It's Monday, and stock markets appear to be in a good mood again. The S&P 500 was up nearly a full percentage point at 12:50 p.m. EST, and the tech-heavy Nasdaq was up about half a point. Alternative-energy stocks are doing particularly well, with shares of Enphase Energy (NASDAQ:ENPH) up 4.3%, Westport Fuel Systems (NASDAQ:WPRT) 11.4%, and Blink Charging (NASDAQ:BLNK) an eye-popping 12.9%.
The reason is today's coronavirus news: Moderna (NASDAQ:MRNA) announced that its mRNA-1273 coronavirus vaccine is 94.5% effective at preventing infection. In part, the three stocks were also helped by energy markets' response to that news: WTI crude oil prices rose 3%, and Brent crude is doing nearly as well with a 2.8% price gain.
But these three stocks are moving to their own specific news, too.
Enphase Energy just announced an agreement with Filipino solar energy provider MSpectrum to install Enphase's solar microinverters in residential and commercial solar panels in the Philippines beginning next quarter, TheFly.com reports. The company is also benefiting from a raised price target at British investment bank Barclays, which sees Enphase stock (currently at $121 and change) as being worth $142 per share.
Westport Fuel Systems today reported an agreement with an unnamed European original equipment manufacturer to incorporate Westport's technology into "an updated base engine platform" for use in European heavy-duty trucks fueled by liquefied natural gas.
Finally, Blink stock is charging ahead on its announcement of a new "cable management solution" that should make charging electric cars easier and safer, which Blink says "addresses the needs of the estimated $17.6 billion global EV charging infrastructure market."
Investors like news announcements with the words "billion dollar" in them. They like reading about new customers and new manufacturing partners, too. Still, the best news of all is when a company reports strong and growing profits, and as of today, Enphase Energy is the only one of these three alternative-energy stocks doing that.
With trailing GAAP profits of $178 million earned over the last 12 months, and positive free cash flow of $215 million, if you're looking for the stock best positioned to reward you for your investment, Enphase Energy is probably the best bet on today's list.