Top 5 Stock Market Insights for December 15, 2023: Costco Gains & GM Layoffs Explained

Market Highlights for December 15, 2023

Start your trading day with essential insights: Costco’s shares climbed following strong sales of Thanksgiving pies and gold bars, while General Motors announced layoffs tied to the end of Chevy Bolt production. Here’s the full breakdown investors need today.

1. Costco’s Stock Climbs with Impressive Sales of Gold Bars and Thanksgiving Pies

Costco Wholesale (COST) surged 1.5% in pre-market trading after reporting a 6.1% year-over-year increase in net sales, driven largely by robust food and merchandise demand. Notably, the retailer sold 4 million pies during the Thanksgiving weekend, alongside strong gold bar sales. Quarterly earnings beat expectations at $3.58 per share versus the anticipated $3.41, accompanied by a special cash dividend of $15 per share.

2. General Motors Plans to Lay Off 1,300 Workers as Chevy Bolt Production Ends

General Motors (GM) revealed plans to lay off approximately 1,300 employees as production of the Chevrolet Bolt concludes during the week of December 18. The Orion Assembly plant, a key production site, will transition to manufacturing electric trucks with a planned reopening in 2025. Additional layoffs are expected at GM’s Cruise robotaxi division. Despite the news, GM shares gained nearly 1% pre-market.

3. Solar Stocks Rally Amid Fed Rate Cut Speculation and Positive Analyst Ratings

Solar energy companies Enphase Energy (ENPH), SunRun (RUN), and FirstSolar (FSLR) extended gains by about 3% in early trading, fueled by optimism over potential Federal Reserve rate cuts. Jefferies analysts upgraded these stocks to “Buy,” highlighting their strong positions in utility-scale solar projects. SunPower (SPWR) and Array Technologies (ARRY) were rated “Hold” but still saw around 4% pre-market gains.

4. Investors Brace for High Volume and Volatility on Triple Witching Friday

Today marks a 'Triple Witching' day, featuring the simultaneous expiration of stock options, stock index futures, and options contracts. This event typically drives increased trading volumes and price swings, especially during the last hour of market activity, known as the 'Triple Witching Hour.'

5. Industrial Production and Capacity Utilization Forecasted to Rise

Economic reports due today forecast a 0.3% rise in the industrial production index for November, rebounding from last month’s 0.6% decline. Capacity utilization is expected to improve slightly to 79.1% from 78.9%, while the Empire State Manufacturing Survey anticipates a drop in general business conditions index to 4 from 9.1 in November. Data releases are scheduled for 8:30 a.m. and 9:15 a.m. ET.

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