Weekly Stock Market Update: COVID-19 Continues to Unsettle Markets, Amazon Disrupts Health Sector

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The Nasdaq Stock Market saw some strong results last week from Fossil Inc. (FOSL), Puma Biotechnology Inc. (PBYI), Nikola Corp. (NKLA), HD Supply Holdings Inc. (HDS) and Bilibili (BILI).

  • Fossil Inc. (FOSL) stocks soared +42.73% following news of strong e-commerce sales and growth in mainland China.
  • The value of Puma Biotechnology Inc. (PBYI) stocks grew +24.97% after a buy rating was maintained by Edward White, an H.C. Wainwright analyst.
  • Discussions with General Motors saw Nikola Corp. (NKLA) stocks boosted by +24.55%.
  • News of an $8 billion acquisition deal from Home Depot saw the value of HD Supply Holdings Inc. (HDS) stocks increase by +24.41%.
  • Bilibili (BILI) stocks jumped +22.70% following the release of strong third quarter results.
NASDAQ TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Fossil Inc. (FOSL) 3.32 (+42.73%) $11.09 USD Consumer Goods
Puma Biotechnology Inc. (PBYI) 2.23 (+24.97%) $11.22 USD Healthcare
Nikola Corp. (NKLA) 5.20 (+24.55%) $26.38 USD Consumer Goods
HD Supply Holdings Inc. (HDS) 10.94 (+24.41%) $55.81 USD Services
Bilibili (BILI) 11.10 (+22.70%) $60.11 USD Consumer Goods

 

New York Stock Exchange (NYSE)

The New York Stock Exchange saw positive movement from Jumia Technologies AG (JMIA), 22nd Century Group Inc. (XXII), SM Energy Co. (SM), Transocean Ltd. (RIG) and Coty Inc. (COTY).

  • The value of Jumia Technologies AG (JMIA) stocks grew +68.41%, although the reason behind this positive growth is currently unclear.
  • 22nd Century Group Inc. (XXII) stocks were up +65.46%, with the company reaching a new 52-week high.
  • Fluctuating oil and natural gas prices saw the value of SM Energy Co. (SM) stocks grow +53.39%.
  • Speculation of further cuts to production by OPEC also saw Transocean Ltd. (RIG) stocks rise by +27.78%.
  • An upgrade from Citigroup analyst Wendy Nicholson sent Coty Inc. (COTY) stocks soaring +26.30%.
NYSE TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Jumia Technologies AG (JMIA) 10.05 (+68.41%) $24.78 USD Services
22nd Century Group Inc. (XXII) 0.5342 (+65.46%) $1.3601 USD Consumer Goods
SM Energy Co. (SM) 1.2600 (+53.39%) $3.6233 USD Consumer Goods
Transocean Ltd. (RIG) 0.3000 (+27.78%) $1.3901 USD Basic Materials
Coty Inc. (COTY) 1.26 (+26.30%) $6.07 USD Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

Over on the Nasdaq Stock Market, last week’s results were less than ideal for Co-Diagnostics Inc. (CODX), Lending Tree Inc. (TREE), iRhythm Technologies Inc. (IRTC), Walgreens Boots Alliance Inc. (WBA) and Sangamo Biosciences Inc. (SGMO).

  • Despite reporting strong earnings growth and solid revenue, Co-Diagnostics Inc. (CODX) shares fell -25.97% after the company failed to match analysts’ estimates of earnings per share.
  • Lending Tree Inc. (TREE) stocks fell -15.95% off the back of news that the company’s largest shareholder was planning to sell off all of their shares.
  • Despite promising results from the company’s latest clinical trials, iRhythm Technologies Inc. (IRTC) stocks fell -13.99% last week.
  • The launch of a new prescription medicine service by Amazon led to a -12.13% drop in Walgreens Boots Alliance Inc. (WBA) stocks.
  • The value of Sangamo Biosciences Inc. (SGMO) stocks fell -10.63%, although the reason behind this drop is currently unclear.
NASDAQ WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Co-Diagnostics Inc. (CODX) -3.8900 (-25.97%) $11.1200 USD Consumer Goods
Lending Tree Inc. (TREE) -51.22 (-15.95%) $270.20 USD Financial
iRhythm Technologies Inc. (IRTC) -36.55 (-13.99%) $225.05 USD Consumer Goods
Walgreens Boots Alliance Inc. (WBA) -5.18 (-12.13%) $37.53 USD Consumer Goods
Sangamo Biosciences Inc. (SGMO) -1.22 (-10.63%) $10.29 USD Healthcare

