InterCloud Systems Stock (OTC:ICLD), Trade Ideas

InterCloud Systems Inc is a provider of networking orchestration and automation for the Internet of things (IOT), software-defined networking (SDN) and network function virtualization (NFV) environments. The company operates in three operating segments - as an application and infrastructure provider, and professional services provider.The applications and infrastructure segment provides engineering and professional consulting services and voice, data and optical solutions. The professional services segment provides outsourced services to the wireless and wireline industry and information technology industry.

News

Movers & Shakers

Intraday Update

Markets

General

DNAI

ICLD

NEOS

TGNA

Stocks Hitting 52-Week Lows

Contracts

InterCloud Systems Granted New Contracts Worth Over $3.2 Million

InterCloud Systems Gets $4.1 Million New Contract

INTERCLOUD SYSTEMS by InterCloud Systems, Inc.

InterCloud Systems Inc

Regions Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>) reported quarterly earnings of $0.44 per share which missed the analyst consensus estimate of $0.45 by 2.22 percent. The company reported quarterly sales of $1.797 billion which beat the analyst consensus estimate of $1.747 billion by 2.83 percent. This is a 7.94 percent decrease over sales of $1.952 billion the same period last year.

Earnings

Earnings Beats

Earnings Misses

Regions Financial Q1 2024 Adj EPS $0.44 Misses $0.45 Estimate, Sales $1.797B Beat $1.747B Estimate

Emeren Group Reveals Receipt Of Non-Compliance Notice From NYSE Due To Late Filing

RWOD

Redwoods Acquisition Corp Reported Thursday In 8K Filing, Shareholders Approved Merger Agreement With Anew Medical

Bernstein analyst Laurent Yoon maintains Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) with a Market Perform and raises the price target from $490 to $600.

Price Target

Analyst Ratings

NFLX

Bernstein Maintains Market Perform on Netflix, Raises Price Target to $600

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has been hit with 32 whistleblower complaints over the past three years, with the U.S. workplace safety regulator investigating allegations of employer retaliation.
What Happened: The Occupational Safety and Health Administration (OSHA) received 32 complaints of employer retaliation against Boeing between December 2020 and March, Al Jazeera <a href="https://www.aljazeera.com/economy/2024/4/19/boeing-subject-of-32-whistleblower-complaints-documents-reveal">reported</a> on Friday. 
The complaints were filed under various statutes, including those related to aviation safety and workplace safety.
Two of the complaints were filed under the category of fraud, and one related to the control of toxic chemicals. Only two of the complaints resulted in monetary restitution, and all the complaints with specified outcomes were closed without any action taken by the agency.
OSHA cited various reasons for closing the cases, including the whistleblower failing to make a report within the specified timeframe, lack of jurisdiction, and lack of cooperation from the complainant. Five cases are still under investigation or pending assignment.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/04/38281470/the-court-case-that-could-change-the-cannabis-industry-forever-and-how-it-affects-rescheduling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Court Case That Could Change The Cannabis Industry Forever And How It Affects Rescheduling</a>
Boeing is currently under intense scrutiny for its safety record and standards. The company&#8217;s safety practices have come under the spotlight following the public testimony of current and former employees, who have raised concerns about the company&#8217;s safety standards.
One of the witnesses, former Boeing engineer Sam Salehpour, accused the company of putting out defective airplanes and raised serious concerns about the safety of the 787 and 777 aircraft. Another witness, former Boeing engineer Ed Pierson, accused the company of a &#8220;criminal cover-up&#8221; in the investigation of a midair blowout of a Boeing 737 Max 9 in January.
"Safety is Boeing's top priority, and this includes everyone who flies on our airplanes and our employees who build them. For more than a decade, Boeing has had a safety initiative called Go4Zero that aims to eliminate all workplace injuries. Over that time, we've reduced serious injuries by 26% and recordable injuries by 62%, and we continue to make progress. Boeing takes seriously all complaints from employees, including those made to OSHA related to workplace safety. We cooperate with OSHA to respond to and address all issues, and we continue to encourage all Boeing employees to raise safety concerns. Boeing does not tolerate, and our rules prohibit, retaliation of any kind," Boeing said in an email response to <a href="https://pro.benzinga.com/dashboard">Benzinga</a>. 
Why It Matters: The recent whistleblower complaints add to the growing scrutiny of Boeing&#8217;s safety practices. Earlier this month, the company&#8217;s 787 Dreamliner fleet was <a href="https://www.benzinga.com/markets/equities/24/04/38175874/boeing-787-dreamliner-safety-claims-to-get-senate-grilling-after-engineers-warning">under investigation</a> after allegations that the aircraft might not be safe to fly. The FAA is investigating claims by whistleblower and engineer Sam Salehpour that the Dreamliner could potentially disintegrate due to improperly assembled parts of the plane&#8217;s main body.
Before the recent whistleblower complaints, Salehpour had urged the <a href="https://www.benzinga.com/news/24/04/38284171/boeing-whistleblower-urges-grounding-of-all-787-dreamliners-worldwide-citing-premature-failure-conce">grounding of the entire 787 fleet</a> due to safety concerns. He had also testified before Congress about the safety issues at Boeing, which he had previously reported to the FAA in a complaint earlier this year.
Despite these concerns, U.S. Sen. Ron Johnson (R-Wis.) emphasized the critical need for Boeing to succeed, <a href="https://www.benzinga.com/markets/equities/24/04/38307060/everybody-wants-boeing-to-succeed-gop-senator-stresses-safety-in-the-skies-post-whistleblower-te">stressing the importance</a> of safety in aviation.
Read Next: <a href="https://www.benzinga.com/news/24/04/38308231/trumps-niece-says-ex-president-has-never-faced-constellation-of-horrors-hes-currently-experiencing-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President Has Never Faced &#8216;Constellation Of Horrors He&#8217;s Currently Experiencing&#8217; Amid Stack Of Criminal Trials: &#8216;Not Going To Sit Well With Him&#8217;</a>
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Equities

