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Weekly Stock Market Update: RH rockets while oil prices signal a slippery slope

The last seven days have seen some interesting movements by RH, Co-Diagnostics Inc. and a number of oil-related companies. As always, the stock market remains unpredictable, with some big losses and some even bigger wins recorded over the last week. Browse through our weekly stock market update to discover which companies boomed and which floundered, the highlights and lowlights of the week that was, and our weekly forecast.

Last Week’s Market Winners

Nasdaq Stock Market (NASDAQ)

Looking back on the week that was, Co-Diagnostics Inc. (CODX), Sunrun Inc. (RUN), eHealth Inc. (EHTH), Novocure Ltd. (NVCR) and Penn National Gaming Inc. (PENN) were the standout winners of the Nasdaq Stock Market.

  • After announcing an agreement with Arches Research that is set to see increased use of the company’s Logix Smart COVID-19 test, Co-Diagnostics Inc. (CODX) saw an impressive 66.38% weekly growth. 
  • Sunrun Inc. (RUN) also had positive results (+13.52%) following on from a strong month of growth in the solar energy sector. 
  • After a slump in share value in July fuelled by concerns around an increase in customer cancellations, eHealth Inc. (EHTH) posted an impressive week on week improvement of 12.33%. 
  • Novocure Ltd. (NVCR) saw a 11.85% boost to its stock value, although the cause behind this growth is currently unclear.
  • Continuing to focus on its online strategy, casino operator Penn National Gaming (PENN) also saw some strong growth over the last week, with stocks rising by 9.31%.

New York Stock Exchange (NYSE)

Reviewing the NYSE’s performance over the last seven days, RH (RH), Cemex, S.A.B. de C.V. (CX), Capri Holdings Ltd. (CPRI), Renren Inc. (RENN) and Vivint Solar Inc. (VSLR) were the week’s winners.

  • Announcing an adjusted operating margin of 21.8% in the second quarter of 2020, RH (RH) stocks charged ahead, up 20.43% last week.
  • Unveiling of the framework for ‘Operation Resilience,’ a medium-term strategy taking the effects of COVID-19 into account, Cemex (CX) stocks also saw a week on week boost of 19.18%.
  • Capri Holdings (CPRI) saw an increase in stock value of 18.82% over the past week, although the cause behind this growth is currently unclear.
  • Posting a 582% increase in revenue over the second quarter of 2020, the value of Renren Inc. (RENN) stocks increased by an impressive 17.73% over the last seven days.
  • Much like Sunrun Inc. (RUN) over on the Nasdaq, Vivint Solar Inc. (VSLR) saw a boost of 13.63% off the back of a strong month for solar energy in August.
NASDAQ STOCK MARKET (NASDAQ)
STOCK WEEKLY CHANGE (Positive) SECTOR
Co-Diagnostics Inc. (CODX) 5.4700 (+66.38%) Consumer Goods
Sunrun Inc. (RUN) 6.66 (+13.52%) Industrial Goods
eHealth Inc. (EHTH) 7.88 (+12.33%) Financial
Novocure Ltd. (NVCR) 9.26 (+11.58%) Consumer Goods
Penn National Gaming Inc. (PENN) 5.04 (+9.31%) Consumer Goods
NEW YORK STOCK EXCHANGE (NYSE)
STOCK WEEKLY CHANGE (Positive) SECTOR
RH (RH) 64.7200 (+20.43%) Consumer Goods
Cemex, S.A.B. de C.V. (CX) 0.61 (+19.18%) Industrial Goods
Capri Holdings Ltd (CPRI) 3.23 (+18.82%) Consumer Goods
Renren Inc. (RENN) 0.2500 (+17.73%) Technology
Vivint Solar Inc. (VSLR) 3.66 (+13.63%) Industrial Goods

Last Week’s Market Losers

Nasdaq Stock Market (NASDAQ)

Taking a look at the Nasdaq Stock Market’s weekly performance, it is clear that Corbus Pharmaceuticals Holdings (CRBP), Athenex Inc. (ATNX), PDC Energy Inc. (PDCE), 9F Inc. (JFU) and Diamondback Energy Inc. (FANG) were unfortunately the week’s losers.

  • Corbus Pharmaceuticals Holdings (CRBP) stocks dropped by -79.68% last week following news that lenabasum, a drug currently in late-stage clinical testing, failed to produce the results that were hoped for.
  • Athenex Inc. (ATNX) saw its stocks drop by -24.81% following an announcement of how a public offering of common stock would be priced, with 10 million shares set to be sold at $11 apiece.
  • Stocks dropped by -20.22% for PDC Energy Inc. (PDCE) after the company announced its intention to issue a further $150 million in debt, spooking investors.
  • 9F Inc’s (JFU) stock value fell by -19.20%, although the cause of this decline is currently unclear.
  • After Saudi Arabia signalled a move to reclaim some of their oil producing share, Diamondback Energy Inc. (FANG) stocks took a hit of -16.63%.

