ENVX - Why Enovix Stock Topped the Market on Tuesday
2023-07-18 19:15:34 ET
Investors in tech hardware makers often get excited when their companies roll out new products, and that was the situation with Enovix (NASDAQ: ENVX) on Tuesday. The maker of cutting-edge silicon batteries introduced its latest offering, a move that was met with a nearly 4% bump in its share price. That was more than good enough to outpace the S&P 500 index, which got a comparatively modest 0.7% lift on the day.
Prior to market open today, Enovix announced the general availability of said product, its standard-sized Internet of Things (IoT) and wearables cell.
That wouldn't be impressive in and of itself in a market full of such goods. The difference is that, according to the company, it has a capacity advantage that can be up to double that of current offerings from rivals.
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Why Enovix Stock Topped the Market on Tuesday