Stall in momentum continues: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for iRhythm Technologies Inc. (IRTC), SmileDirectClub Inc. (SDC), Seanergy Maritime Holdings Corp. (SHIP), Castor Maritime Inc. (CTRM) and FuelCell Energy Inc.(FCEL).

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
iRhythm Technologies Inc. (IRTC) 17.67 (+36.72%) 65.79 Consumer Goods
SmileDirectClub Inc. (SDC) 1.55 (+30.10%) 6.70 Consumer Goods
Seanergy Maritime Holdings Corp. (SHIP) 0.24 (+19.20%) 1.49 Industrial Goods
Castor Maritime Inc. (CTRM) 0.39 (+18.06%) 2.55 Industrial Goods
FuelCell Energy Inc.(FCEL) 0.97 (+17.38%) 6.55 Consumer Goods

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Dutch Bros Inc. (BROS), Blue Apron Holdings Inc. (APRN), Asana (ASAN), Tronox Holdings PLC (TROX) and TEGNA Inc. (TGNA).

  • Dutch Bros Inc. (BROS) shares skyrocketed following the Oregon-based coffee chain’s initial public offering (IPO) at a much higher-than-expected market price.
  • Blue Apron Holdings Inc. (APRN) shares soared after the subscription meal-kit maker announced plans to raise capital and eliminate shares with outsize voting power.
  • Shares of workplace management specialist Asana (ASAN) jumped after receiving a price target boost issued by a bullish Wall Street analyst.
  • Tronox Holdings PLC (TROX) shares surged on news that private equity firm Apollo Global Management had approached the pigment manufacturer with a $4.3 billion all-cash buyout offer. 
  • Shares of media company TEGNA Inc. (TGNA), previously known as Gannett, jumped following rumours about discussions of a buyout deal. 

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Dutch Bros Inc. (BROS) 23.55 (+117.75%) 43.55 Consumer Goods
Blue Apron Holdings Inc. (APRN) 1.14 (+29.23%) 5.04 Consumer Goods
Asana (ASAN) 20.65 (+21.16%) 118.26 Services
Tronox Holdings PLC (TROX) 3.98 (+19.38%) 24.52 Basic Materials
TEGNA Inc. (TGNA) 2.97 (+17.88%) 19.58 Services

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Protagonist Therapeutics Inc. (PTGC), Nuwellis Inc. (NUWE), Globalstar (GSAT), Melco Resorts & Entertainment Ltd. (MLCO) and CureVac (CVAC).

  • Protagonist Therapeutics Inc. (PTGC) shares crashed following the news that the clinical trials of the biotechnology company’s lead drug candidate had been put on hold by the FDA.
  • Nuwellis Inc. (NUWE) shares plummeted after the healthcare company, formerly known as CHF Solutions, priced its almost 3.5 million share common stock offering at $2.50 per share.
  • Shares of satellite communications company Globalstar (GSAT) tanked after Apple’s new iPhone 13 was launched without satellite phone capability which investors had been expecting.  
  • Shares of Asian casino operator Melco Resorts & Entertainment Ltd. (MLCO) plunged following news that Macao’s government was considering imposing restrictions on gambling in the region.
  • CureVac (CVAC) shares dropped after the messenger RNA-focused biotech company announced the cancellation of its deals with two companies to manufacture an experimental COVID-19 vaccine.

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Protagonist Therapeutics Inc. (PTGC) -27.55 (-61.11%)  17.53 Consumer Goods
Nuwellis Inc. (NUWE) -1.54 (-37.20%) 2.60 Consumer Goods
Globalstar (GSAT) -0.83 (-31.92%)  1.77 Technology
Melco Resorts & Entertainment Ltd. (MLCO) -2.79 (-21.33%) 10.29 Consumer Goods
CureVac (CVAC) -12.37 (-18.33%) 55.11 Healthcare

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Herbalife Nutrition Ltd. (HLF), RLX Technology Inc. (RLX), Resolute Forest Products Inc. (RFP), Zhihu Inc. (ZH) and Semrush Holdings Inc. (SEMR) all experienced negative movement over the past week.

  • Herbalife Nutrition Ltd. (HLF) shares plunged after the wellness products company issued an earnings warning for its fiscal third-quarter 2021.
  • RLX Technology Inc. (RLX) shares tumbled after the Chinese vaping specialist announced plans to invest 20 million yuan for recycling e-liquid pods into cement to build infrastructure in rural China. 
  • Shares of paper and wood products company Resolute Forest Products Inc. (RFP) slipped as lumber prices suffered a correction.
  • Shares of Chinese tech company Zhihu Inc. (ZH), which went public in March, fell over 13% this week. 
  • Although shares of Semrush Holdings Inc. (SEMR) rallied recently after the software company named a new Chief Marketing Officer, the stock continued its downward trend.

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Herbalife Nutrition Ltd. (HLF) -9.10 (-17.01%) 44.39 Consumer Goods
RLX Technology Inc. (RLX) -0.92 (-16.03%) 4.82 Consumer Goods
Resolute Forest Products Inc. (RFP) -1.61 (-13.42%) 10.39 Consumer Goods
Zhihu Inc. (ZH) -1.44 (-13.35%) 9.35 Services
Semrush Holdings Inc. (SEMR) -4.01 (-12.80%) 27.31 Technology 

 

Highlights and Lowlights

All three major US stock indices saw relatively small pullbacks as pessimistic consumer sentiment continued to linger near decade lows. While inflation slowed in August, it still remained elevated above pre-pandemic levels, and concerns about rising prices seemed to have dampened investors’ spirits. The SPX500 and NSDQ100 were both down by a modest 0.5% and the DJ30 fell by 0.1%. 

What’s in Store for the Week?

The corporate calendar will remain relatively quiet as companies close out their third quarter. However, Adobe, FedEx, Nike and Costco will report earnings.

Investors will be watching the Federal Open Market Committee (FOMC) meeting on Tuesday for clues as to how the Fed feels about inflation prospects when it announces monetary policy. In addition, several housing data reports will be released during the week, informing investors on how rising prices are influencing the housing market. 


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