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Today's Stock News: Enphase, Visa, Chubb, and Seagate
After posting quarterly results yesterday, investors have a chance to digest four companies today.
Enphase Energy (ENPH) is out of favor as investors sell clean energy-related companies. The company lost $16.1 million a share in Q1, compared to a $146.9 million profit. The nearly two-thirds decline in revenue Y/Y is highly disappointing.
Credit card giant Visa (V) has a good chance of revisiting the $290.96 high. IT closed at $274.11 on Tuesday, after posting revenue growth in Q2. It earned $2.41 a share. Expenses for the year will only grow in the low double-digit percentage.
Insurance firm Chubb (CB) posted net premiums growing to $11.58 billion, up by 14.2% Y/Y. Share slumped last night despite an increase in life insurance net premiums (+26.3%) and commercial insurance (+11.1%). Expect CB stock to trend higher as the firm benefits from pricing power.
In the tech sector, Seagate (STX) might recover to the $90 - $101 level. It reported Q2 revenue falling by 10.8% Y/Y to $1.66 billion. The storage firm is not an appealing investment today. Markets prefer to buy chip suppliers that benefit from the AI boom. This includes Micron Technology (MU) for HBM (high-speed memory) and GPU chip suppliers like Nvidia (NVDA) or AMD.
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