We recently published a list of Ten companies oppose widespread market optimism. In this article, we’re going to take a look at where CNX Resources Corporation (NYSE:CNX) stands versus other companies bucking the overall market optimism.
Wall Street’s major indexes finished in green territory on Friday amid a series of catalysts that boosted investor appetite.
The Dow Jones Industrial Average rose 0.80 percent, while the S&P 500 and Nasdaq Composite rose 1.26 percent and 1.77 percent, respectively.
Despite the widespread optimistic sentiment, 10 companies managed to record declines. Here’s why:
To determine Friday’s top losers, we consider only stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A long line of heavy trucks transporting natural gas across a rural highway.
CNX Resources Corporation (NYSE:CNX) shares recorded the biggest decline on Friday, falling 11.25 percent or 4.20 points to close at $33.12 each.
According to analysts, the company’s shares were weighed down by the lukewarm reception of the new hydrogen tax credits.
While recognizing the environmental and economic benefits of coal mine methane, CNX Resources (NYSE:CNX) said the final rules for Section 45V, the Clean Hydrogen Production Tax Credit, appear too restrictive and do not offer enough incentives. economical to expand your CMM. capture operations for the use of hydrogen.
Despite the reservations, the company said it plans to build on the validation and explore alternative incentive avenues for CMM, such as voluntary markets, other tax incentives and compliance program business opportunities.
In general, CNX takes 1st place on our list of companies buck the general market optimism. While we recognize the potential of CNX as an investment, our conviction lies in the belief that AI stocks hold more promise for generating higher returns and doing so in a shorter period of time. If you’re looking for an AI stock that has more promise than CNX but trades at less than 5x earnings, check out our report on cheapest AI stocks.
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Disclosure: None. This article was originally published in Internal jumpsuit.