Stocks finished higher Tuesday as a series of stronger-than-expected quarterly earnings added to recent market strength despite mounting signals of a slowdown in post-pandemic growth.
Here are some of the top gainers for Tuesday:
1. Johnson & Johnson | Increase 2.4%
Johnson & Johnson (JNJ) - Get Free Report shares rose after the health care giant posted stronger-than-expected third-quarter earnings, and lifted its full-year revenue forecast, as vaccine sales are likely to reach $2.5 billion. Revenue totaled $23.3 billion, up 10.5% from a year ago, but missing analysts' estimates of $23.78 billion.
2. Travelers Companies | Increase 1.7%
Shares of Travelers Companies (TRV) - Get Free Report advanced after the property casualty insurer reported third-quarter earnings that rang in above analysts’ forecasts as a drop in what it calls "catastrophic losses" related to natural disasters like fires and hurricanes offset record net written premiums. Earnings totaled $662 million, or $2.62 a share, down from $827 million, or $3.23 a share, a year ago.
3. Sunnova Energy | Increase 5.2%
Sunnova Energy (NOVA) - Get Free Report shares surged after Truist analyst Tristan Richardson initiated coverage of the solar energy company with a buy rating and $50 price target. The analyst said he sees the company growing faster than the broader market because of its unique dealer model and comprehensive product offering, resulting in a "ramp of corporate cash flows and value generation for shareholders."
4. ChargePoint Holdings | Increase 6.5%
Shares of Chargepoint Holdings (CHPT) - Get Free Report advanced after Stifel analyst Stephen Gengaro initiated coverage of the electric vehicle charging network company with a buy rating and $29 price target. Gengaro said he sees ChargePoint as "very well positioned" to benefit from the expected sharp rise in EV charging infrastructure over the next 10-20 years. The company's strong network coupled with its capital-light business model should enable it to start generating positive free cash flow as early as 2024, he said.
5. Enphase Energy | Increase 4%
Enphase Energy (ENPH) - Get Free Report shares jumped after the solar-energy company said that it has started shipping its battery storage systems to customers in Belgium. Encharge battery storage systems are also currently available to customers in Germany and North America.