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HomeFinance NewsAmgen Stock Triumphed, But Solar Shares Struggled in Q3.

Amgen Stock Triumphed, But Solar Shares Struggled in Q3.

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In the third quarter of 2023, healthcare company Amgen emerged as the top-performing stock in the Dow Jones Industrial Average, rising 21%. The boost came after Amgen reported better-than-expected second-quarter earnings and revenue, as well as an improved outlook for the rest of the year. The company also received approval from the Federal Trade Commission for its acquisition of Horizon Therapeutics. Zions Bancorp was the top performer in the S&P 500, with shares rising 30% due to strong second-quarter earnings and a rebound in deposits. PDD Holdings, the owner of online marketplace Temu, led the Nasdaq 100 with a gain of 42% thanks to strong earnings and news that Beijing may relax rules on foreign ownership in domestic publicly traded companies.

On the other hand, Walgreens Boots Alliance experienced a difficult quarter, with shares falling 22% and becoming the worst-performing stock in the Dow. This decline was due to the company slashing its full-year profit outlook in June, lower demand for Covid-19 tests, and the departure of key executives. SolarEdge Technologies also struggled during the quarter, with shares tumbling 52% and ranking as the worst-performing stock in the S&P 500. The solar panel maker faced challenges as rising interest rates made homeowners hesitant to invest in expensive solar projects. Enphase Energy, a maker of microinverters for solar panels, saw its stock fall 28% in the Nasdaq 100 due to a decline in solar-power demand. However, some analysts believe the solar industry will recover in 2024 as interest rates cool, making Enphase a potential investment opportunity.

In summary, the healthcare sector outperformed during the third quarter of 2023, with Amgen leading the Dow Jones Industrial Average and PDD Holdings leading the Nasdaq 100. Meanwhile, Walgreens Boots Alliance and SolarEdge Technologies faced challenges and had significant declines in their stock performance. Enphase Energy also struggled due to a decline in solar-power demand but may present a buying opportunity for investors as the solar industry is expected to recover in the coming years.

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