Symbotic Leads as Top Industrial Gainer AgainLarge Caps 1 reply 0 likes 0 votes 151 views
Last week, the Industrial Select Sector (XLI) showed positive gains, rising by 2.98%. It was one of the few sectors in the S&P 500 that closed the week in the green. So far this year, XLI has experienced a rise of 7.37%.
The SPDR S&P 500 Trust ETF (SPY) also had a good week, with a 2.22% increase. The Federal Reserve's decision to keep its policy rate unchanged contributed to this growth, breaking a streak of 10 consecutive rate hikes. As a result, the S&P 500 index has enjoyed a five-week winning streak.
In the industrial sector, the top five gainers, all with a market capitalization of over $2 billion, saw significant increases of more than 12% each. Among these top performers, Symbotic Inc. (SYM) stood out by taking the top spot for the second consecutive week. The Massachusetts-based robotics warehouse automation company saw impressive gains of around 30% last week and an additional 18.87% this week. Overall, the stock has risen a remarkable 328.98% year-to-date, making it the highest gainer among the top five.
When considering the SA Quant Rating, which takes into account factors such as Momentum, Profitability, and Valuation, Symbotic Inc. received a Hold rating. Its Profitability grade is B+, but Growth is rated as D. However, it's interesting to note that the average Wall Street Analysts' Rating for Symbotic Inc. is Strong Buy, with 10 out of 13 analysts having that view.
Another notable gainer this week was Eve (EVEX), an electric air taxi developer. Its stock rose by 18.41%, with the most significant increase occurring on Tuesday (+8.78%). The SA Quant Rating for EVEX is Hold, with an A score for Momentum and D for Valuation. On the other hand, the average Wall Street Analysts' Rating gives it a Buy rating, with 3 out of 8 analysts considering it a Strong Buy. So far this year, EVEX has experienced a rise of 36.67%.
Turning our attention to the top five decliners in the industrial sector, we see that Mercury Systems (MRCY) suffered a decrease of 9.74% this week. The aerospace and defense products manufacturer has experienced a decline of 13.59% year-to-date, making it the worst performer among this week's decliners. The SA Quant Rating for MRCY is Sell, with a Profitability grade of D+ and Momentum grade of D-. In contrast, the average Wall Street Analysts' Rating considers it a Buy, with 3 out of 8 analysts giving it a Strong Buy rating.
ABM Industries (ABM), a company based in New York, also experienced a decline of 8.69% this week. However, its year-to-date performance is not as negative, with a dip of only 4.66%. The SA Quant Rating for ABM is Hold, with an A+ score for Growth and C+ for Valuation. Interestingly, the average Wall Street Analysts' Rating suggests a Buy, with 4 out of 8 analysts considering it a Strong Buy.
TriNet (TNET), a payroll services provider, saw its stock decrease by 8.25% this week. Despite this decline, the stock has seen a year-to-date increase of 44.59%, making it the best performer among this week's decliners. The SA Quant Rating for TNET is Hold, with a Profitability grade of B+ and Growth grade of D. In
contrast, the average Wall Street Analysts' Rating gives it a Buy, with 2 out of 6 analysts tagging it as a Strong Buy.
Lastly, Casella Waste Systems (CWST), a waste management company, experienced a decrease of 6.14% this week. The stock fell by 4.96% on Tuesday after the company announced its acquisition of Consolidated Waste Services and a stock offering. Despite this decline, CWST has seen a year-to-date increase of 9.47%. The SA Quant Rating for CWST is Hold, which differs from the average Wall Street Analysts' Rating of Buy.