Enovix trades loser for top industry gainer, while shipping stocks see choppy waters – newsdubai

Wall Street saw stocks plummet and the Dow drop more than 1,000 points, while the Nasdaq fell ~4% following Federal Reserve Chairman Jerome Powell’s hawkish remarks at the Jackson Hole Economic Symposium, where he warned that the fight against inflation could lead to “some pain” for the economy.

While Enovix was the biggest gainer on positive analyst comments, shipping stocks led the losers’ list.

In the week ending August 26, the S&P 500 was in the red for the second week in a row (-3.99%) with 10 out of the 11 sectors in red. YTD, SPY is -14.66%. The Industrial Select Sector SPDR (XLI) also fell for a second week in a row (-3.36%). YTD, XLI is -9.72%.

The five biggest gainers in the industrials sector (stocks with market capitalization over $2B) all gained more than +5% each this week. But YTD is only one of these five stocks in the green.

Enovix (NASDAQ:ENVX) +18.10%. The Fremont, Calif.-based lithium-ion battery maker was back as the top gainer after two weeks, pulling away from last week’s loser mark. This week, Loop Capital doubled its price target on the company to $100 from $50, while maintaining a Buy rating on the stock; and Cowen sets a new price target to $36 from $19 and maintains an Outperform rating. Loop analyst Ananda Baruah sees growth potential, saying Enovix is ​​entering production and has access to seemingly “unlimited” demand. Meanwhile, Cowen analysts noted that ENVX shares have surged higher after its earnings, with Enovix saying its Automotive opportunity looms large as the company was just coming off promising early fast charging data and improved volumetric energy density and safety via BreakFlow.

The average Wall Street analyst rating on ENVX is Strong Buy, with 5 out of 6 analysts rating the stock a Strong Buy. The rating stands in contrast to the SA Quant Rating of Hold, which takes factors such as Valuation and Profitability into account, among other things. YTD, the stock has fallen -17.49%.

Kanzhun (BZ) +15.11%. The Chinese online recruitment platform was back among the winners after being the worst decliner three weeks ago. The company also reported its second-quarter results, with revenue beating estimates. However, the stock has continued its volatility, it was also among the biggest decliners for a week in July. BZ rose well in June (+30%) and was among the top five (in this segment). But the stock was among the worst five decliners in the first week of May, after peaking in the last week of April. Similar trends were seen in March.

YTD, BZ has fallen -30.53%. The SA Quant Rating on the stock is Hold, where Profitability has a factor grade of D+, while Growth has a factor grade of C+. The average Wall Street analyst rating is mixed and labels BZ a Strong Buy, with 8 out of 11 analysts giving the stock a Strong Buy rating.

The chart below shows the YTD price-return performance of the top five winners and the SP500:

Plug Power (PLUG) +7.90%. The Latham, New York-based company’s stock has also seen some significant gains (and at times losses) in the past two months. The stock rose this week driven by a green hydrogen supply deal with Amazon. PLUG was among the biggest gainers (in this segment) in the first week of August and experienced ups and downs in July and some gains in June.

The SA Quant Rating on the stock is Hold, with profitability and valuation both having a factor grade of F. The rating contrasts with the average Wall Street Analysts Rating of Buy, where 14 out of 28 analysts give the stock a strong buy rating. YTD, PLUG is up +2.52%the only stock among this week’s winners to be in the green for this period.

Ballard Power Systems (BLDP) +6.11%. The Canadian fuel cell systems developer jumped off the list of rejects it was on last week to take a place among the winners this week. The stock rose the most on August 24 (+8.81%). However, YD, BLDP have fallen -36.39%, the most among this week’s winners. The average Wall Street Analysts’ Rating and SA Quant Rating both have a Hold rating on the stock.

TFI International (TFII) +5.19%. The company is selling its non-dedicated Contract Freighters dry van and temperature-controlled truckload business and CFI Logistica operations in Mexico to Heartland Express for an enterprise value of $525m. USD. YTD, the stock has fallen -4.26%. The SA Quant Rating on TFII is Strong Buy, while the average Wall Street Analyst Rating is Buy.

This week’s five biggest decliners among industrial stocks (market cap over $2 billion) all lost more than -9% every. YTD, all five of these stocks are in the red.

ZIM Integrated Shipping Services (NYSE:ZIM) -16.43%. Certain ship stocks fell at the end of the week after reports that shipping companies continued to cite congestion at US and Canadian ports as the reason for canceling sailings in September. The stock fell the most on August 26 (-14.94%). ZIM also announced updates on withholding tax procedures on September 2022 cash dividends. Earlier this week, ZIM was downgraded at Citi to Neutral/High risk with the end of freight rates.

ZIM was among the worst five fallers in June. YTD, ZIM has sunk -30.26%. The SA Quant Rating on the stock is Hold, with Profitability having a factor grade of A+ and Growth with a factor grade of F. The average Wall Street Analysts’ Rating agrees and labels the stock a Hold, with 5 out of 7 analysts seeing it as a Hold.

Star Bulk Carriers (SBLK) -13.85%. The Greece-based shipping company’s stock fell the most on August 24 (-8.21%). Star Bulk – which was among the top five industrial stocks in 2021 (in this segment) – has fallen -5.03% YTD. The SA Quant Rating on SBLK is Hold, with profitability and valuation both having a factor grade of A+. The rating differs from the average Wall Street analyst’s Buy rating, with 4 out of 6 analysts labeling it a Strong Buy.

The chart below shows YTD price-return performance for the worst five decliners and XLI:

3M (MMM) -11.06%. The stock fell the most on August 26 (-9.58%) after the company lost its bid to block more than 230,000 lawsuits accusing it of injuring American soldiers. According to a report last week, 3M could face more than $100 billion in losses and even bankruptcy due to lawsuits. The SA Quant Rating on the shares is Hold, with Profitability having a factor grade of A+ and Growth with a score of F. The average Wall Street Analysts Rating is consistent with a Hold rating, with 13 out of 21 analysts considering the stock a Hold. YTD has 3M thrown -27.30%.

Moog (MOG.A) -9.15%. The Aero-defense company’s share fell the most on August 26 (-8.84%). YTD, the stock has fallen -3.40%. The average Wall Street Analyst rating for MOG.A is Buy, while the SA Quant Rating is Strong Buy.

Stanley Black & Decker (SWK) -9.01%. The New Britain, Conn.-based company fell to a 2-1/2-year low. The stock was back among the worst five decliners after about a month. YTD, SWK has pitched -52.25%, the most among this week’s worst performers. The SA Quant Rating on the stock is Sell, which is in contrast to the average Wall Street Analysts Rating deviates from Hold.