Chart of Day: Generac Holdings (GNRC) – 5/28

With hurricane season about to start, keep an eye on generator stocks, like Generac (SYM: GNRC).

While the stock has already jumped from about $125 to $148.63, it could race higher on demand. After all, the 2024 storm season is already being forecast to be a bad one.

gnrc

The National Oceanic and Atmospheric Administration called for a more active than normal season — thanks in large part to the off-the-charts high temperatures in the Atlantic Ocean, as noted by the Miami Herald.

“NOAA is predicting that 17 to 25 named storms could form this year, with eight to 13 powering up into hurricanes and four to seven of those reaching major hurricane status, Category 3 or higher. That’s above the average: 14 named storms, 7 hurricanes and 3 major hurricanes.”

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