For the week ending June 30, the select industrial sector (XLI) won +3.91%while since the beginning of the year in the first half, it has increased +9.28%. Meanwhile, the SPDR S&P 500 Trust ETF (TO SPY) won +2.32% for the week and +15.91% YTD in the first half of 2023.
The first five winners in the industrials sector (stocks with a market capitalization of more than $2 billion) have all gained more than +14% everyone this week. Since the start of the year, these 5 stocks have all been in the green.
Joby Aviation (New York stock market :JOBY) +62.34%. The electric air taxi maker’s stock rose the most on Wednesday (+40.22%) after the company said so received a Federal Aviation Administration (FAA) certificate for its first production prototype that will allow it to begin flight testing. The stock continued its rally on Thursday as well.
Joby has an SA Quantitative Rating – which takes into account factors such as momentum, profitability and valuation, among others – of Plug. The stock has a factor rating of D- for Profitability and C for Growth. The average Wall Street analyst rating is consistent with a Plug its own rating, in which 3 out of 7 analysts consider the stock as such. Since the start of the year, the stock has skyrocketed +206.27%the most among this week’s top five winners.
Enovix (ENVX) +30.82%. Stocks surged +25.23% Tuesday after the company said it had received a purchase order for produce battery cells for the US military. Shares of the lithium-ion battery maker continued to gain for the rest of the week.
The SA quantitative rating on Enovix is Plug with a score of A for Momentum but D+ for Valuation. The average rating of Wall Street analysts differs from one strong purchase rating, in which 10 out of 12 analysts label the stock as such. YTD, +45.02%.
The chart below shows YTD price-yield performances of the top five winners and SPY:
ArcBest (ARCB) +15.73%. The trucking industry reacted on Tuesday to news that Yellow Trucking Company could be title for bankruptcy. Bank of America saw a big upside to other trucking stocks if Yellow were to file for bankruptcy or restructure. A smaller yellow fleet should cause LTL (less-than-truckload) prices to rise significantly. ArcBest was among the stocks that surged on Tuesday (+9.16%).
ARCB has an SA quantitative rating of Plug with a factor rating of B+ for profitability but F for growth. The average of Wall Street analysts is more positive with a Buy rating, in which 6 out of 11 analysts consider the stock a strong buy. YTD, +41.05%.
Generac (GNRC) +15.54%. Generator maker’s stock jumped +8.79% Tuesday after a news report noted that the company has seen demand increase as a heat wave in the southern United States raises concerns about power grid voltage. Since the start of the year, stocks have surged +48.15%. The SA quantitative rating on GNRC is Plugwhich contrasts with the average Wall Street analyst rating of Buy.
XPO (XPO) +14.70%. The freight service provider was among the trucking companies that won on Tuesday (+6.77%) following the news related to Yellow Trucking Company. Since the start of the year, stocks have risen +77.23%. The SA Quant Rating on XPO is Plug but the average Wall Street analyst rating is Buy.
This week’s top five declines among industrial stocks (market cap over $2 billion) saw large losses from previous weeks. Since the start of the year, 3 of these 5 stocks have been in the red.
UniFirst (New York stock market :A F) -6.47%. Uniform maker’s stock plummeted -6.99% Tuesday after the company’s third quarter results despite higher-than-estimated revenues. Since the beginning of the year, the title has collapsed -19.68%the most among the top five declines this week.
The quantitative rating SA on UNF is Sell with a D factor rating for Growth and Momentum. The average rating of Wall Street analysts differs from one Plug rating, in which 3 out of 5 analysts label the stock as such.
Eve holding (EVEX) -2.33%. Electric air taxi developer Eve did not suffer the same fate as counterpart Joby, but it made up for the losses it suffered in the first two days, after Joby’s announcement Tuesday. Since the start of the year, shares of Eve have soared +45.56%the most gains among the top five declines this week.
The SA Quant rating on EVEX is Plug with a score of A for Momentum but F for Profitability. The average rating of Wall Street analysts differs from one Buy rating, in which 3 out of 8 analysts label the stock as Strong Buy.
The chart below shows YTD price-yield performance of the five worst decliners and XLI:
Valmont Industries -1.87%. The metal products manufacturer has an SA quantitative rating of Plug with a factor rating of B for profitability and C for growth. The average Wall Street analyst disagrees with a Buy rating, in which 3 out of 7 analysts consider the stock a strong buy. Since the beginning of the year, the title has fallen -11.98%.
Exponent (EXPO) -0.89%. Shares of the Menlo Park, Calif.-based engineering consulting firm fell -5.82% YTD. The SA quantitative rating on EXPO is Plugwhich differs from the average Wall Street analyst rating of Buy.