Stocks stumble after hot start 💨

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks turned in a poor performance after a big rally on Monday. The Nasdaq was the day’s lone gainer, albeit by a modest margin, while most indexes spent the entire session trading in the red.

Sponsored

We're In The Final Stages Of America's Cash Bubble 

A former hedge fund manager who is known for helping the ultra-elite protect their portfolios from massive wealth shifts has uncovered a bubble you NEED to know about.

In fact, we're in the final stretch before this bubble pops.

Fortunately, you can avoid the worst of the fallout if you take these three crucial steps now.

Get the Details Here

Market-Moving News 🔎 

🌬️ Offshore Wind Takes $6B in Write-Downs in Latest L for Renewables

The U.S. offshore wind industry is officially on the struggle bus. 🚌

Utility company Eversource [ES -7.7%] disclosed an expected impairment of up to $1.6 billion today. The company attributed this significant write-down to escalating construction costs and uncertainties in securing a new power sale contract in New York.

The New England-based utility is also negotiating with a private infrastructure investor to sell its 50% stake in three major projects.

🌊 Renewable Struggles
Eversource's challenges reflect broader trends in the green energy industry, and they’re shared by its partner, Danish energy firm Orsted.

In November, Orsted reported a massive write-down of approximately $4 billion, leading to the cancellation of two planned wind farms off New Jersey's coast.

This substantial loss highlights the increasing financial pressures on offshore wind projects, and raises concerns about the financial viability of many other ambitious wind energy projects.

🌍 Global Industry Impact

• Equinor's Setback: Norway's Equinor also faced financial difficulties, recording an impairment of around $300 million for its joint ventures off New York.

• BP's Financial Hit: Additionally, British energy giant BP [ADR: BP -1.5%] wrote down $540 million for its joint offshore wind projects in the same region.

Combined, these recent write-downs add up to upwards of $6 billion in lost estimated value, and they underscore the difficulties facing the offshore wind sector.

Supply chain disruptions, rising interest rates, and inflation have significantly hindered the sector’s growth and profitability over the past couple of years, and the impact is worsened by the relative costliness of offshore wind compared to alternative options.

The industry's struggles indicate the need for reassessment and strategic adjustments to navigate the current economic climate.

Zoomcar [ZCAR] $6.39 (+60.9%)
extended its gains after a rally last Friday. The company recently completed a merger with Innovative Intl. SPAC on Dec. 28th.

NexImmune [NEXI] $11.80 (+55.8%)
continued to gain ahead of a special shareholder meeting on Jan. 18th that will include a vote to potentially liquidate the company.

Mountain Crest IV [MCAF] $21.48 (+48.1%)
has been running hot since it extended its deadline last week. The SPAC expiration date was moved from Jan. 2nd to Apr. 2nd.

Denali Capital SPAC [DECA] $7.03 (35.2%)
fell after holding a crucial shareholder meeting early this morning. The company hasn’t disclosed the results of the meeting at this time.

Elicio Therapeutics [ELTX] $5.45 (30.3%)
published new preliminary Phase 1 data from its solid tumor study of ELI-002 that didn’t go over well with the market.

HWH Intl. [HWH] $2.82 (26.1%)
fell in its first day of trading since completing its business combination with Alset Capital on Monday. 

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

Text ELITESTOCKS to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.