Weekly Stock Market Update: Wall Street Dips Slightly

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for Ocugen Inc. (OCGN), Jaguar Health Inc. (JAGX), Caesars Entertainment Inc. (CZR), Naked Brand Group (NAKD) and Celldex Therapeutics Inc. (CLDX).

  • Ocugen Inc. (OCGN) shares skyrocketed after a phase III study of the company’s coronavirus vaccine candidate showed promising results, suggesting that the biotech company could submit its Emergency Use Authorization (EUA) request to the FDA sooner than expected.
  • Shares of Jaguar Health Inc. (JAGX) and Celldex Therapeutics Inc. (CLDX) were up following Wall Street analysts’ consensus that these biotech companies were each a recommended buy.
  • Caesars Entertainment Inc. (CZR) shares soared this week as the gambling giant cleared the final hurdles in its $4 billion acquisition of William Hill, the third-largest sportsbook operator in the US.
  • Naked Brand Group (NAKD) shares jumped after the swimwear and intimate apparel maker announced that shareholders had approved the sale of its floundering brick-and-mortar business in favour of focusing solely on e-commerce.

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Ocugen Inc. (OCGN)3.85 (+66.61%)9.63Consumer goods
Jaguar Health Inc. (JAGX)0.32 (+24.62%)1.62Consumer goods
Caesars Entertainment Inc. (CZR)15.74 (+19.69%)95.68Consumer goods
Naked Brand Group (NAKD)0.09 (+19.30%)0.57Consumer goods
Celldex Therapeutics Inc. (CLDX)4.34 (18.43%)27.89Consumer goods

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for ZIM Shipping Services Ltd. (ZIM), 22nd Century Group Inc. (XXII), UiPath Inc. (PATH), Welbilt Inc. (WBT) and R.R.Donnelley & Sons Co. (RRD).

  • ZIM Shipping Services Ltd. (ZIM) shares surged after the global container shipping company announced it would be redeeming $350 million in outstanding Series 1 and 2 Notes earlier than expected, two years before the due date. 
  • 22nd Century Group Inc. (XXII) shares hit a new two-month high as the biotech company reported that it is fully prepared to partner with the FDA to launch its own reduced nicotine content (RNC) cigarette brand as well as license its RNC technology to other cigarette manufacturers.
  • In one of the largest software initial public offerings (IPOs) in months, shares of AI startup UiPath Inc. (PATH) soared after its Wall Street debut. 
  • Welbilt Inc. (WBT) shares enjoyed huge gains after the commercial foodservice company announced plans to be acquired by well-known industry competitor Middleby.
  • R.R.Donnelley & Sons Co. (RRD) shares were higher after announcing it had reworked its credit facilities, substantially reducing the communications company’s debt.

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
ZIM Shipping Services Ltd. (ZIM)20.14 (+163.74%)32.44Industrial Goods
22nd Century Group Inc. (XXII)1.94 (+60.44%)5.15Consumer Goods
UiPath Inc. (PATH)24.84 (+49.68%)74.84Technology
Welbilt Inc. (WBT)6.25 (+39.11%)22.23Services
R.R.Donnelley & Sons Co. (RRD)1.37 (+29.27%)35.63Basic Materials

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Inovio Pharmaceuticals Inc. (INO), Marathon Patent Group Inc. (MARA), Coinbase Global Inc. (COIN), Riot Blockchain Inc. (RIOT) and Peloton Interactive (PTON).

  • Inovio Pharmaceuticals Inc. (INO) shares crashed after the US Department of Defense announced that it was scrapping funding for the biopharmaceutical company’s COVID-19 vaccine phase III clinical trials.
  • Shares of Marathon Patent Group Inc. (MARA) and Riot Blockchain Inc. (RIOT) shares plunged as the price of Bitcoin pulled back, threatening the crypto mining companies’ businesses.
  • Likewise, shares of Coinbase Global Inc. (COIN) fell, along with the declining euphoria surrounding cryptocurrency, which makes up the bulk of the online trading platform’s revenues.
  • Peloton Interactive (PTON) shares dropped after the US Consumer Product Safety Commission (CPSC) blamed the fitness company’s Tread+ treadmills for dozens of injuries and at least one death. 

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Inovio Pharmaceuticals Inc. (INO)-1.89(-21.62%) 6.85Consumer Goods
Marathon Patent Group Inc. (MARA)-6.63 (-17.03%)32.30Consumer Goods
Coinbase Global Inc. (COIN)-50.40 (-14.74%) 291.60Financial
Riot Blockchain Inc. (RIOT)-6.16 (-13.80%)38.48Consumer Goods
Peloton Interactive (PTON)-15.14 (-13.03%)101.07Services

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Haemonetics Corp. (HAE), Emergent BioSolutions Inc. (EBS), Altria Group Inc. (MO), Telecom Argentina SA (TEO) and Shopify Inc. (SHOP) stocks all experienced negative movement over the past week.

  • Haemonetics Corp. (HAE) shares plunged after news that one of its large customers, CSL Pharma, which had contributed $117 million to the healthcare company’s total 2020 revenue, will not renew its contract for the use of PCS2 (Plasma Collection System) devices. 
  • Emergent BioSolutions Inc. (EBS) shares tumbled after the FDA conducted an inspection of Emergent’s facility, used to manufacture Johnson & Johnson’s COVID-19 vaccine, and subsequently issued a scathing report. 
  • Shares of Altria Group Inc. (MO), tobacco titan and parent company of Philip Morris, slid following news that the Biden administration may force cigarette makers to reduce the level of nicotine in their products.
  • Telecom Argentina SA (TEO) shares slipped as the telecommunications company was downgraded by analysts with a consensus rating of ‘Hold.’
  • Shopify Inc. (SHOP) shares dropped in anticipation of expected underperformance in Q1 2021 financials due to be reported next week.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Haemonetics Corp. (HAE)-49.52 (-42.34%)67.45Consumer Goods
Emergent BioSolutions Inc. (EBS)-15.70 (-20.22%)61.94Healthcare
Altria Group Inc. (MO)-4.92 (-9.41%)47.39Consumer Goods
Telecom Argentina SA (TEO)-0.45 (-9.16%)4.46Technology
Shopify Inc. (SHOP)-108.77 (-9.01%)1099.03Technology

Highlights and Lowlights

Despite mostly positive economic news and strong earnings results, major US indexes slid slightly this week, breaking a previous string of weekly gains that had pushed them to record highs. The SPX500 and the DJ30 dipped -0.1% and -0.4% respectively, and the NSDQ100 shed -0.3%. 

Investor sentiment seemed mainly dampened by pandemic-related news, which was less optimistic than in recent weeks. US health officials continue to debate whether to resume emergency authorisation of Johnson & Johnson’s vaccine, which was halted over an extremely rare side effect. In addition, COVID-19 cases have been reportedly spiking in some other parts of the world, sparking uncertainty for a global recovery.

What’s in Store for the Week?

Earnings season continues with some of the biggest tech stocks, such as TeslaAlphabetFacebookApple, and Amazon, reporting in the week ahead.

The US government’s initial first-quarter GDP growth estimate is set to be released on Thursday, and good news of accelerated growth is expected, due to recovery from the pandemic. The Federal Reserve will emerge from a two-day meeting on Wednesday with a press conference and is widely expected to keep interest rates unchanged. Investors will also be watching for clues of inflation concerns.

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