Wild week ended positively: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Viridian Therapeutics Inc. (VRDN), Dynavax Technologies Corp. (DVAX), Inmode Ltd. (INMD), Stitch Fix Inc. (SFIX) and ANGI Homeservices Inc. (ANGI).

  • Viridian Therapeutics Inc. (VRDN) shares surged following the biopharmaceutical company’s offering of common and preferred stock with approximately $85 million in gross proceeds.
  • Dynavax Technologies Corp. (DVAX) shares soared after the biotech company’s partner, Clover Biopharmaceuticals, announced positive data from clinical trials of their collaborative COVID-19 vaccine candidate.
  • Inmode Ltd. (INMD) shares jumped after the medical technology specialist announced plans for a 2-for-1 stock split at the end of this month.
  • Stitch Fix Inc. (SFIX) shares climbed after the online fashion service released a surprisingly strong quarterly earnings report.
  • ANGI Homeservices Inc. (ANGI) shares popped in what appeared to be a short squeeze driving the digital marketplace’s stock.

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Viridian Therapeutics Inc. (VRDN) 4.33 (+37.23%) 15.96 Consumer Goods
Dynavax Technologies Corp. (DVAX) 4.94 (+33.18%) 19.83 Consumer Goods
Inmode Ltd. (INMD) 33.81 (+23.70%) 176.48 Consumer Goods
Stitch Fix Inc. (SFIX) 8.22 (+23.15%) 43.73 Services
ANGI Homeservices Inc. (ANGI) 2.18 (+17.84%) 14.40 Services

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Meredith Corp. (MDP), Blue Apron Holdings Inc. (APRN), Herc Holdings (HRI), QuantumScape Corp. (QS) and Gaotu Techedu Inc. (GOTU).

  • Meredith Corp. (MDP) shares skyrocketed following news that the magazine publisher was in advanced negotiations to be acquired by IAC/InterActiveCorp. in a deal valued at $2.5 billion.
  • Blue Apron Holdings Inc. (APRN) shares continued to soar after the subscription meal-kit maker filed with the Securities and Exchange Commission (SEC) for its $78 million capital raise announced last week.
  • Herc Holdings (HRI) shares jumped after the equipment rental company announced that it was raising its 2021 adjusted Earnings Before Interest, Depreciation, Taxes, and Amortization (EBIDTA) guidance and multiyear growth targets.
  • QuantumScape Corp. (QS) shares surged on news that the electric vehicle battery maker had signed an agreement with one of the ten largest automakers in the world. 
  • Shares of Chinese online education company Gaotu Techedu Inc. (GOTU), formerly known as GSX Techedu, surged after reporting second-quarter earnings.

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Meredith Corp. (MDP) 14.00 (+33.10%) 56.30 Services
Blue Apron Holdings Inc. (APRN) 1.30 (+25.79%) 6.34 Consumer Goods
Herc Holdings (HRI) 31.07 (+24.10%) 159.98 Services
QuantumScape Corp. (QS) 5.20 (+23.85%) 27.00 Consumer Goods
Gaotu Techedu Inc. (GOTU) 0.56 (+22.05%) 3.10 Technology

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Canaan Inc. (CAN), Vir Biotechnology Inc. (VIR), 9F Inc. (JFU), SmileDirectClub Inc. (SDC) and Draftkings Inc. (DKNG).

  • Canaan Inc. (CAN) shares tanked after China’s Central Bank ban of crypto transactions sent Bitcoin prices plunging.
  • Vir Biotechnology Inc. (VIR) shares plummeted after a Goldman Sachs analyst downgraded the drugmaker’s stock.
  • Shares of Chinese fintech company 9F Inc. (JFU) plunged amid regulatory tensions in China.  
  • Although SmileDirectClub Inc. (SDC) continued to see high interest from investors on Reddit, shares of the oral health company slid after a downgrade by analysts.
  • Draftkings Inc. (DKNG) shares dropped after the online gambling leader reportedly made a bid to acquire UK-based competitor Entain, whose partnership with MGM Resorts could complicate the deal. 

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Canaan Inc. (CAN) -1.90 (-23.72%)  6.11 Technology
Vir Biotechnology Inc. (VIR) -10.72 (-19.66%) 43.82 Consumer Goods
9F Inc. (JFU) -0.34 (-16.59%)  1.71 Financial
SmileDirectClub Inc. (SDC) -1.02 (-15.22%) 5.68 Consumer Goods
Draftkings Inc. (DKNG) -9.09 (-15.04%) 51.33 Financial

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Altice USA Inc. (ATUS), Rite Aid Corp. (RAD), ReneSola Ltd. (SOL.US), American Well Corp. (AMWL) and SentinelOne Inc. (S.US) all experienced negative movement over the past week.

  • Altice USA Inc. (ATUS) shares plunged after the cable TV and internet provider warned investors of a massive loss of broadband subscribers in the current quarter.
  • Rite Aid Corp. (RAD) shares tumbled after the retail drugstore chain released disappointing second-quarter earnings results.
  • Shares of global solar project developer ReneSola Ltd. (SOL.US) slipped as analysts were bearish about the stock.
  • Shares of telehealth provider American Well Corp. (AMWL), also known as Amwell, fell amid doubts from investors about whether telemedicine will maintain growth post-pandemic. 
  • Shares of cybersecurity company SentinelOne Inc. (S.US), which went public in June, were down by almost 12%.

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Altice USA Inc. (ATUS) -5.07(-19.77%) 20.58 Services
Rite Aid Corp. (RAD) -2.70 (-15.52%) 14.70 Services
ReneSola Ltd. (SOL.US) -1.01 (-13.50%) 6.47 Consumer Goods
American Well Corp. (AMWL) -1.50 (-13.33%) 9.75 Services
SentinelOne Inc. (S.US) -8.19 (-11.83%) 61.06 Technology 

 

Highlights and Lowlights

It was a wild week as US stock indices posted some of the largest single-day gains and losses seen in recent months. News of a debt crisis for Chinese real estate giant Evergrande triggered a worldwide market sell-off. However, the dust settled to reveal that Wall Street was no worse for wear, with the SPX500 up by 0.5% — its first positive result in three weeks. The DJ30 gained a modest 0.6% and the NSDQ100 held steady with zero gain/loss. 

What’s in Store for the Week?

The third quarter wraps up this week with Aurora Cannabis, Micron Technology and Bed Bath & Beyond scheduled to report earnings. Amazon is due to hold its annual invitation-only product event on Tuesday, when the e-commerce giant promises news about devices, features and services.

US politics could be a potential source of volatility in the financial markets as Congress scrambles to beat this week’s September 30th deadline to pass an appropriations bill before funding lapses resulting in a potential government shutdown. On Tuesday, the Consumer Confidence Index for September will reveal whether consumer sentiment continues to be weak. The S&P Case-Shiller Home Price Index and National Association of Realtors’ reports will inform investors on the real estate market. And Friday’s personal income and consumer spending update will show whether June and July’s slowdowns continued into August.


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