Thursdays NYSE Momentum Watchlist: WOLF, GWH, PHIN, ACHR, WBX

Investors often look for a variety of things before deciding on whether a stock could be worth checking out or not. One of the factors they look into is momentum and for good reason too. With that in mind here is a look into five New York Stock Exchange-listed stocks that could be worth adding to the watch lists.

Wolfspeed Inc (NYSE:WOLF) – The company is the worldwide leader in silicon carbide technology and on Thursday it made an announcement with regards to a major new agreement. Wolfspeed Inc went into a partnership with Renesas Electronics Corporation, the premium advanced semiconductor solutions supplier over the execution of a wafer supply agreement.

Renesas deposited $2 billion by way of which it secured the supply of epitaxial wafers and silicon carbide from Wolfspeed for 10 years. The supply of the aforementioned materials to Renesas would help the company in rapidly scaling up its silicon carbide power semiconductors production from 2025.

The signing would be part of a ceremony, which would be held at the headquarters of Renesas in Tokyo. Wolfspeed would supply Renesas with 150 million silicon carbide bare and epitaxial wafer. The agreement also accounts for the possibility of supplying 200 million of these materials once the John Palmour Manufacturing Center for Silicon Carbide is fully functional. The news came as a boost for the Wolfspeed stock, which ended up with gains of 11% yesterday. There is a definite uptick in demand for more efficient power semiconductors due to the growth of renewable energy and electric vehicles.

ESS Tech Inc (NYSE: GWH) – The company is one of the leading manufacturers of long-duration energy storage systems and on Wednesday it was in prime focus. The ESS Tech Inc stock rallied strongly and ended up with gains of as much as 11% amidst significant interest. On Wednesday, the company said that the plaintiff voluntarily dismissed a class action lawsuit that relied on allegations from a short-seller report from the previous year without any payment or other consideration from the company.

On June 15, the company had signed an initial agreement with the major German energy provider LEAG for speeding up the transition to clean energy. It would be accomplished through the application of renewable generation and long-duration energy storage (LDES) using the iron flow battery technology from ESS Tech.

The definitive agreements and the regular financial close are expected to take place at some point in the third quarter of 2023. The two companies are going to work on the building of a 50 MW iron flow battery system located at the Boxberg Power Plant site and it is scheduled to be commissioned in 2027. The company is credited for having built up an iron-based LDES technology that deploys sustainable and safe battery chemistry. It helps in delivering utility-scale energy storage at a low cost.

PHINIA Inc (NYSE: PHIN) – The company was listed on the New York Stock Exchange yesterday as an independent entity on Wednesday and trading began on its stock on the same day. The listing proved to be successful on the face of it, given the PHINIA Inc stock gained strong momentum and ended up with gains of as much as 22% for the day.

The listing was a consequence of the company’s July 3 spin-off from BorgWarner and that led to the creation of a major Fuel Systems and Aftermarket business. PHINIA is focused on delivering innovative systems and components of higher quality for OE and aftermarket customers involved in industrial applications, light vehicles and commercial vehicles. That would also create the pathway for deploying fuel technology for the purpose of having a carbon-neutral future.

BorgWarner is a top-level auto components supplier and has increasingly become more focused on the growing electric vehicles market. The spinoff would help BorgWarner in focussing on electric vehicles while PHINIA would continue to work solely on fuel systems, aftermarket parts, and electrical systems. It would be interesting to see if the stock can maintain its momentum through to the end of the week.

Archer Aviation Inc (NYSE:ACHR) – The company is involved in the design and development of electrical vertical takeoff and landing aircraft. The aircraft are meant for air mobility networks in urban areas. Archer Aviation Inc is based out of Santa Clara, California and its aim is to free people to reinvent how they move and spend their time. The company’s stock was a notable mover yesterday and ended up with gains of 15% amidst strong momentum. On June 21, 2023, the company provided key details about its collaborations related to advanced avionics technology that had commenced in 2021.

The company is collaborating with Safran Electronics and Defense. Archer Aviation noted that it was looking to deliver path-breaking solutions through the use of the industry-leading components which are offered by Safran. The use SkyNaute and UCAP FCC from Safran are believed to be the keys in achieving certification efficiently. Safran is a major player in the worldwide safety critical hardware and software meant for the aviation industry.

Wallbox (NYSE: WBX) – It is a global technology company, which is focused on changing the way energy is consumed. The company is involved in the development of sophisticated electric vehicle charging and energy management systems that aim to redefine the relationship shared between users and networks. The company goes above and beyond the challenge of charging electric vehicles. It also provides consumers with the power to control their consumption and consequently save more money.

Last week Wallbox announced that its bestselling electric vehicle charger, the Pulsar Plus would be made available at Costco outlets across the United States. The company also announced at the time that from July 2023 the product would also be offered online through Costco.com. The Pulsar Plus offers unique energy management features and that gets rid of the possibility of going for upgrades that could be costlier. The Wallbox stock gained strong momentum yesterday and ended up with gains of more than 10% for the day.