Second week of sell-offs: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Adagio Therapeutics Inc. (ADGI), ImmunoGen Inc. (IMGN), Vir Biotechnology Inc. (VIR), Marvell Technology Group Ltd. (MRVL) and Seres Therapeutics Inc. (MCRB).

  • Adagio Therapeutics Inc. (ADGI) shares skyrocketed after the biopharma company said that it expects its antiviral COVID-19 treatment will be effective against the new Omicron variant, based on recent research.   
  • ImmunoGen Inc. (IMGN) shares surged following a positive update on trials of the biotech company’s treatment for ovarian cancer. 
  • Vir Biotechnology Inc. (VIR) shares popped after an analyst increased his price target for the biotech stock, predicting that the Omicron variant could fuel demand for Vir’s COVID-19 antibody therapy.
  • Marvell Technology Group Ltd. (MRVL) shares jumped on Friday after the chipmaker delivered better-than-expected fiscal 2022 third-quarter results. 
  • Seres Therapeutics Inc. (MCRB) shares climbed after the biotech company announced it had enrolled its first patient in a Phase I stem cell therapy trial.

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Adagio Therapeutics Inc. (ADGI) 20.71 (+82.44%) 45.83 Consumer Goods
ImmunoGen Inc. (IMGN) 1.81 (+37.63%) 6.62 Consumer Goods
Vir Biotechnology Inc. (VIR) 8.31 (+23.08%) 44.31 Consumer Goods
Marvell Technology Group Ltd. (MRVL) 11.60 (+16.11%) 83.59 Technology
Seres Therapeutics Inc. (MCRB) 1.08 (+12.74%) 10.68 Consumer Goods

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Bancolombia SA (CIB), R.R.Donnelley & Sons Co. (RRD), Blue Apron Holdings Inc. (APRN), Chegg Inc. (CHGG) and Sasol Ltd. (SSL).

  • Bancolombia SA (CIB) shares soared following reports of a sharp decline in short interest in November for the Columbian bank, indicating a more bullish investor sentiment.
  • R.R.Donnelley & Sons Co. (RRD) shares jumped after investment firm Chatham Asset Management offered a deal to buy up stock from the communications services company.
  • Blue Apron Holdings Inc. (APRN) shares climbed after the meal kit maker announced a partnership with Amazon to present its recipes on Alexa-enabled devices. 
  • Chegg Inc. (CHGG) shares gained after the edutech company announced a deal to acquire Busuu, a leading language learning platform.
  • Shares of energy company Sasol Ltd. (SSL) were up despite a wider sell-off of most natural gas stocks, as oil prices fell for a sixth consecutive week. 

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Bancolombia SA (CIB) 4.80 (+15.88%) 35.02 Financial
R.R.Donnelley & Sons Co. (RRD) 1.44 (+15.50%) 10.73 Services
Blue Apron Holdings Inc. (APRN) 1.52 (+15.45%) 11.36 Consumer Goods
Chegg Inc.(CHGG) 3.57 (+14.29%) 28.56 Consumer Goods
Sasol Ltd. (SSL) 1.99 (+12.81%) 17.53 Basic Materials

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Zillow Group Inc. (ZG), DocuSign Inc. (DOCU), Qutoutiao Inc. (QTT), SweetGreen (SG) and Domo Inc. (DOMO).

  • Zillow Group Inc. (ZG) shares continued their free fall after the real estate tech giant abruptly announced plans to pull the plug on its iBuying business, before finally rallying towards the end of the week.
  • DocuSign Inc. (DOCU) shares plunged after the e-signature provider’s latest financial report disappointed investors.
  • Qutoutiao Inc. (QTT) shares fell after the Chinese content platform announced plans to implement an American depositary share (ADS) ratio change.
  • Shares of newly public salad chain SweetGreen (SG) tumbled amid market fears due to the COVID-19 Omicron variant. 
  • Domo Inc. (DOMO) shares fell after the cloud software company posted third-quarter earnings, and investment firm Cowen maintained its outperform rating on the stock, but lowered the price target.

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Zillow Group Inc. (ZG) -86.51 (-59.28%)  59.43 Services
DocuSign Inc. (DOCU) -114.54 (-45.88%)  135.09 Technology
Qutoutiao Inc. (QTT) -0.2698 (-39.92%) 0.4061 Technology
SweetGreen (SG) -15.23 (-38.03%) 24.82 Consumer Goods
Domo Inc. (DOMO) -24.55 (-33.72%) 48.26 Technology

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Asana (ASAN), RLX Technology Inc. (RLX), Elastic NV (ESTC), Dillard’s Inc. (DDS) and Daqo New Energy Corp. (DQ) all experienced negative movement over the past week.

  • Shares of workforce management software company Asana (ASAN) crashed after its third-quarter earnings report showed losses.
  • RLX Technology Inc. (RLX) shares tanked after the Chinese e-cigarette company’s third-quarter earnings results disappointed investors.
  • Elastic NV (ESTC) shares were dragged down with the rest of the market on Omicron variant fears, despite the software company beating earnings estimates.
  • Dillard’s Inc. (DDS) shares plunged after investment banking company UBS initiated a sell rating and lower share price for the fashion retailer.
  • Shares of polysilicon producer Daqo New Energy Corp. (DQ) were down close to 26% amid a sector-wide sell-off of many energy stocks.

 

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Asana (ASAN) -39.04 (-36.82%) 66.98 Services
RLX Technology Inc. (RLX) -1.82 (-33.03%) 3.69 Consumer Goods
Elastic NV (ESTC) -41.15 (-26.75%) 43.12 Technology
Dillard’s Inc. (DDS) -89.99 (-26.41%) 250.78 Services
Daqo New Energy Corp. (DQ) -15.20 (-25.97%) 43.32 Basic Materials

 

Highlights and Lowlights

Fears surrounding the Omicron COVID-19 variant and tighter monetary policies weighed on investors, causing US indices to drop for the second week in a row. The SPX500 and the DJ30 slid -1.2% and -0.8% respectively and the NSDQ100 fell -2.6%. 

The US government narrowly averted a shutdown, but will still have to deal with its debt obligations in the coming weeks.

 

What’s in Store for the Week?

Earnings season is winding down, but there are still some big reports to come. GameStop, Costco, Lululemon and Chewy will post their earnings this week.

Data releases this week include the Logistics Managers Index (LMI) report for November, the Labor Department’s job openings and labor turnover survey for October, and the University of Michigan’s preliminary reading of its Consumer Sentiment Index for December.


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