announce its first-quarter financial results after the market closes on May 7 and will host a conference call to&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38045151/rivian-releases-q1-production-figures-and-sets-date-for-first-quarter-2024-results" rel="noreferrer noopener">discuss the results at 5:00 p.m. ET the same day.&nbsp;</a>
According to estimates from<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">&nbsp;Benzinga Pro</a>, the company is expected to report losses of $(1.15) per share and quarterly revenue of $1.153 billion.
The EV manufacturer&#8217;s production facility located in Normal, Illinois, is inactive as it undertakes adjustments&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38206072/whats-going-on-with-rivian-automotive-stock" rel="noreferrer noopener">to cut material expenses for its R1S and R1T models.&nbsp;</a>
Scheduled to resume operations after April 30, the shutdown will have repercussions throughout the year as the company expands its production capacity.
What&#8217;s Next:&nbsp;For fiscal 2024, Rivian said it will be focused on cost efficiency, continuing progress made in 2023 that<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37247948/rivian-q4-earnings-highlights-revenue-beat-eps-miss-2024-guidance-and-more" rel="noreferrer noopener">&nbsp;increased gross profit per delivered vehicle.</a>
The company guided for production of 57,000 vehicles in 2024, which would be in line with 2024 production.
Rivian guided for adjusted EBITDA of a loss of $(2.7) billion for 2024. The company had announced it would reduce its salaried workforce by around 10% to help further improve costs.
Price Action: RIVN shares are trading lower by 0.94% to $9.48 premarket on the last check Friday. 
Photo via Shutterstock

Lucid Group, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Tuesday.&nbsp;</a>The company said it produced 1,728 vehicles for the quarter ended March 31, 2024, significantly&nbsp;<a target="_blank" href="https://markets.businessinsider.com/news/stocks/lucid-announces-q1-production-deliveries-sets-date-for-first-quarter-2023-results-1032231232" rel="noreferrer noopener">lower&nbsp;</a>than 2,314 vehicles<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38160741/lucid-announces-q1-production-deliveries-sets-date-for-first-quarter-2024-results" rel="noreferrer noopener">&nbsp;in the year-ago period.</a>
The company delivered 1,967 vehicles during this period, higher than 1,406 vehicles for the quarter ended March 31, 2023.
Last month, the company was in the headlines for inking an agreement with its majority stockholder,<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37913817/why-is-ev-maker-lucid-stock-surging-today" rel="noreferrer noopener">&nbsp;Ayar Third Investment Company.</a>
Ayar, an affiliate of the Public Investment Fund (PIF), will purchase $1 billion of newly created series of convertible&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/n37911178/lucid-group-inc-announces-investment-of-1-0-billion-by-an-affiliate-of-pif" rel="noreferrer noopener">preferred stock via private placement.</a>
Lucid intends to use the net proceeds from the private placement for general corporate purposes, including capital expenditures and working capital.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, LCID stock has lost over 65% in the last one year. Investors can gain exposure to the stock via First Trust NASDAQ Clean Edge Green Energy Index Fund(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and VanEck Green Infrastructure ETF(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNEW#NASDAQ">RNEW</a>).
Price Action: LCID shares are trading higher by 4.7% to $2.76 on the last check Tuesday. 
Photo via Shutterstock

Why Lucid Group Shares Are Gaining Today

Lighting and Building Management firm&nbsp;Acuity Brands, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) reported a second-quarter fiscal 2024 net sales decline of 4.0% year-over-year to $905.9 million, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38064225/acuity-brands-reports-fiscal-2024-second-quarter-results" rel="noreferrer noopener">consensus of $907.7 million</a>.&nbsp;
It clocked an adjusted EPS of $3.38, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $3.25</a>.
Sales by segments:&nbsp;Acuity Brands Lighting (ABL) and Lighting Controls revenue hit $843.5 million (-5.3% Y/Y), and Intelligent Spaces Group (ISG) clocked $68.1 million (+17.0% Y/Y).
The consolidated adjusted operating margin grew by 150 bps to 15.5%. ABL&#8217;s adjusted operating margin expanded by 120 bps to 16.2%. ISG&#8217;s margin increased by 240 bps to 21.0%.
The company generated $292.6 million in operating cash flow for the first half of fiscal 2024, a decrease of $13.8 million compared to the prior year. Adjusted EBITDA was $153.0 million, up from $144.8 million a year ago.&nbsp;
Chair and CEO Neil Ashe said, &#8220;We increased our adjusted operating profit, adjusted operating profit margin, and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value.&#8221;
AYI stock gained 43% in the last 12 months. Investors can gain exposure to the stock via&nbsp;First Trust NASDAQ Clean Edge Green Energy Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCLN#NASDAQ">QCLN</a>) and&nbsp;SPDR S&amp;P Kensho Intelligent Structures ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIMS#NYSE">SIMS</a>).
Price Action:&nbsp;AYI shares are up 0.83% at $264.00 premarket on the last check Wednesday.

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