 

New York Stock Exchange (NYSE)

Losses were felt on the New York Stock Exchange by Oasis Petroleum Inc. (OAS), Post Holding Inc. (POST), Cardinal Health Inc. (CAH), Ormat Technologies Inc. (ORA.US) and Centene Group (CNC).

  • Oasis Petroleum Inc. (OAS) stocks continued to fall (-99.50%) despite the company announcing that its financial restructuring had been completed following bankruptcy.
  • The value of Post Holding Inc. (POST) stocks fell -11.80% following the company’s fourth quarter earnings call.
  • News of Amazon’s prescription medicine service also impacted Cardinal Health Inc. (CAH) stocks, leading to a -9.70% fall in stock value.
  • Ormat Technologies Inc. (ORA.US) stocks fell -9.17% following the launch of an underwritten public offering of more than 4 million shares of its common stock.
  • Centene Group (CNC) was also impacted by the launch of Amazon’s prescription medicine service, with stocks falling -8.82%.
NYSE WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Oasis Petroleum Inc. (OAS) -30.8447 (-99.50%) $0.1556 USD Consumer Goods
Post Holding Inc. (POST) -12.11 (-11.80%) $90.81 USD Conglomerates
Cardinal Health Inc. (CAH) -5.57 (-9.70%) $51.91 USD Consumer Goods
Ormat Technologies Inc. (ORA.US) -7.33 (-9.17%) $72.98 USD Utilities
Centene Group (CNC) -6.09 (-8.82%) $63.08 USD Healthcare

Highlights and Lowlights

COVID-19 News Continues to Unsettle Markets

Following on from news from Pfizer earlier in the month, Moderna presented some strong results from their late-stage COVID-19 trials last week. Providing a similar level of efficacy as the Pfizer vaccine, the Moderna vaccine (and this news) once again saw markets rally across the globe. Industries negatively impacted by the virus, such as the energy sector, were among those that saw the greatest increases in stock value.

Despite these promising developments in the race to develop an effective vaccine, growing COVID-19 case numbers in the United States and Europe also led to a significant sell-off of stocks during the week. 

At a time when many investors and markets remain quite sensitive to the latest developments around the world, vaccine approval and the eventual roll out of immunisations may be the only way nerves will be calmed in the long term.

Amazon Takes Leap Into Prescription Medicine Services

Pharmacies and drug distributors across the United States saw significant drops in their stock value this week as Amazon launched a new prescription medicine service, Amazon Pharmacy. Designed to make ordering prescriptions simpler, the new service will allow customers to have prescriptions sent directly to the retail giant for fulfillment, with additional discounts offered to Amazon Prime members. It is set to launch in 45 states, putting it into direct competition with some of the country’s most popular pharmacy chains.

Off the back of the news, Walgreens Boots Alliance Inc. (WBA) stocks were hit hard, falling -12.13%, while Cardinal Health Inc. (CAH) and Centene Group (CNC) stocks also fell -9.70% and -8.82%, respectively.

What’s in Store for the Week?  

As the end of the year draws closer, speculation has begun to grow around how the last few weeks of 2020 will pan out for the world’s markets. Although much remains to be seen at this time, especially in terms of COVID-19-related developments, theories have begun to emerge around several additional hurdles that may challenge stock markets before the year ends.

Severable IPOs for large companies, including Airbnb, are set to launch before the end of the year, which may very well be a test of investor appetite in the final weeks before 2021. Investors have also continued to be quite aggressive in previous weeks, with the Bank of America recording the largest fortnightly flow of cash into equity funds, but time will tell whether continued market uncertainty will begin to affect their confidence.

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