Investing.com — While we haven’t yet had a full week back following the holidays, there has been plenty of news and market moves for investors to digest. Here are Investing.com’s stocks of the week:
Insurance Stocks, Edison, PCG
The California wildfire has had a significant impact, and according to RBC Capital, “is expected to be among the most costly in history, particularly given the number of high-value homes impacted.”
“Since the fires are still burning, it is difficult to obtain a full assessment of the damage, but we think this could produce losses of at least $10–20 billion (could be even higher depending on the longevity of the situation),” added the bank.
The fires resulted in the movement of stocks such as Edison and Pacific Gas and Electric, which are down -5.8% and -10.5%, respectively, on Friday. Edison declined more than 10% in Wednesday’s session.
Elsewhere, insurance stocks have also declined, with names including Allstate (NYSE:ALL) and Chubb (NYSE:CB) down more than 6% and 4%, respectively.
Mobileye Global (NASDAQ:MBLY)
MBLY has plunged more than 20% this week. The decline follows the company’s presentation at the Consumer Electronics Show (CES).
Investors appeared to react to the lack of new commercial progress updates during the event, which contrasted with the high expectations set by the company’s previous announcements.
Bloomberg Intelligence analyst Jake Silverman pointed out that the presentation did not deliver updates on new commercial milestones.
Silverman explained, “Mobileye’s CES address was lacking commercial progress updates following an eventful capital markets day in December, likely causing the negative stock reaction.
Airline Stocks
Airline stocks were given a boost Friday after Delta Air Lines’ latest quarterly earnings report beat consensus expectations. The carrier said it saw an acceleration in demand through its fourth quarter. As of 01:35 pm ET Friday, Delta Air Lines (NYSE:DAL) shares are up around 9.4%.
“As we move into 2025, we expect strong demand for travel to continue, with consumers increasingly seeking the premium products and experiences that Delta provides,” said CEO Ed Bastian.
Reacting to the results, other airlines, such as United (+4%) and American (+4.3%), also made solid gains.
Constellation Energy (NASDAQ:CEG)
Constellation Energy shares surged more than 25% Friday. The rise follows news that the company will acquire privately-held natural gas and geothermal company Calpine Corp. in a cash and stock deal valued at approximately $16.4 billion.
Bank of America raised its target for CEG to $308 from $269 following the announcement.
“We do not expect significant regulatory challenges. This transaction would likely require approval at the FERC for market power, the Department of Justice (Hart-Scott-Rodino Anti-Trust), and PUCs,” stated the bank.
“While we do not anticipate this will be a lengthy or challenging process, there could be potential market power issues given the consolidated generation position in PJM. Constellation has stated they will propose a limited PJM asset sale to mitigate market power concerns.”
Snap
Snap shares are up more than 6% at the time of writing on Friday as the Supreme Court weighs a potential U.S. ban on social media app TikTok.
TikTok is appearing before the US Supreme Court today in a last-ditch attempt to overturn a ban.
It was reported by Reuters earlier in the day that Supreme Court justices “indicated skepticism” towards the challenge by TikTok and Chinese parent company ByteDance.