Global

Boeing Grapples With 32 Whistleblower Complaints In 3 Years Amid Mounting Safety Concerns: Report

Ukraine has reported the shooting down of a Russian Tu-22M3 strategic bomber, a warplane capable of carrying long-range missiles used in attacks on Ukrainian cities.
What Happened: The Ukrainian military, for the first time, claimed to have shot down a Russian Tu-22M3 strategic bomber on Friday. This aircraft is known for its capacity to carry long-range missiles, which have been used in attacks on Ukrainian cities, Reuters reported.
The Russian defense ministry, however, stated that the bomber had crashed in Russia&#8217;s southern Stavropol region, far from Ukrainian-controlled territory, due to a technical malfunction.
Ukrainian Air Force Commander Mykola Oleshchuk contradicted this account, asserting that the warplane had been &#8220;destroyed&#8221; by the Ukrainian forces. 
&#8220;For the first time, anti-aircraft missile units of the Air Force, in cooperation with the Defence Intelligence of Ukraine, destroyed a Tu-22M3 long-range strategic bomber, a carrier of Kh-22 cruise missiles used by Russian terrorists to attack peaceful Ukrainian cities,&#8221; Oleshchuk said.
See Also: <a href="https://www.benzinga.com/news/24/04/38286407/gop-mega-donors-son-throws-support-behind-incumbent-president-in-biden-vs-trump-battle?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">GOP Mega Donor&#8217;s Son Throws Support Behind Incumbent President In Biden Vs. Trump Battle</a>
The Russian defense ministry confirmed that the bomber was not carrying any bombs at the time of the crash. The pilots had ejected, with one confirmed dead and a rescue operation underway for the fourth.
Why It Matters: The ongoing conflict between Ukraine and Russia has seen a series of escalations. This incident comes in the wake of a <a href="https://www.benzinga.com/news/24/04/38230917/former-army-general-warns-russia-is-now-more-dangerous-adversary-than-it-was-two-years-ago">stark warning</a> from a former Australian Major General about Russia&#8217;s increasing strategic momentum in the conflict. The U.S. has also <a href="https://www.benzinga.com/news/24/04/38177435/us-inks-138m-deal-to-maintain-and-upgrade-ukraines-hawk-air-defence-systems">committed to supporting Ukraine&#8217;s defense</a> by providing air defense upgrades worth $138 million.
Meanwhile, Ukrainian President Volodymyr Zelenskyy has <a href="https://www.benzinga.com/news/24/04/38243474/irans-attack-on-israel-is-wake-up-call-for-us-to-back-american-allies-ukraines-zelenskyy">urged the U.S.</a> to reinforce its support for its allies following Iran&#8217;s attack on Israel, calling it a &#8220;wake-up call&#8221; for the U.S. to make decisions that would strengthen its allies during this critical period.
Read Next: <a href="https://www.benzinga.com/news/24/04/38285714/no-more-inventory-discounts-on-tesla-cars-as-ceo-elon-musk-says-sales-system-has-turned-complex-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No More Inventory Discounts On Tesla Cars As CEO Elon Musk Says Sales System Has Turned &#8216;Complex And Inefficient&#8217;</a>
Image Via Shutterstock 
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Politics

