Strong earnings boost markets to new highs: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Cytokinetics Inc. (CYTK), Couchbase Inc. (BASE), Chembio Diagnostics Inc. (CEMI), BioNTech SE (BNTX), and Moderna Inc. (MRNA).

  • Cytokinetics Inc. (CYTK) shares skyrocketed following positive Phase II clinical trial results for the biotech company’s experimental heart disease drug.
  • Couchbase Inc. (BASE) shares soared following the database software company’s initial public offering (IPO) on Thursday.
  • Chembio Diagnostics Inc. (CEMI) shares jumped after the medical diagnostics company received a $28 million purchase order from Brazil for its rapid nasal swab COVID tests.
  • Increased concerns about the Delta coronavirus variant fuelled gains for shares of COVID-19 vaccine makers BioNTech SE (BNTX) and Moderna Inc. (MRNA).

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Cytokinetics Inc. (CYTK) 9.81 (+51.01%) 29.04 Consumer goods
Couchbase Inc. (BASE) 10.99 (+47.78%) 33.99 Technology
Chembio Diagnostics Inc. (CEMI) 0.65 (+26.97%) 3.06 Consumer goods
BioNTech SE (BNTX) 50.49 (+21.81%) 281.96 Consumer goods
Moderna Inc. (MRNA) 62.40 (+21.79%) 348.83 Consumer goods

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Snapchat Inc. (SNAP), Fiverr International (FVRR), Chipotle Mexican Grill Inc. (CMG), TRI Pointe Group (TPH) and Taboola.com Ltd. (TBLA).

  • Snapchat Inc. (SNAP) shares soared after the social media company’s earnings report beat analysts’ estimates, posting huge growth in revenue and adjusted earnings per share.
  • Although there was no major business news for Fiverr International (FVRR), the gig economy marketplace company’s stock climbed in tandem with the broader market’s rally.
  • Chipotle Mexican Grill Inc. (CMG) shares skyrocketed to an all-time high after the restaurant chain topped earnings expectations and exceeded pre-pandemic profit levels.
  • TRI Pointe Group (TPH) shares soared following a stronger-than-expected earnings report for the home construction company.
  • Taboola.com Ltd. (TBLA) shares jumped after the digital advertising company announced a $800 million deal to acquire e-commerce media platform Connexity.

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Snapchat Inc. (SNAP) 18.65 (+31.49%) 77.87 Technology
Fiverr International (FVRR) 36.62 (+17.94%) 240.80 Services
Chipotle Mexican Grill Inc. (CMG) 270.43 (+17.33%) 1830.92 Services
TRI Pointe Group (TPH) 3.18 (+16.41%) 22.56 Industrial Goods
Taboola.com Ltd. (TBLA) 1.45 (+16.38%) 10.30 Services

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Seres Therapeutics Inc. (MCRB), Agora Inc. (API), Adverum Biotechnologies Inc. (ADVM), Newegg Commerce Inc. (NEGG), Baozun Inc. (BZUN).

  • Seres Therapeutics Inc. (MCRB) shares crashed after the biotech company reported disappointing results from a Phase IIb clinical study of its ulcerative colitis treatment.
  • Agora Inc. (API) shares plummeted after the Chinese Communist Party announced new sanctions on local tech companies, causing a sell-off of many Chinese US-listed stocks.
  • Adverum Biotechnologies Inc. (ADVM) shares collapsed after the gene therapy company announced it would be dropping development of its experimental diabetic macular edema treatment due to adverse effects in trial results.
  • Newegg Commerce Inc. (NEGG) shares slipped as the computer hardware retailer‘s meme stock momentum faded.
  • Baozun Inc. (BZUN) shares dropped after Credit Suisse dramatically downgraded the Chinese e-commerce company.

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Seres Therapeutics Inc. (MCRB) -13.41 (-64.47%) 7.39 Consumer Goods
Agora Inc. (API) -9.16 (-26.04%) 26.01 Technology
Adverum Biotechnologies Inc. (ADVM) -0.73 (-23.62%) 2.36 Consumer Goods
Newegg Commerce Inc. (NEGG) -6.17 (-20.20%) 24.38 Consumer Goods
Baozun Inc. (BZUN) -5.93 (-18.27%) 26.52 Services

 

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, TAL Education Group ADR (TAL), GSX Techedu Inc. (GOTU), New Oriental Education & Technology Group Inc. (EDU), RLX Technology Inc. ADR (RLX) and Boston Beer Co. Inc. (SAM) stocks all experienced negative movement over the past week.

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
TAL Education Group ADR (TAL) -13.85 (-69.77%) 6.00 Consumer goods
GSX Techedu Inc. (GOTU) -7.23 (-67.26%) 3.52 Technology
New Oriental Education & Technology Group Inc. (EDU) -3.53 (-54.64%) 2.93 Consumer goods
RLX Technology Inc. ADR (RLX) -1.59 (-24.24%) 4.97 Consumer goods
Boston Beer Co. Inc. (SAM) -224.09 (-24.22%) 701.00 Consumer goods

 

Highlights and Lowlights

Rebounding from the previous week’s dip, Wall Street once again rose to record highs, boosted by companies’ strong quarterly earnings. The DJ30 gained 1.1%, topping 35,000 points for the first time. The SPX500 gained 2%, hitting yet another record, and the NSDQ100 outperformed them both with 2.8% gains.

What’s in Store for the Week?

It’s a big week coming up for Big Tech, with Tesla, Google, Microsoft, Apple, Facebook, and Amazon all reporting earnings.

The US Federal Open Market Committee (FOMC) will announce interest rate and monetary policy decisions this coming Thursday. While the Fed is widely expected to keep interest rates unchanged at near-zero, investors will be watching discussions on winding down monetary stimulus known as “tapering” that began last month.


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