2023-08-12 12:35:36 ET
The Industrial Select Sector ( XLI ) rose +0.6% for the week ending Aug. 11 and was among the 8 of the 11 S&P 500 sectors which closed the week in green. However, the SPDR S&P 500 Trust ETF ( SPY ) fell ( -0.26% ) for the second week in a row. Year-to-date, XLI has risen +10.87% , while SPY has gained +16.53% . Earnings continued to play a vital role in stock movements this week as well.
The top five gainers in the industrial sector (stocks with a market cap of over $2B) all gained more than +8% each this week. YTD, all these 5 stocks are in the green.
Sterling Infrastructure ( NASDAQ: STRL ) +32.44% . The construction services provider saw its stock soar +22.28% on Tuesday following its Q2 results (post market a day ago) wherein the company raised its FY23 revenue outlook. YTD, the stock has surged +146.31% , the most among this week's top five gainers for this period.
STRL has a SA Quant Rating — which takes into account factors such as Momentum, Profitability, and Valuation among others — of Strong Buy . The stock has a factor grade of B+ for both Profitability and Growth. The average Wall Street Analysts' Rating is Buy rating, wherein 1 analyst tags the stock as Strong Buy while the only other sees the stock as Hold.
Veritiv ( VRTV ) +18.96% . The stock soared +19.68% on Monday after Veritiv — a distributor of packaging, facility solutions and print products — said it was being acquired by an afiliate of private-equity firm Clayton Dubilier & Rice in a a $2.3B deal. YTD, the stock has risen +38.02% .
The chart below shows 6-months price-return performance of the top five gainers and SPY:
Axon Enterprise ( AXON ) +16.79% . The Taser energy weapon maker stock surged +14.06% on Wednesday following its Q2 results (post market a day ago), which beat estimates.
The SA Quant Rating on AXON is Hold with score of B+ for Momentum and F for Valuation. The rating is in contrast to the average Wall Street Analysts' Rating of Strong Buy , wherein 6 out of 12 analysts see the stock as such.
Resideo Technologies ( REZI ) +8.06% . The Scottsdale, Ariz.-based company leapfrogged from the decliners' list it found itself inlast week to be among the gainers this week. YTD, +0.30% . The SA Quant Rating on REZI is Hold , with factor grade of C+ for Profitability and A for Valuation. The average Wall Street Analysts' rating is Buy , wherein 4 out of the 6 analysts view the stock as Hold.
Applied Industrial Technologies ( AIT ) +8% . Shares of the industrial parts distributor rose +6.73% on Thursday after Q4 GAAP EPS and revenue surpassed estimates. The SA Quant Rating on AIT is Buy , while the average Wall Street Analysts' Rating is Strong Buy . YTD, the stock has gained +21.08% .
This week's top five decliners among industrial stocks (market cap of over $2B) all lost more than -11% each. YTD, 2 out of these 5 stocks are in the red.
Forward Air ( NASDAQ: FWRD ) -29.63% . The freight and logistics company's stock fell -25.35% on Friday after at least three firms downgraded the stock on concerns that its $3.2B cash-and-stock acquisition of Omni Logistics will add risks to the company's business.
The SA Quant Rating on FWRD is Hold with a factor grade of B+ for Profitability and D+ for Valuation. The average Wall Street Analysts' Rating agrees with a Hold rating of its own, wherein 4 out of 7 analysts see the stock as such. YTD, the stock has declined -25.97% .
Plug Power ( PLUG ) -21.19% . The shares fell -15.81% on Thursday after pushing out hydrogen production targets . The SA Quant Rating on PLUG is Sell with score of D+ for Growth and D- for Momentum. The rating is in contrast to the average Wall Street Analysts' Rating of Buy , wherein 16 out of 30 analysts tag the stock as Strong Buy. YTD, the stock has fallen -26.35% , the most among this week's worst five decliners.
The chart below shows 6-months price-return performance of the worst five decliners and XLI:
Symbotic ( SYM ) -18.80% . The stock came down from last week's rally and landed among the decliners this week. However, YTD, the stock has gained tremendously, +264.57% . The SA Quant Rating on SYM is Hold with score of D- for both Profitability and Growth. The average Wall Street Analysts' Rating has a more positive view with a Buy rating, wherein 7 out of 13 analysts tag the stock as Strong Buy.
LegalZoom.com ( LZ ) -18.60% . Shares of the online legal and compliance solutions provider fell -20.46% on Wednesday after its Q2 results (post market a day ago). The SA Quant Rating on LZ is Hold , while the average Wall Street Analysts' Rating is Buy . YTD, the stock has jumped +62.79% .
Copa Holdings ( CPA ) -11.13% . The Panama-based airline company's stock declined thoughout the week, with the most on Thursday -5.44% after Q2 revenue ( reported a day ago post market) missed estimates. The SA Quant Rating and the average Wall Street Analysts' rating, both, on CPA is Strong Buy . YTD, the stock has gained +17.46% .
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Sterling climbs to top industrial gainer of week, M&A drags down Forward Air