![]() ![]() Other stocks with large gains included Dick's Sporting Goods DKS, which impressed investors after it not only beat both FactSet earnings per share and revenue estimates for the second quarter but also increased its same-store sales growth range to negative 2% to negative 6% from negative 2% to negative 8%. Investors cheered strong results that showed the firm's revenue increasing 13% during its second quarter. Shares of oilfield servicer Weatherford International WFRD rose 52.53% in the third quarter and ranked fourth among the top-performing U.S.-listed stocks covered by Morningstar analysts. Solar panel manufacturer First Solar FSLR was the top performer, while Stem STEM, SunPower SPWR, and Enphase Energy ENPH also ranked in the top 10. "The act includes a bevy of clean energy incentives," says Morningstar equity analyst Brett Castelli. Which Stocks Performed the Best in the Third Quarter?ĭriving the top performers among stocks covered by Morningstar analysts were names set to benefit from the Inflation Reduction Act that was signed into law by President Joe Biden in mid-August. ![]() Furthermore, only 110 stocks fell by 20% or more, less than half the 301 stocks that fell that much in the previous quarter. While 593 closed the quarter lower, that is fewer than the 758 that fell during 2022's second quarter. Reflecting the more muted declines in the broad market, declines on individual stocks were also less drastic. That is more than the 110 that were up in the second quarter, when only eight stocks rose by 20% or more. Of the 852 U.S.-listed stocks covered by Morningstar analysts, 258 stocks rose, with 46 increasing by 20% or more. Overall, stocks in Morningstar's coverage performed better in the third quarter than they did in the second quarter. Gains in ConocoPhillips COP, up 16% for the quarter, and Marathon Petroleum MPC, up 21.55%, helped lift the energy by 3.12%. On a year-to-date basis, Tesla and Amazon finished the quarter down 24.70% and 32.22%, respectively. In addition, Amazon was up 6.4% for the quarter. ![]() The Morningstar Consumer Cyclical Index got a boost from Tesla TSLA, which rose 18.17% and is the second-largest stock in the index behind AMZN. Leading detractors to the sector's performance were American Tower AMT, which slid 16%, and Prologis PLD, which was down 13.08%.Ĭonsumer cyclical stocks rose 3.21% despite the group's sensitivity to the economy's ups and downs. Real estate was the second-worst-performing sector, where rising interest rates and concerns about slowing economic growth sent the Morningstar US Real Estate Index falling 10.7%. Dragging the sector lower were losses in index heavyweights Alphabet GOOGL GOOG, Meta Platforms META, and Verizon Communications VZ, which fell 12.00%, 15.86%, and 24.24%, respectively. The worst-performing sector was communications services, with the Morningstar US Communication Services Index down nearly 12.7% in the third quarter. With stocks erasing gains posted in the first half of the quarter, every sector except for consumer cyclical and energy was down at the end of the quarter. Retailers too, fared well, as consumer spending remained healthier than investors had expected.Įlsewhere, however, it was a bumpy road for stock investors as the market continued to be buffeted by rising interest rates and deepening worries about recession. The stock market remained treacherous through the third quarter of 2022, although one group did particularly well thanks to some help from government legislation: solar stocks. ![]()
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