Ukraine Claims To Have Shot Down Russian Strategic Bomber: 'Destroyed' For First Time

RBC Capital analyst Shagun Singh initiates coverage on Inspire Medical Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INSP#NYSE">INSP</a>) with a Outperform rating and announces Price Target of $285.

Initiation

INSP

RBC Capital Initiates Coverage On Inspire Medical Systems with Outperform Rating, Announces Price Target of $285

JMP Securities analyst Mitch Germain initiates coverage on RMR Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMR#NASDAQ">RMR</a>) with a Market Perform rating.

JMP Securities Initiates Coverage On RMR Gr with Market Perform Rating

B. Riley Securities analyst Craig Ellis upgrades Ichor Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICHR#NASDAQ">ICHR</a>) from Neutral to Buy and raises the price target from $40 to $48.

Upgrades

ICHR

B. Riley Securities Upgrades Ichor Hldgs to Buy, Raises Price Target to $48

The United States has rejected a United Nations Security Council resolution that aimed to grant Palestine full UN membership, effectively halting the recognition of a Palestinian state.
What Happened: A draft resolution recommending the &#8220;State of Palestine be admitted to membership&#8221; of the UN was vetoed by the U.S. in the Security Council on Thursday, Reuters reported. The U.K. and Switzerland abstained from the vote, while the other 12 council members voted in favor.
Robert Wood, Deputy U.S. Ambassador to the UN, explained that the veto &#8220;does not reflect opposition to Palestinian statehood,&#8221; but rather emphasizes the belief that statehood should be the result of direct negotiations between the parties involved.
Palestinian President Mahmoud Abbas criticized the U.S. veto as &#8220;unfair, unethical, and unjustified.&#8221; 
Riyad Mansour, Palestinian U.N. Ambassador, stated that the failed resolution would not deter their pursuit of statehood.
See Also: <a href="https://www.benzinga.com/general/politics/24/04/38305131/elizabeth-warren-says-trump-had-only-2-accomplishments-as-president-huge-difference-between-bide?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Trump Had Only 2 Accomplishments As President: &#8216;Huge Difference Between&#8217; Biden, Trump</a>
Why It Matters: This bid for full UN membership comes amid a war between Israel and Palestinian militants Hamas in the Gaza Strip, and as Israel expands settlements in the occupied West Bank, actions deemed illegal by the UN. 
The Palestinians currently have a non-member observer state status, a de facto recognition of statehood granted by the UN General Assembly in 2012. <a href="https://www.benzinga.com/news/24/04/38285093/un-seeks-2-8b-for-palestinian-aid-amid-looming-famine-in-gaza">The UN recently appealed for $2.8 billion in aid</a> to support Palestinians, particularly in Gaza, where a severe crisis is unfolding.
Israel&#8217;s Foreign Minister, Israel Katz, commended the US for its veto. However, Israel&#8217;s U.N. Ambassador Gilad Erdan cautioned that the vote in favor of the resolution by 12 council members could &#8220;embolden Palestinian rejectionism&#8221; and make peace more challenging to achieve. This comes after U.S. President Joe Biden criticized Israeli Prime Minister Benjamin Netanyahu&#8216;s <a href="https://www.benzinga.com/news/24/04/38176006/biden-slams-netanyahus-gaza-offensive-as-mistake-stating-allow-total-access-to-all-food-and-medicine">approach to the ongoing conflict in Gaza</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38270988/elon-musk-reacts-after-trump-posts-screenshot-of-tesla-ceos-post-about-lawfare-not-being-applied-equ?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Trump Posts Screenshot Of Tesla CEO&#8217;s Post About &#8216;Lawfare:&#8217; &#8216;Not Being Applied Equally To Joe And Hunter Biden&#8217;</a>
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Palestine President Slams US After Washington Vetoes Bid For Full UN Membership: 'Unfair, Unethical And Unjustified'

