The stock market is set to close another exciting month, with the
on pace to end May in the green.
These are the best- and worst-performing stocks in the index for the month.
As of early afternoon Friday,
stock was the best performer with a gain of 57%, its best month since April 2013.
The solar industry has faced many challenges as inflation has pinched the consumer and high interest rates have hit demand. But First Solar, a solar panel technology company, has bucked the trend of the overall industry.
The company beat first-quarter earnings and revenue estimates on May 1, while also reiterating its outlook for 2024. While that helped push the stock higher, the major boost came on May 22, after UBS analysts Jon Windham and William Grippin raised their price target on the stock to $270 from $252 while reiterating their Buy rating.
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The analysts wrote in a research note that there is a direct line from artificial intelligence to First Solar. Shares jumped 19% that day.
Other top performers in the S&P 500 in May include
Moderna
,
HP
,
and
Software-design company
was the worst performer in the S&P 500, falling 25%, its biggest monthly loss since February 2022.
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On May 9, the stock dropped 27% after EPAM topped first-quarter estimates but issued disappointing guidance. For its second quarter, the company said it expects adjusted earnings of between $2.21 and $2.29, while as of April 30, the consensus call on Wall Street was for $2.44.
The company also scaled back its earnings forecast for the full year, calling for an adjusted profit of $10 to $10.30, compared with a prior range of $10 to $10.40.
Other bottom performers in the index this month include
and
Dayforce
.
Write to Angela Palumbo at angela.palumbo@dowjones.com and Emily Dattilo at emily.dattilo@dowjones.com
