CGNX - Why Shares in Cognex Soared in December
2024-01-08 07:15:10 ET
Shares in machine vision company Cognex Corporation (NASDAQ: CGNX) gained 10.7% in December, according to data provided by S&P Global Market Intelligence .
The move comes as the market hopes a lower interest rate environment in 2024 will lead to a recovery in Cognex's main end markets. It's not a coincidence that many cyclical stocks, those whose revenue and earnings fluctuate with the economy, did well in December as market interest rates continued the decline that had begun in October.
It was far from a vintage year for the company, as it encountered pressure on its primary end markets, namely consumer electronics, automotives, and logistics (e-commerce fulfillment).
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Why Shares in Cognex Soared in December