The stock market closed higher on Wednesday, as release of corporate earnings continued. Investors thought that this earnings season has gotten to a solid start.
Overall, S&P500 rose 0.2% to 4,566, while NASDAQ was flat at 14,358.
Tweet of the Day
One way to gain differentiated exposure to AI is to find out tech firms that have true AI transformation.
E.g. Adobe Firefly is closely matching the leaders in G-AI like Midjourney and Stability AI. And its ability to cover legal liabilities is a big differentiation. pic.twitter.com/saRQKM4r5E
— Convequity (@convequity) July 19, 2023
Chart of the Day
Here is the ten-year chart of Enphase (ENPH) as of June 28, 2023, when the stock was at $161.
Enphase is a global energy technology company that designs, manufactures, and sells solar energy solutions to homeowners and commercial owners. It produces fully integrated solar storage solutions that can manage energy generation, storage, control and communication using one intelligent platform. The company sells their products primarily to distributors who then sell them to solar installers.
ENPH has plunged since December, falling from a range of $260 – $340 to around $160 to $180. Meanwhile, the stock market has been in a ferocious Bull Market for growth stocks.
The company experienced weakness in the US despite the expansion in its European business. These demand issues are expected to slow revenue growth from 65% last quarter to 36% next quarter, 19% 2QtrsOut, 10% 3QtrsOut and 13% 4QtrsOut.
Enphase is significantly ramping up its presence in Europe in the coming months and years. The company is quite strong in Netherlands, France and Belgium.
ENPH is part of the Growth Portfolio.
