Joby surges to top industrial gainer of week, UniFirst lands among losers

For the week ending June 30, the Industrial Select Sector (XLI) gained +3.91%, while year-to-date in H1 it has risen +9.28%. Meanwhile, the SPDR S&P 500 Trust ETF (SPY) gained +2.32% for the week and +15.91% YTD in the first half of 2023.

The top five gainers in the industrial sector (stocks with a market cap of over $2B) all gained more than +14% each this week. YTD, all these 5 stocks are in the green.

Joby Aviation (NYSE:JOBY) +62.34%. The electric air-taxi maker’s stock rose the most on Wednesday (+40.22%) after the company said it received a certificate from the Federal Aviation Administration (FAA) for its first production prototype which will allow it to start flight testing. The stock continued its rally on Thursday as well.

Joby has a SA Quant Rating — which takes into account factors such as Momentum, Profitability, and Valuation among others — of Hold. The stock has a factor grade of D- for Profitability and C for Growth. The average Wall Street Analysts’ Rating agrees with a Hold rating of its own, wherein 3 out of 7 analysts see the stock as such. YTD, the stock has soared +206.27%, the most among this week’s top five gainers.

Enovix (ENVX) +30.82%. Shares shot up +25.23% on Tuesday after the company said it received a purchase order to produce battery cells for the U.S. Army. The lithium-ion battery maker’s shares continued to gain in the remainder of the week.

The SA Quant Rating on Enovix is Hold with score of A for Momentum but D+ for Valuation. The average Wall Street Analysts’ Rating differs with a Strong Buy rating, wherein 10 out of 12 analysts tag the stock as such. YTD, +45.02%.

The chart below shows YTD price-return performance of the top five gainers and SPY:

ArcBest (ARCB) +15.73%. The trucking sector reacted to news on Tuesday that Yellow Trucking Company could be heading for a bankruptcy. Bank of America saw a big upside for other trucking stocks if Yellow were to file for bankruptcy or restructure. A smaller Yellow fleet is forecast to materially drive LTL (less-than-truckload) pricing higher. ArcBest was among the stocks that surged on Tuesday (+9.16%).

ARCB has a SA Quant Rating of Hold with factor grade of B+ for Profitability but F for Growth. The average Wall Street Analysts’ is more positive with a Buy rating, wherein 6 out of 11 analysts view the stock as Strong Buy. YTD, +41.05%.

Generac (GNRC) +15.54%. The generator maker’s stock surged +8.79% on Tuesday after a news report noted that the company saw rising demand as a heat wave in the southern U.S. triggers worries about straining the power grid. YTD, the shares have jumped +48.15%. The SA Quant Rating on GNRC is Hold, which is in contrast to the average Wall Street Analysts’ Rating of Buy.

XPO (XPO) +14.70%. The freight transportation services provider was among the trucking companies that gained on Tuesday (+6.77%) following the news linked to Yellow Trucking Company. YTD, the shares have risen +77.23%. The SA Quant Rating on XPO is Hold but the average Wall Street Analysts’ Rating is Buy.

This week’s top five decliners among industrial stocks (market cap of over $2B) did see much losses relative to prior weeks. YTD, 3 out of these 5 stocks are in the red.

UniFirst (NYSE:UNF) -6.47%. The uniform maker’s stock fell -6.99% on Tusday after the company’s Q3 results despite revenue surpassing estimates. YTD, the stock has slumped -19.68%, the most among this week’s top five decliners.

The SA Quant Rating on UNF is Sell with a factor grade of D for Growth and Momentum. The average Wall Street Analysts’ Rating differs with a Hold rating, wherein 3 out of 5 analysts tag the stock as such.

Eve Holding (EVEX) -2.33%. Electric air taxi developer Eve did not have the same fate as its peer Joby but it did pare off losses incurred in the first two days, after Joby’s announcement on Tuesday. YTD, Eve’s shares have climbed +45.56%, the most gains among this week’s top five decliners.

The SA Quant Rating on EVEX is Hold with score of A for Momentum but F for Profitability. The average Wall Street Analysts’ Rating differs with a Buy rating, wherein 3 out of 8 analysts tag the stock as Strong Buy.

The chart below shows YTD price-return performance of the worst five decliners and XLI:

Valmont Industries -1.87%. The metal products maker has a SA Quant Rating of Hold with factor grade of B for Profitability and C for Growth. The average Wall Street Analysts’ disagrees with a Buy rating, wherein 3 out of 7 analysts view the stock as Strong Buy. YTD, the stock has declined -11.98%.

Brady (BRC) -1.1%. The identification solutions provider is in the green, YTD, +1%. The SA Quant Rating on BRC is Hold, while the average Wall Street Analysts’ Rating is Buy.

Exponent (EXPO) -0.89%. The shares of the Menlo Park, Calif.-based engineering consulting company have declined -5.82% YTD. The SA Quant Rating on EXPO is Hold, which differs from the average Wall Street Analysts’ rating of Buy.