Home News Snap, Enphase Energy, VF and more

Snap, Enphase Energy, VF and more

by SuperiorInvest

Key takeaways

  • US stocks rose at midday on Wednesday, February 7, 2024, as technology and consumer discretionary stocks rose after a series of new earnings reports.
  • Shares of Enphase Energy and other solar energy stocks rose after the solar equipment maker gave a positive outlook for demand and inventory reduction.
  • VF Corporation said it is considering selling some of its brands in a restructuring, and shares plunged.

U.S. stocks rose in midday trading as technology and consumer discretionary stocks rose after a series of new earnings reports. The Dow, S&P 500 and Nasdaq all advanced.

Shares of Enphase Energy (ENPH) and others in the solar energy industry rose as the solar equipment maker said it anticipates sales will increase and its inventory will reach normal levels by the second half of the year.

Shares of Chipotle Mexican Grill (CMG) also rose as the chain’s quarterly results beat expectations for higher prices and an increase in foot traffic.

Emerson Electric (EMR) reported better-than-expected results and guidance as demand for its automation equipment increased.

VF Corporation (VFC) was the worst-performing stock in the S&P 500, as the owner of Vans, North Face and other brands explained it was reviewing whether to divest some of those brands as part of a restructuring.

Snap (SNAP) stock also plunged after reporting results that missed estimates, and Fox (FOXA) stock plunged as the media company’s advertising revenue fell.

Shares of New York Community Bancorp (NYCB) extended their slide after plunging on Tuesday when Moody’s downgraded its rating to junk status.

Shares of Amgen (AMGN) sank amid concerns about competition as the drugmaker tries to enter the weight-loss treatments market, and after sales, excluding those from its acquisition of Horizon Therapeutics, were silenced.

Oil and gold futures rose, as did the 10-year Treasury yield. The US dollar rose against the yen, but lost ground against the euro and the pound. Trading in most major cryptocurrencies was mixed.


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