4-week winning streak: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Bakkt Holdings (BKKT), Lucid Group Inc.(LCID), Ocugen Inc. (OCGN), Digital World Acquisition Corp. (DWAC) and Wolfspeed Inc. (WOLF).

  • Bakkt Holdings (BKKT) shares skyrocketed after news of recent partnership deals with Mastercard and Fiserv attracted attention for the fintech company.  
  • Lucid Group Inc. (LCID) shares shot up as the electric vehicle maker shared plans to deliver its first electric sedans, jumping over 72% at its highest point during the week’s rally.
  • Ocugen Inc. (OCGN) shares jumped as the World Health Organization’s technical advisory committee met to discuss emergency authorisation for the biotech company’s COVID-19 vaccine candidate.
  • Digital World Acquisition Corp. (DWAC) shares skyrocketed over 1,000% at one point last week, after the special purpose acquisition company (SPAC) announced that it would be joining former US president Donald Trump’s new media company venture. 
  • Wolfspeed Inc. (WOLF) shares popped after the semiconductor specialist released strong earnings. 

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Bakkt Holdings (BKKT)  33.11 (+363.85%) 42.21 Services
Lucid Group Inc. (LCID) 12.88 (+53.42%) 36.99 Services
Ocugen Inc. (OCGN) 3.52 (+42.31%) 11.84 Consumer Goods
Digital World Acquisition Corp. (DWAC) 17.75 (+35.50%) 67.75 Financial 
Wolfspeed Inc. (WOLF) 30.67 (+34.29%) 120.11 Technology

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Bloom Energy Corp. (BE), Hertz Global Holdings Inc. (HTZZ), QuantumScape Corporation (QS), Maxlinear Inc. (MXL) and Brinks Co. (BCO).

  • Shares of fuel cell company Bloom Energy Corp. (BE) soared following news of a huge supply deal with SK Ecoplant, a subsidiary of the South Korean technology conglomerate SK Group.
  • Hertz Global Holdings Inc. (HTZZ) shares popped after the car rental company, barely four months out of bankruptcy, placed an order for 100,000 Teslas for its rental car fleet in the single-largest purchase ever for electric vehicles.
  • QuantumScape Corporation (QS) shares jumped after the battery technology company announced that independent lab testing had verified the performance of its electric vehicle batteries.
  • Maxlinear Inc. (MXL) shares climbed after the network solutions provider beat analysts’ estimates for revenue and earnings per share in its third-quarter earnings report.
  • Brinks Co. (BCO) shares were up after the cash transport company beat previous guidance with twice the revenue, profits, and earnings per share.

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Bloom Energy Corp. (BE) 11.07 (+54.83%) 31.26 Industrial Goods
Hertz Global Holdings Inc. (HTZZ) 6.31 (+25.58%) 30.98 Services
QuantumScape Corporation (QS) 5.84 (+25.28%) 28.94 Consumer Goods
Maxlinear Inc. (MXL)  10.13 (+19.16%) 63.00 Technology
Brinks Co. (BCO) 9.89 (+16.77%) 68.88 Consumer Goods

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Futu Holdings Ltd. (FUTU), Kingsoft Cloud Holdings Ltd. (KC), WeWork Inc. (WE), Agora Inc. (API) and Upwork Inc. (UPWK).

  • Shares of Chinese online brokerage Futu Holdings Ltd. (FUTU) tanked after China’s central bank announced imminent stricter financial regulations were coming soon.
  • Kingsoft Cloud Holdings Ltd. (KC) shares plunged after the Chinese cloud services provider was downgraded by analysts. 
  • WeWork Inc. (WE) shares corrected after the flexible workspace provider’s initial spike upon going public last week via SPAC merger.    
  • Agora Inc. (API) shares slid following news that the Chinese tech company was being acquired by property insurer IQUW.
  • Shares of freelance marketplace Upwork Inc. (UPWK) fell after reporting disappointing third-quarter 2021 financial results.

 

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Futu Holdings Ltd. (FUTU) -18.28 (-25.46%)  52.53 Financial
Kingsoft Cloud Holdings Ltd. (KC) -7.39 (-24.34%) 22.97 Technology
WeWork Inc. (WE) -2.75 (-21.25%)  10.19 Services
Agora Inc. (API) -5.6 (-20.44%) 21.80 Technology
Upwork Inc. (UPWK) -11.58 (-19.73%) 47.12 Services

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Zendesk (ZEN), WEX Inc. (WEX), Pinterest Inc. (PINS), Twilio Inc. (TWLO) and Autohome (ATHM.CH) all experienced negative movement over the past week.

  • Zendesk (ZEN) shares plunged after the online customer support specialist announced the acquisition of survey software company Momentive Global in a $4.1 billion all-stock deal.
  • WEX Inc. (WEX) shares tumbled after the employee benefits and corporate gas card operator’s earnings release.
  • Pinterest Inc. (PINS) shares slipped after fintech giant PayPal announced that it was no longer considering a deal to acquire the image-based social platform.
  • Twilio Inc. (TWLO) shares fell after the cloud communication company reported strong earnings, but a disappointing outlook of slowed growth for the next quarter.
  • Shares of Chinese automobile website Autohome (ATHM.CH) dropped following negative coverage by analysts.

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NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Zendesk (ZEN) -33.43 (-24.72%) 101.80 Technology
WEX Inc. (WEX) -45.02 (-23.12%) 149.70 Consumer Goods
Pinterest Inc. (PINS) -13.42 (-23.11%) 44.64 Technology
Twilio Inc. (TWLO) -66.83 (-18.66%) 291.36 Technology
Autohome (ATHM.CH) -8.69 (-18.09%) 39.35 Technology

 

Highlights and Lowlights

Strong quarterly earnings reports carried Wall Street to new highs, with US indices rising for the fourth week in a row and recovering fully from last month’s declines. The SPX500 climbed 1.3%, the DJ30 gained 0.4% and the NSDQ100 popped 2.7%.

However, economic data was more mixed: while unemployment claims fell to a new pandemic low for the third week in a row, PCE headline inflation hit a 30-year high. The US GDP growth estimate revealed a significant slowdown since last quarter, driven by a surge in COVID-19 cases and continued supply chain disruptions.  

 

What’s in Store for the Week?

Companies from a range of industries are expected to report earnings, including ride-sharing stocks Lyft and Uber, healthcare stocks Pfizer and Moderna, and energy stocks Marathon Oil, ConocoPhillips, and Diamondback.

The Federal Reserve is expected to discuss tapering and interest rates at the two-day FOMC meeting that begins on Tuesday.

 


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