SONO - Despite Some Big Losers These Growth Stocks Are Keeping the Nasdaq Bull Market Going
While it's a relatively quiet day for the Nasdaq Composite (NASDAQINDEX: ^IXIC) itself today, there's a lot of volatility within its component stocks. As of 1:23 p.m. ET on Aug. 11, the stock index is up a modest 0.25%. That's good enough to keep it up more than 20% from the recent lows in June, continuing its recent bull run.
Shares of battery maker Enovix (NASDAQ: ENVX) are up 32%, and shares of both 23andMe (NASDAQ: ME) and Trupanion (NASDAQ: TRUP) are up around 7%. On the downside, shares of smart-speaker maker Sonos (NASDAQ: SONO) and card issuing and payment processing company Marqeta (NASDAQ: MQ) are both down around 25% at this writing.
Since its founding, Enovix has been almost entirely focused on research and development. But in 2021, it made a commitment to begin the transition from developing a product to making it -- and selling it -- by the second quarter of 2022. Well, it met that goal in the quarter, shipping battery cells to 10 original equipment manufacturers (OEMs), which will use the cells in their products, and generating a modest amount of revenue from those cells. Needless to say, investors were incredibly pleased by this, as it positions the company to begin generating cash flows and delivering on its potential.
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Despite Some Big Losers, These Growth Stocks Are Keeping the Nasdaq Bull Market Going