Shares of Wang &amp; Lee Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WLGS#NASDAQ">WLGS</a>) rose sharply in today's pre-market trading after the company reported a year-over-year <a href="https://www.benzinga.com/quote/WLGS/earnings">increase in FY23 financial results</a>.
Wang &amp; Lee Group posted a FY23 loss of 2 cents per share, versus a year-ago loss of 5 cents per share. The company's revenue came in at $6.83 million versus, $4.17 million in the year-ago period, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Wang &amp; Lee Group shares jumped 37.7% to $0.7220 in pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading" id="h-gainers">Gainers</h3>
<ul>
<li>Redwoods Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RWOD#NASDAQ">RWOD</a>) shares gained 141% to $17.83 in pre-market trading after falling around 3% on Thursday.</li>
<li>Zhongchao Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZCMD#NASDAQ">ZCMD</a>) gained 75.6% to $2.53 in pre-market trading after gaining over 7% on Thursday.</li>
<li>Trio Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPET#NYSE">TPET</a>) gained 30% to $0.4261 in pre-market trading. The company on Wednesday announced it entered into a securities purchase agreement with an institutional investor in the amount of $360,000.</li>
<li>HUB Cyber Security Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUBC#NASDAQ">HUBC</a>) shares rose 24.7% to $1.61 in pre-market trading after falling 4% on Thursday.</li>
<li>SuperCom Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPCB#NASDAQ">SPCB</a>) gained 22% to $0.2927 in pre-market trading. SuperCom shares fell around 33% on Thursday after the company priced a $2.9 million registered direct offering.</li>
<li>Bio-Path Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPTH#NASDAQ">BPTH</a>) rose 19.3% to $5.01 in today's pre-market trading after jumping 30% on Thursday. Bio-Path announced a $1.2 million registered direct offering priced at-the-market under Nasdaq rules.</li>
<li>Centogene N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNTG#NASDAQ">CNTG</a>) shares gained 19.3% to $0.5513 in pre-market trading.</li>
<li>Kineta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KA#NASDAQ">KA</a>) rose 14.7% to $0.5601 in pre-market trading. Kineta was recently granted a US patent titled &#8216;Proteasome activity enhancing compounds (including methods for treating cancer or tumors).&#8217;</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) shares gained 10.5% to $12.12 in pre-market trading. Apollo Global Management and Sony Group Corp. are reportedly in talks on a joint offer for Paramount Global.</li>
</ul>
<h3 class="wp-block-heading" id="h-losers">Losers</h3>
<ul>
<li>BioNexus Gene Lab Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGLC#NASDAQ">BGLC</a>) fell 22.4% to $0.66 in pre-market trading after jumping around 29% on Thursday. BioNexus Gene Lab agreed to invest RM 1.2 million in Ascension Innovation (AISB) to advance digital health innovation through AI adoption in healthcare.</li>
<li>Tian Ruixiang Holdings Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIRX#NASDAQ">TIRX</a>) fell 19.9% to $0.6407 in pre-market trading after surging 65% on Thursday.</li>
<li>iSpecimen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISPC#NASDAQ">ISPC</a>) fell 19.3% to $0.3396 in pre-market trading after gaining around 98% on Thursday.</li>
<li>AGBA Group Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGBA#NASDAQ">AGBA</a>) fell 13.6% to $0.89 in pre-market trading. AGBA Group Holding shares jumped 155% on Thursday higher after the company announced it entered into a definitive merger agreement with Triller.</li>
<li>Spectaire Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPEC#NASDAQ">SPEC</a>) declined 12.3% to $0.5426 in pre-market trading after falling over 20% on Thursday. Spectaire Holdings recently signed a distribution partnership agreement with a Fortune 1000 Energy Company.</li>
<li>Lantern Pharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LTRN#NASDAQ">LTRN</a>) shares fell 12.1% to $5.07 in pre-market trading.</li>
<li>Adaptive Biotechnologies Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>) shares declined 11.4% to $2.07 in pre-market trading. Adaptive Biotechnologies is expected to report financial results for the first quarter 2024 after the closing bell on May 7, 2024.</li>
<li>Soligenix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNGX#NASDAQ">SNGX</a>) shares fell 11.1% to $0.3870 in pre-market trading. Soligenix shares fell around 15% on Thursday after the company announced the pricing of a $4.75 million public offering.</li>
<li>MicroCloud Hologram Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLO#NASDAQ">HOLO</a>) fell 10.2% to $2.65 pre-market trading after jumping around 32% on Thursday.</li>
<li>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) fell 6% to $573.81 pre-market trading. Netflix reported upbeat earnings and sales results for its first quarter. The company added 9.33 million paid net new subscribers in the first quarter to bring the company to a total of 269.60 million.</li>
</ul>

Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38329059/netflix-procter-gamble-and-3-stocks-to-watch-heading-into-friday">Netflix, Procter &amp; Gamble And 3 Stocks To Watch Heading Into Friday</a>

Pre-Market Outlook

Movers

ADPT

AGBA

BGLC

BPTH

CNTG

MicroCloud Hologram Inc. - Ordinary Shares

HOLO

HUBC

ISPC

LTRN

PARA

SNGX

SPCB

SPEC

TIRX

TPET

WLGS

ZCMD

Why Wang & Lee Group Shares Are Trading Higher By 38%; Here Are 20 Stocks Moving Premarket

Morgan Stanley analyst Keith Weiss upgrades Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) from Equal-Weight to Overweight and raises the price target from $74 to $85.

SHOP

Morgan Stanley Upgrades Shopify to Overweight, Raises Price Target to $85

JonesTrading analyst Jason Weaver initiates coverage on Ellington Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFC#NYSE">EFC</a>) with a Hold rating.

JonesTrading Initiates Coverage On Ellington Financial with Hold Rating

HSBC analyst Yogesh Aggarwal downgrades Infosys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>) from Buy to Hold and announces $20.1 price target.

Downgrades

INFY

HSBC Downgrades Infosys to Hold, Announces $20.1 Price Target

HSBC analyst Leroy Mnguni downgrades Anglogold Ashanti (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) from Hold to Reduce.

