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Market Movers: Air Products, Enphase, Newmount, and Fortrea

Since the sell-off in February 2024, Air Products and Chemicals (APD) is approaching a 52-week high. The stock, which pays a dividend that yields 2.53%, posted mixed Q2 results while reaffirming its outlook for 2024.

Air Products expects EPS of up to $12.50 in 2024, which represents growth of up to 9% Y/Y. On June 6, the firm signed a 15-year agreement with TotalEnergies (TTE). It will deliver 70,000 tons per year of green hydrogen starting in 2030. APD recognized the energy market’s transition where hydrogen is crucial. This is a stock to hold.

Enphase Energy (ENPH) lost 7.22% on Friday on no major news. Markets widely expected the U.S. International Trade Commission would vote in favor of tariffs against Asian solar panels. ENPH stock led the drop. Sunrun (RUN), SolarEdge Technologies (SEDG), and First Solar (FSLR) were among the stocks falling last week. Watch trading volumes in these stocks rise today.

Gold producer Newmont (NEM) lost 5% last Friday. The U.S. posted strong job data, which keeps rates higher and strengthens the U.S. dollar. This weakens the price of gold.

Fortrea Holdings (FTRE) stock has yet to bottom. Investors are avoiding the company after it posted a four-cent EPS loss in Q1. Its book-to-bill ratio was 1.11 times, while revenue fell by 4.6% Y/Y.