A strong start to earnings season: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Axsome Therapeutics Inc. (AXSM), Marathon Digital Holdings Inc. (MARA), PubMatic Inc. (PUBM), Ocugen Inc. (OCGN) and Cellectis SA (CLLS).

  • Axsome Therapeutics Inc. (AXSM) shares skyrocketed as an expected FDA rejection of its depression disorder drug candidate was not issued, and investors took new job listings at the biotech company as a sign that approval might be forthcoming after all.   
  • Shares of cryptocurrency mining company Marathon Digital Holdings Inc. (MARA) surged as Bitcoin prices climbed, driven by news that the Securities and Exchange Commission (SEC) is set to allow the first US Bitcoin futures exchange-traded funds (ETFs) to market very soon.
  • PubMatic Inc. (PUBM) shares soared following bullish analyst coverage of the programmatic digital advertising company. 
  • Ocugen Inc. (OCGN) shares jumped due to optimism about a possible World Health Organization authorisation for the biotech company’s COVID-19 vaccine candidate in the US and Canada. 
  • Cellectis SA (CLLS) shares popped after the gene-editing company announced that it will present positive preclinical data for its experimental anti-tumour therapy at an upcoming industry conference.

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Axsome Therapeutics Inc. (AXSM) 7.90 (+24.53%) 40.10 Consumer Goods
Marathon Digital Holdings Inc. (MARA) 9.40 (+23.80%) 48.89 Consumer Goods
PubMatic Inc. (PUBM) 5.60 (+23.79%) 29.14 Technology
Ocugen Inc. (OCGN) 1.59 (+22.49%) 8.66 Consumer Goods
Cellectis SA (CLLS) 1.78 (+19.69%) 10.82 Industrial Goods

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Tata Motors (TTM), R.R.Donnelley & Sons Co. (RRD), Blue Apron Holdings Inc. (APRN), Plantronics Inc. (POLY.US) and Dutch Bros Inc. (BROS).

  • Shares of India-based Tata Motors Tata Motors (TTM), the owners of Jaguar and Range Rover, soared after release of strong global sales numbers along with plans to focus on electric cars.
  • R.R.Donnelley & Sons Co. (RRD) shares popped after the marketing company received a buyout offer from private investment firm Chatham Asset Management, its largest shareholder.
  • Shares of meal kit maker Blue Apron Holdings Inc. (APRN) were up amid bullish sentiment ahead of third-quarter earnings, expected early next month.
  • Plantronics Inc. (POLY.US) shares climbed after positive analyst coverage of the Santa Cruz-based headset manufacturer.
  • Dutch Bros Inc. (BROS) shares were up as investors were optimistic about the newly public specialty coffee chain’s ability to rival Starbucks for growth.

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Tata Motors (TTM) 7.84 (+29.75%) 34.19 Consumer Goods
R.R.Donnelley & Sons Co. (RRD) 1.42 (+27.68%) 6.55 Services
Blue Apron Holdings Inc. (APRN) 1.77 (+25.88%) 8.61 Consumer Goods
Plantronics Inc. (POLY.US) 5.93 (+25.46%) 29.22 Services
Dutch Bros Inc. (BROS) 10.38 (+24.34%) 53.03 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), SmileDirectClub Inc. (SDC), Revance Therapeutics Inc. (RVNC), Sarepta Therapeutics Inc. (SRPT) and Celldex Therapeutics Inc. (CLDX).

  • Futu Holdings Ltd. (FUTU) shares tanked after state-run media in China suggested that the online brokerage company may be in violation of new local data privacy regulations.
  • SmileDirectClub Inc. (SDC) shares plunged after investors were spooked off by fellow dental device maker Align Technology Inc., which had slumped toward a four-month low. 
  • Revance Therapeutics Inc. (RVNC) shares dropped after public disclosure of an FDA regulatory form raised issues with the biopharmaceutical company’s manufacturing process of an experimental anti-aging treatment.    
  • Sarepta Therapeutics Inc. (SRPT) shares slid after investors were unimpressed by the genetic therapy company’s preliminary release of third-quarter financials.
  • Shares of immunotherapy specialist Celldex Therapeutics Inc. (CLDX) slipped by almost 15%.

 

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Futu Holdings Ltd. (FUTU) -23.91 (-27.28%)  63.73 Financial
SmileDirectClub Inc. (SDC) -1.06 (-16.06%) 5.54 Consumer Goods
Revance Therapeutics Inc. (RVNC) -4.12 (-15.36%)  22.71 Consumer Goods
Sarepta Therapeutics Inc. (SRPT) -15.23 (-15.32%) 84.19 Consumer Goods
Celldex Therapeutics Inc. (CLDX) -7.98 (-14.73%) 46.18 Consumer Goods

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Laredo Petroleum Inc. (LPI), Virgin Galactic Holdings Inc. (SPCE), Thor Industries Inc. (THO), Comstock Resources Inc. (CRK), and Banco Santander Chile (BSAC) all experienced negative movement over the past week.

  • Laredo Petroleum Inc. (LPI) shares plunged following a consensus recommendation of “hold” by analysts.
  • Virgin Galactic Holdings Inc. (SPCE) shares tumbled after the spaceship company pushed back its first commercial flights, while competitor Blue Origin made headlines about its second space flight with civilians aboard, including Star Trek’s William Shatner.
  • Thor Industries Inc. (THO) shares slipped after the recreational vehicle maker announced the closing on its offering of $500 million in senior unsecured notes.
  • Comstock Resources Inc. (CRK) shares slumped as the Natural Gas market turned bearish following higher-than-expected US Energy Department inventory numbers.
  • Banco Santander Chile (BSAC) shares dropped after the Chilean bank announced that it will release its third-quarter 2021 financial results next week.

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NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Laredo Petroleum Inc. (LPI) -15.91 (-17.60%) 74.51 Consumer Goods
Virgin Galactic Holdings Inc. (SPCE) -3.11 (-13.45%) 20.01 Consumer Goods
Thor Industries Inc. (THO) -16.16 (-13.01%) 108.05 Consumer Goods
Comstock Resources Inc. (CRK) -1.33 (-12.64%) 9.19 Consumer Goods
Banco Santander Chile (BSAC) -2.11 (-10.92%) 17.21 Financial

 

Highlights and Lowlights

Following a slip early in the week, Wall Street ended up posting some of its largest gains in months. All three US indices recorded a second positive week in a row, thanks to strong earnings reports and a new low in unemployment claims since the start of the COVID-19 pandemic. The SPX500 gained 1.8%, the DJ30 climbed 1.6% and the NSDQ100 shot up 2.2%. However, recent supply chain issues and shortages of everything from chips to labour have become majorly disruptive for both businesses and consumers.

 

What’s in Store for the Week?

Investors can expect some big companies from a variety of industries, including Netflix, IBM, Johnson & Johnson, and Tesla to report quarterly results this week.

An update on US housing starts and building permits, which impacts the number of houses available on the market, is expected to show an additional increase in September after a prior rise in August. However, if supply still does not meet demand, housing prices are expected to stay elevated. 


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