Plug Power Emerges as Top Industrial Gainer as C.H. Robinson's Earnings Weigh Down

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03/02/2024 22h55

In a dynamic week for the industrial sector, Plug Power Inc. (PLUG) emerged as the top gainer, while C.H. Robinson Worldwide (CHRW) faced a setback due to earnings disappointment.

The Industrial Select Sector (XLI) witnessed a notable rise of 1.90% for the week ending on February 2, outperforming the SPDR S&P 500 Trust ETF (SPY), which climbed by 1.42%.

Plug Power, a company based in Latham, N.Y., experienced an impressive surge of 37.06% in its stock. The catalyst for this remarkable boost was Roth MKM's upgrade of the stock to Buy from Neutral, as they expressed confidence in the successful ramp-up of Plug Power's green hydrogen plant in Georgia. However, it's worth noting that Plug Power has a SA Quant Rating of Strong Sell, earning an F grade for Profitability and a C+ for Growth. Despite this, the average Wall Street Analysts' Rating remains positive, with 9 out of 29 analysts tagging the stock as Strong Buy.

Symbotic (SYM), a provider of warehouse automation systems, witnessed a significant increase of 23.05% in its shares. In the past year alone, the stock has surged by approximately 230%. The SA Quant Rating for SYM is Sell, with a B- score for Momentum and a C for Valuation. However, the average Wall Street Analysts' Rating paints a more favorable picture, with 9 out of 15 analysts giving the stock a Strong Buy rating.

Saia (SAIA), a trucking company, experienced a notable jump of 18.74% in its shares following the release of better-than-expected fourth-quarter results. The SA Quant Rating for SAIA is Hold, with a B grade for Profitability and a D for Valuation. The average Wall Street Analysts' Rating aligns with bullish sentiments, as all 21 analysts view the stock as a Strong Buy.

McGrath RentCorp (MGRC) saw its shares increase by 15.69% after the announcement that WillScot Mobile Mini (WSC) would acquire McGrath in a cash-and-stock deal worth $3.8 billion. The SA Quant Rating and the average Wall Street Analysts' Rating for MGRC are both Strong Buy.

Vertiv (VRT), which provides products and services for data centers and communication networks, enjoyed a steady climb in its shares throughout the week, except for Wednesday. The SA Quant Rating for VRT is Hold, while the average Wall Street Analysts' Rating is Strong Buy.

On the other side of the coin, C.H. Robinson Worldwide (CHRW) suffered a significant decline of 15.17% in its stock following the release of fourth-quarter adjusted earnings that underperformed estimates. The SA Quant Rating for CHRW is Hold, earning a B- grade for Profitability and a D for Momentum. The average Wall Street Analysts' Rating supports this sentiment, with 17 out of 26 analysts viewing the stock as Hold.

Additionally, Exponent (EXPO), an engineering consulting company, faced a decline of 11.55% in its shares due to mixed fourth-quarter results. The SA Quant Rating for EXPO is Sell, with a D+ score for Growth and a B for Momentum. However, one out of three analysts views the stock as a Strong Buy.

Rockwell Automation (ROK) experienced a decline of 11.55% in its shares after first-quarter results indicated the negative impact of supply-chain constraints and high customer inventories. The SA Quant Rating for ROK is Hold, with a B grade for Profitability and an A for Growth. Despite this, the average Wall Street Analysts' Rating remains positive, with 9 out of 26 analysts considering the stock a Strong Buy.

United Parcel Service (UPS) struggled with a decline of 10.95% in its stock following a mixed fourth-quarter earnings report and below-expectations full-year guidance. The SA Quant Rating for UPS is Hold, contradicting the average Wall Street Analysts' Rating of Buy.

Lastly, Avis Budget (CAR), a car rental company, experienced a dip of 7.21% in its shares on Wednesday. The SA Quant Rating for CAR is Hold, while the average Wall Street Analysts' Rating is Buy.

This week's market fluctuations highlight the volatility and differing perspectives within the industrial sector, with Plug Power's remarkable surge contrasting C.H. Robinson's disappointing earnings performance. Investors will continue to closely monitor these companies as they navigate various challenges in the market.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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