Wednesday was a tough day for the stock market as investors reacted to the Federal Reserve’s decision to cut short-term interest rates by a quarter percentage point. Although the rate cut was expected, many weren’t happy with comments that Fed Chair Jay Powell made that suggested no further rate cuts would happen after this one. Even with the market’s significant drop, some stocks climbed on favorable earnings and other good news. Scotts Miracle-Gro (NYSE:SMG), Enphase Energy (NASDAQ:ENPH), and Edison International (NYSE:EIX) were among the top performers. Here’s why they did so well.
Scotts’ miracle growth
Shares of Scotts Miracle-Gro shot up almost 9% after the agricultural products company reported its fiscal third-quarter financial results. Overall revenue soared 18% from year-ago levels, and adjusted earnings saw a 16% increase over the same period. Many investors focused on organic sales growth of nearly 50% at the company’s Hawthorne hydroponic nutrients and lighting materials supply business. With Hawthorne getting a lot of attention because of its connection to the cannabis arena, news that the segment has done well was a big boon, and the unit’s purchase of Sunlight Supply should help expand Hawthorne’s reach and further support Scotts’ overall growth.
Image source: Scotts Miracle-Gro.
Enphase lights up
Solar power microinverter specialist E