HSBC Downgrades Anglogold Ashanti to Reduce

-Wall Street Journal
&nbsp;
<a href="https://www.wsj.com/world/biden-weighs-more-than-1-billion-in-new-arms-for-israel-8b8607e4#:~:text=The%20Biden%20administration%20is%20considering%20more%20than%20%241%20billion%20dollars,in%20the%20war%20in%20Gaza" title="https://www.wsj.com/world/biden-weighs-more-than-1-billion-in-new-arms-for-israel-8b8607e4#:~:text=The%20Biden%20administration%20is%20considering%20more%20than%20%241%20billion%20dollars,in%20the%20war%20in%20Gaza">https://www.wsj.com/world/biden-weighs-more-than-1-billion-in-new-arms-for-israel-8b8607e4#:~:text=The%20Biden%20administration%20is%20considering%20more%20than%20%241%20billion%20dollars,in%20the%20war%20in%20Gaza</a>.

iShares MSCI Israel Capped Investable Market Index Fund

President Biden Weighs More Than $1B in New Arms for Israel,  In Addition to Military Aid Bill Before the House

Wolfe Research analyst Steven Chubak upgrades Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) from Peer Perform to Outperform and announces $42 price target.

Wolfe Research Upgrades Bank of America to Outperform, Announces $42 Price Target

Six S&amp;P 500 stocks often experience a surge when shares of Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) take a dip, an analysis by CNBC revealed.
What Happened: The six U.S.-listed stocks that typically see a rise when Nvidia&#8217;s shares falter include Jack Daniel's distiller Brown-Forman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>), gaming giant Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), health products manufacturer Henry Schein, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSIC#NASDAQ">HSIC</a>), software outsourcing behemoth Cognizant Technology Solutions Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>), pet care company Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>), and securities exchange Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), CNBC <a href="https://www.cnbc.com/2024/04/19/here-are-the-6-stocks-that-rise-when-nvidia-shares-fall.html">reported</a> on Thursday.
The Pearson correlation coefficient, a measure of linear correlation between two variables, was used in the analysis to determine the relationship between the stock prices. The analysis screened S&amp;P 500 stocks that show an inverse correlation to Nvidia over a month and year period, following Nvidia&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38177926/whats-next-for-nvidia-as-stock-enters-correction-zone-munster-singles-out-crucial-q">stock falling into correction territory</a> for the second time this month. 
Some technical analysts have suggested that it might be time for investors to offload Nvidia too. Katie Stockton of Fairlead Strategies noted that chart patterns suggest a deeper pullback might be on the horizon "just in time for the seasonal adage of ‘sell in May, and go away' to manifest itself in investor behavior." 
See Also: <a href="https://www.benzinga.com/news/24/04/38286752/elon-musk-reacts-as-marc-andreessen-says-google-is-literally-run-by-employee-mobs-with-chinese-spies?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As Marc Andreessen Says Google Is &#8216;Literally Run By Employee Mobs&#8217; With &#8216;Chinese Spies&#8217;</a>
Adam Parker of Trivariate Research also listed eight steady growth stocks that could replace Nvidia if investors are worried about overexposure.
Why It Matters: Nvidia&#8217;s stock has been in the spotlight recently. In April, Evercore ISI predicted that <a href="https://www.benzinga.com/markets/equities/24/04/38306414/nvidia-stock-could-see-81-upside-by-2025-says-evercore-isi-only-in-the-beginning-phases-of-gener">Nvidia&#8217;s stock could surge by 81% by 2025</a>, suggesting that the company was only in the initial stages of generating outsized returns. 
However, the stock has been under pressure due to concerns over rising interest rates and a slew of corporate earnings reports. This led to <a href="https://www.benzinga.com/top-stories/24/04/38313015/nvidia-etfs-take-center-stage-as-bears-bulls-duke-it-out-with-8-14-swings">significant swings in Nvidia ETFs</a> as bulls and bears battled it out. 
As of Thursday, Nvidia&#8217;s stock closed at $846.71, marking an increase of 0.76% from the previous close. The stock&#8217;s 52-week high and low are $974 and $262.25 respectively, indicating significant fluctuations in the stock&#8217;s performance.
Read Next: <a href="https://www.benzinga.com/news/24/04/38111017/tesla-ceo-elon-musk-disagrees-with-nvidias-jensen-huang-that-anyone-can-make-their-own-neural-networ?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Disagrees With Nvidia&#8217;s Jensen Huang That Anyone Can Make Their Own Neural Network: &#8216;It&#8217;s Insanely Hard&#8217;</a>
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