New York Stock Exchange (NYSE)

Last week’s losers over on the New York Stock Exchange included Oasis Petroleum Inc. (OAS), SM Energy Co. (SM), Transocean Ltd. (RIG), Cinemark Holdings Inc. (CNK) and QEP Resources Inc. (QEP).

  • Mounting pressure on the offshore drilling sector and tumbling crude oil prices have continued to take their toll on Oasis Petroleum Inc. (OAS) stocks, with their value falling by -29.74% over the last seven days.
  • Falling demand for oil and natural gas has continued to impact SM Energy Co. (SM) stocks, with the company experiencing a -28.63% week on week drop in value.
  • A continued decline in oil prices also saw Transocean Ltd. (RIG) stocks fall by -26.47%.
  • The effects of COVID-19 on the entertainment industry continue to impact Cinemark Holding Inc. (CNK) stocks, with the past week seeing a drop in value of -23.99%.
  • QEP Resource Inc. (QEP) was also affected by the current lower demand for oil, falling by -21.30% over the past week.

 

NASDAQ STOCK MARKET (NASDAQ)
STOCK WEEKLY CHANGE (Negative) SECTOR
Corbus Pharmaceuticals Holdings (CRBP) -7.37 (-79.68%) Healthcare
Athenex Inc. (ATNX) -3.61 (-24.81%) Consumer Goods
PDC Energy Inc. (PDCE) -3.12 (-20.22%) Consumer Goods
9F Inc. (JFU) -0.24 (-19.20%) Financial
Diamondback Energy Inc. (FANG) -5.91 (-16.63%) Basic Materials
NEW YORK STOCK EXCHANGE (NYSE)
STOCK WEEKLY CHANGE (Negative) SECTOR
Oasis Petroleum Inc. (OAS) -0.1588 (-29.74%) Consumer Goods
SM Energy Co. (SM) -0.6815 (-28.63%) Consumer Goods
Transocean Ltd. (RIG) -0.3547 (-26.47%) Basic Materials
Cinemark Holdings Inc. (CNK) -3.80 (-23.99%) Consumer Goods
QEP Resources Inc. (QEP) -0.2598 (-21.30%) Consumer Goods

Highlights and Lowlights

RH Rockets

Luxury furniture retailer RH continues to put on an impressive display, with stock prices rising to an all-time high last week. Although the retailer’s supply chain was impacted by COVID-19, company demand continued to grow by 16% year on year, despite net revenue spiking by less than 1% for the year’s second quarter.

Oil Prices Signal a Slippery Slope

Falling crude oil prices continue to wreak havoc on oil stocks, with Callon Petroleum (CPE), Transocean (RIG) and Occidental Petroleum (OXY) predicted to be among the next wave of oil companies to collapse. Last week’s oil price tumble not only increased the pressure on already weaker stocks, but has also sparked fears of further financial decline.

Medical Marvels and Maladies

There were some distinct winners and losers from the medical world over the past week, with Co-Diagnostics Inc. (CODX) stocks storming ahead by 66.38% week on week, while Corbus Pharmaceuticals Holdings (CRBP) stocks fell by close to -80% over the same period. Co-Diagnostics Inc. (CODX) stocks saw their impressive improvement off the back of news that the company had entered into an agreement with Arches Research. Set to expand the use of Co-Diagnostics’ Logix Smart COVID-19 test by Arches Research, the announcement prompted an increase in investor interest. 

Not quite as lucky as Co-Diagnostics Inc. (CODX), the fall in Corbus Pharmaceuticals Holdings (CRBP) stocks came after it was revealed that the company’s last-stage trials for lenebasum, a drug that had been touted to become the first FDA-approved drug for diffuse cutaneous systemic sclerosis, had failed.

What’s in Store for the Market this Week?

Following uncertainty over how the past week would pan out for stock values, a second straight week of value decline has offered an extended opportunity for investors to bolster their portfolios for less, although a wait-and-see approach may be the best option for now.

For the week ahead, Adobe Systems (ADBE), Progressive Corp. (PGR) and FedEx (FDX) are among the companies to watch, with their earnings results set to be announced in the coming days. 

A US Federal Reserve meeting is also scheduled for this week and while no change in policy is expected, there may be some interesting results regarding how inflation will be increased without a rise in risk-free rates occurring.

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