Growing AI chip demand and green energy in play today

& Finance Buzz

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Here are some of our top movers today. This week, we’ve had some MAJOR bangers on our SMS list for up-and-coming companies.
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FOCUS LIST🔎

LOOP – Up over 50% in pre-market after completing convertible preferred financing with Reed Societe Generale Group and selling the first technology license for an Infinite Loop manufacturing facility in Europe.

EVGO – Up over 10% in pre-market after closing a $1.25 billion guaranteed loan facility from the U.S. Department of Energy.

AVGO – Up over 17% in pre-market after reporting better-than-expected earnings and forecasting high demand for AI chips.

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HOTLIST🔥

LOOP – Up over 50% in the pre-market after completing convertible preferred financing with Reed Societe Generale Group and selling the first technology license for an Infinite Loop manufacturing facility in Europe.

Loop Industries Inc. (LOOP) is dedicated to advancing a circular plastics economy by producing 100% recycled polyethylene terephthalate (“PET”) plastic and textile-to-textile (“T2T”) polyester fiber.

Recently, the company announced securing €10 million through a convertible preferred security financing at a $4.75 conversion price with Reed Societe Generale Group, a European investment firm primarily owned by Societe Generale.

Additionally, as part of this transaction, Loop finalized the sale of its first Infinite Loop™ technology license, resulting in an initial payment of €10 million, with more milestone-based payments from Reed Societe Generale Group expected.

This funding will support the construction of the Infinite Loop facility in India and provide operational cash flow for Loop.

The company also announced the formation of a European partnership for deploying Infinite Loop manufacturing technology.

As a result, shares of LOOP soared over 50% in pre-market trading following the announcement.

The $1.75 threshold functioned as support in pre-market trading, making it crucial to monitor.

If prices rise above, key targets are $1.90, $2, and the pre-market peak at $2.08. Following that, targets include $2.20, $2.33, and $2.50.

Conversely, below $1.75, downside targets are $1.70, $1.55, $1.42, $1.33, and a gap fill at $1.23.

EVGO – Up over 10% in pre-market following the closure of a $1.25 billion guaranteed loan facility from the U.S. Department of Energy.

EVgo Inc. (EVGO) operates a fast-charging network for electric vehicles (EVs) across the United States.

In the after-hours yesterday, the company announced the successful closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy under its Title 17 Clean Energy Financing Program. This will aid EVgo in building convenient and reliable public charging infrastructure, including the construction of 7,500 new fast charging stalls nationwide.

This initiative will expand EVgo’s total owned and operated network to at least 10,000 fast charging stalls, allowing the company to more than triple its network footprint by 2029.

In response to this announcement, shares of EVGO increased over 10% in pre-market trading.

The $6.70 range served as support during pre-market trading, and it’s critical to keep an eye on this level.

If prices rise, upside targets include $7.10, $7.20, $7.46, $7.64, and eventually the after-hours high of $7.78. Further targets are $7.94 and $8.42.

If prices fall below $6.70, key downside targets are $6.60, $6.40, and a gap fill at $6.22.

AVGO – Up over 17% in pre-market after announcing better-than-expected earnings and strong forecast for AI chip demand.

Broadcom Inc. (AVGO) designs, develops, and supplies a variety of semiconductor devices focused on complex digital and mixed-signal complementary metal oxide semiconductors as well as analog III-V products globally.

Just after hours yesterday, the company reported its financial results for the fourth quarter and fiscal year ending November 3, 2024, provided guidance for the first quarter of fiscal year 2025, and announced its quarterly dividend.

Highlights include:

Broadcom’s revenue for fiscal year 2024 surged 44% year-over-year to a record $51.6 billion, with infrastructure software revenue rising to $21.5 billion, attributed to the successful acquisition of VMware.
In fiscal year 2024, adjusted EBITDA increased 37% year-over-year to a record $31.9 billion, with robust free cash flow excluding restructuring valued at $21.9 billion.

Looking ahead, management expects the first quarter of fiscal year 2025, ending February 2, 2025, to yield strong results.

The Board of Directors has approved a quarterly cash dividend of $0.59 per share, payable on December 31, 2024, to shareholders of record at the close of business on December 23, 2024.

Shares of AVGO rose over 17% in pre-market trading following the news.

The first target for bullish traders is the pre-market and all-time high at $214.36. Beyond this, there’s potential for further gains.

If prices fall below $214.36, key downside targets are $210, $205, $201.50, $200, $192, and $184, with a gap to fill at $180.66.

MARKET NEWS📰