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Highlights:
- The ENPH stock grew over 71 per cent YTD.
- Both revenue and net income of Enphase Energy (ENPH) grew annually in Q3 FY22.
- Vertex Pharmaceuticals's (VRTX) product revenue jumped 18 per cent YoY in Q3 FY22.
The stock market has been highly volatile in 2022 amid inflationary pressures, recession concerns, and soaring interest rates by the central bank. The higher rates had restrained consumer spending in recent months while spurring worries over a potential economic recession.
Meanwhile, the technology stocks were among the worst-hit segments throughout the year, as the looming market uncertainties have subsided the risk-bet appetite of the investors. The investors stayed on the sideline from the mega-cap technology stocks.
However, the inflation data for October showed that the inflation has cooled down and advanced at its slowest pace in 2022. This has also given hopes to the investors that the Federal Reserve might ease its aggressive approach to taming inflation.
So, today we will be exploring two Nasdaq 100 stocks, which include Enphase Energy, Inc. (NASDAQ:ENPH), and Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), and their recent financial and stock performances.
Enphase Energy, Inc. (NASDAQ:ENPH)
The energy management technology firm, Enphase Energy has been one of the top-performing stocks in the Nasdaq 100 index, with a market cap of US$ 42.45 billion.
The stock of the firm, which develops and produces solar micro-inverters, and other related products for commercial and residential uses, surged 71 per cent YTD and about 25 per cent YoY.
In Q3 FY22, Enphase Energy Inc's net income was US$ 114.81 million on revenue of US$634.71 million, a significant increase from an income of US$ 21.8 million on revenue of US$ 351.51 million in Q3 FY21.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
The stock of the major biotechnology firm, Vertex Pharmaceuticals, that focuses on scientific innovations for creating transformative medicines jumped 44 per cent YTD and around 70 per cent YoY.
Vertex Pharmaceuticals' net product revenue grew 18 per cent YoY to US$ 2.33 billion in Q3 FY22, and its GAAP net income rose nine per cent YoY to US$ 931 million. The firm now expects its annual revenue to be between US$ 8.8 billion and US$ 8.9 billion in fiscal 2022 instead of US$ 8.6 billion to US$ 8.8 billion.
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Bottom line:
The latest reading of GDP by the Bureau of Economic Analysis showed that the US economy advanced faster than previously anticipated. The US economy grew at a 2.9 per cent rate in the third quarter, up from the 2.6 per cent previously reported.
The better-than-anticipated reading might lift the investors' spirits who were anticipating a potential economic recession. However, the layoffs from some big companies like Amazon.com Inc (NASDAQ:AMZN), FedEx Corporation (NYSE:FDX), etc., have cemented bets that the economy is heading towards a recession.
So, the investors might consider the indices' performance and the current market uncertainties before putting their bets into any assets. Notably, the Nasdaq 100 index fell over 29 per cent YTD while adding about five per cent through the ongoing quarter.
