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Snap, Enphase Energy, VF, and More

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Key Takeaways

  • U.S. equities rose at midday Wednesday, Feb. 7, 2024 as tech and consumer discretionary stocks gained after a slew of fresh earnings reports. 
  • Shares of Enphase Energy and other solar stocks rose after the solar equipment maker gave a positive outlook for demand and inventory reduction.
  • VF Corporation said it is considering divesting some of its brands in a restructuring, and shares slumped.

U.S. equities gained at midday as tech and consumer discretionary stocks gained after a slew of fresh earnings reports. The Dow, S&P 500, and Nasdaq all advanced.

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

Chipotle Mexican Grill (CMG) shares were also higher as the chain’s quarterly results beat expectations on higher prices and a jump in foot traffic.

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

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 itself of some of those brands as part of a restructuring.

Shares of Snap (SNAP) also plunged after reporting results that missed estimates, and Fox (FOXA) shares slumped as the media company’s ad revenue tumbled.

New York Community Bancorp (NYCB) shares extended their decline after plunging Tuesday as Moody’s downgraded its rating to junk status.

Amgen (AMGN) shares sank amid concerns about competition as the drug maker moves to enter the weight-loss treatment market, and after sales excluding those from its acquisition of Horizon Therapeutics were muted. 

Oil and gold futures were higher, as was the yield on the 10-year Treasury note. The U.S. dollar climbed versus the yen, but lost ground to the euro and pound. Trading in most major cryptocurrencies was mixed.

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