Navitas Semiconductor Corp. (NASDAQ:NVTS) shares are rising Tuesday as semiconductor stocks rebounded from a recent selloff ahead of the company’s third-quarter earnings report. Here’s what you should know.
- Navitas Semiconductor stock is surging to new heights today. Why is NVTS stock surging?
Navitas Stock Rises as Chip Stocks Recover From $1 Trillion Selloff
Navitas shares are climbing Tuesday as semiconductor stocks recover from a recent slide. The selling hit hard Friday, when 23 major chip and chip-equipment companies lost roughly $1.01 trillion in value by late morning. Five of them, Nvidia, Intel, AMD, TSMC and Broadcom, accounted for about three-fifths of that loss. Intel set it off, falling around 28% to a price of about $65 as its outlook for the fourth quarter disappointed investors.
Tuesday, the Nasdaq Composite had won back 0.81% by mid-morning, after dropping 1.07% on Monday. The S&P 500 added 0.38%, while the Dow lost 0.49%. Treasury yields also moved up, with the 10-year note at 4.958%, and midterm balloting continues with no tallies yet.
While the market waits on the election, Navitas has its own event to deliver: the company reports after the market closes today, and analysts expect a loss of 4 cents a share on $13.17 million in revenue.
Oil Prices Fall On Hopes For Iran Peace Talks
The chip group’s strength may reflect cheaper oil while investors await the election outcome. Crude oil slumped Monday after President Donald Trump hinted that talks with Iran could lead to a deal. The slide took West Texas Intermediate, the U.S. benchmark, to $96.46, down 7.36%, and Brent to $104.77, down 7.63%.
Iran’s president also said the country’s supreme leader had widened the government’s authority to negotiate. That raised hopes of ending an eight-month conflict that has snarled shipping around Hormuz.
NVTS Shares Are Booming
NVTS Price Action: Navitas shares were up 9.71% at $8.70 at the time of publication on Tuesday, according to Benzinga Pro.
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