More record highs, but tech lags

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for Weight Watchers International Inc. (WTW), Avid Technology Inc. (AVID), Axogen Inc. (AXGN), Steel Dynamics Inc. (STLD) and Qurate Retail Group Inc. (QRTEA).

  • Weight Watchers International Inc. (WTW) shares jumped after the weight loss leader reported better-than-expected first-quarter earnings.
  • Avid Technology Inc. (AVID) shares soared after the audio and video production software maker reported first-quarter results that were mixed, but with optimistic guidance for the second quarter that excited investors. 
  • Axogen Inc. (AXGN) shares rallied following the regenerative medicine company’s release of encouraging first-quarter 2021 results.
  • Steel Dynamics Inc. (STLD) shares were up as analysts weighed in positively on the steelmaker’s prospects for this quarter.
  • Qurate Retail Group Inc. (QRTEA) shares jumped after the online retailer and parent company of QVC, HSN, and Zulily beat expectations on first-quarter earnings. 

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Weight Watchers International Inc. (WTW)9.30 (+33.53%)37.04Consumer goods
Avid Technology Inc. (AVID)7.20 (+31.66%)29.94Technology
Axogen Inc. (AXGN)4.78 (+25.53%)31.98Consumer goods
Steel Dynamics Inc. (STLD)9.14 (+16.86%)63.36Consumer goods
Qurate Retail Group Inc. (QRTEA)1.80 (15.13%)13.70Consumer goods

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Community Health Systems Inc. (CYH), Sally Beauty Holdings Inc. (SBH), Transocean Ltd. (RIG), Baker Hughes A GE Co. (BKR) and MEDNAX Inc. (MD).

  • Community Health Systems Inc. (CYH) shares surged after the hospital operator announced that it is floating over $1.4 billion in new debt. 
  • Sally Beauty Holdings Inc. (SBH) shares jumped after a significant earnings beat for the beauty retailer.
  • Transocean Ltd. (RIG) shares soared following the drilling contractor’s financial report, which indicated that losses are declining and that predicted growth is promising.
  • Baker Hughes A GE Co. (BKR) shares popped after analysts upgraded the oilfield services company on a bullish outlook for global oil markets.
  • MEDNAX Inc. (MD) shares were higher after the medical services provider announced its first-quarter results. 

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Community Health Systems Inc. (CYH)4.08 (+36.76%)15.18Healthcare
Sally Beauty Holdings Inc. (SBH)5.22 (+26.01%)25.29Conglomerates
Transocean Ltd. (RIG)0.78 (+24.22%)4.00Basic Materials
Baker Hughes A GE Co. (BKR)4.55 (+22.66%)24.63Basic Materials
MEDNAX Inc. (MD)5.78 (+21.96%)32.10Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Vaxart Inc. (VXRT), Ballard Power Systems Inc. (BLDP), Ocugen Inc. (OCGN), Jfrog Ltd. (FROG) and 10X Genomics Inc. (TXG).

  • Vaxart Inc. (VXRT) shares crashed after the biotech company reported first-quarter losses.
  • Ballard Power Systems Inc. (BLDP) shares tanked after the fuel cell energy company reported disappointing first-quarter earnings.
  • Ocugen Inc. (OCGN) shares dropped after the biotech company provided its first-quarter update showing losses.
  • Jfrog Ltd. (FROG) shares slid after reporting first-quarter earnings which, although positive, also included the software management company’s outlook for its second quarter that failed to impress investors.
  • 10X Genomics Inc. (TXG) shares sank after disappointing investors with its first-quarter results.

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Vaxart Inc. (VXRT)-3.58 (-33.21%) 7.20Consumer Goods
Ballard Power Systems Inc. (BLDP)-6.47 (-29.58%)15.40Industrial Goods
Ocugen Inc. (OCGN)-3.48 (-27.51%) 9.19Consumer Goods
Jfrog Ltd. (FROG)-13.12 (-26.76%)35.91Consumer Goods
10X Genomics Inc. (TXG)-51.44 (-26.01%)146.36Consumer Goods

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Fastly Inc. (FSLY), Blue Apron Holdings Inc. (APRN), Zomedica Pharmaceuticals Corp. (ZOM), RingCentral Inc. (RNG) and Coursera Inc. (COUR) stocks all experienced negative movement over the past week.

  • Fastly Inc. (FSLY) shares tanked after first-quarter earnings fell short of expectations and the edge cloud services company’s news that its CFO would be leaving.
  • Blue Apron Holdings Inc. (APRN) shares plunged after the meal kit delivery company reported first-quarter results, with a weak sales forecast for the second quarter.
  • Veterinary health company Zomedica Pharmaceuticals Corp. (ZOM) pulled back sharply as investors sold off shares. 
  • RingCentral Inc. (RNG) shares tumbled following the release of first-quarter results. Despite beating expectations, investors seemed to doubt the telecom company’s potential for continued growth.
  • Coursera Inc. (COUR) shares slipped after the online education provider reported growing net losses, despite impressive first-quarter sales revenue.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Fastly Inc. (FSLY)-21.99 (-34.43%)41.88Services
Blue Apron Holdings Inc. (APRN)-1.28 (-21.59%)4.65Consumer Goods
Zomedica Pharmaceuticals Corp. (ZOM)-0.21 (-20.08%)0.85Consumer Goods
RingCentral Inc. (RNG)-61.91 (-19.41%)257.04Services
Coursera Inc. (COUR)-8.56 (-19.150%)36.14Consumer Goods

Highlights and Lowlights

Things may have been rough at the start, but by week’s end, the DJ30 and the SPX500 both set records, eclipsing highs set less than a month ago. As of Friday, results were in from around 90% of SPX500 companies with an expected 49% cumulative increase over last year’s first-quarter results. 

The NSDQ100, however, fell by 1.5% this week as US tech stocks suffered their worst day since the pandemic began. This, despite major tech stocks reporting excellent first-quarter sales and profits showing how lockdowns had benefitted the sector. With the crisis apparently on the decline, investors have been increasingly wary that higher inflation is on the horizon — which comments from US Treasury Secretary Janet Yellen, and later by White House Press Secretary Jen Psaki, seemed to confirm. 

What’s in Store for the Week?

Earnings season is winding down, but several big names are still to come in the week ahead. Take note of DisneyAlibaba, and AirBNB which will be reporting their financial data.

This Wednesday, the US Bureau of Labor Statistics will release the Consumer Price Index (CPI). Brick-and-mortar retail is having a comeback of late, so investors may be looking forward to the US Census Bureau’s release of April’s retail sales data on Friday.

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