Tech recovers from 6-week dry spell

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Newegg Commerce Inc. (NEGG), Urban One Inc. (UONE), Reata Pharmaceuticals Inc. (RETA), Oatly Group AB (OTLY) and Globalstar (GSAT).

  • Newegg Commerce Inc. (NEGG) shares skyrocketed after the online electronic goods retailer merged with Lianluo Smart and began trading under the new symbol NEGG.
  • Urban One Inc. (UONE) shares popped after the media company’s casino proposal was accepted by Richmond, Virginia gaming officials. 
  • Reata Pharmaceuticals Inc. (RETA) shares soared following promising news regarding the FDA approval process for the biotech company’s drug candidate that treats Friedreich’s ataxia, a genetic disease.
  • Swedish oat milk maker Oatly Group AB (OTLY) raised more than $1.4 billion in its initial public offering, opening at 30% above the IPO price.
  • Shares of satellite communications company Globalstar (GSAT) were up substantially in a momentum-driven rally. 

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Newegg Commerce Inc. (NEGG)6.45 (+90.97%)13.54Consumer goods
Urban One Inc. (UONE)3.11 (+59.58%)8.33Services
Reata Pharmaceuticals Inc. (RETA)32.63 (+41.65%)110.98Consumer goods
Oatly Group AB (OTLY)5.46 (+32.12%)22.46Consumer goods
Globalstar (GSAT)0.34 (29.82%)1.48Technology

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Virgin Galactic Holdings Inc. (SPCE), BRF SA (BRFS), R.R Donnelley & Sons Co. (RRD), Social Capital Hedosophia V (IPOE) and Asensus Surgical Inc. (ASXC).

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Virgin Galactic Holdings Inc. (SPCE)4.89 (+30.22%)21.07Consumer Goods
BRF SA (BRFS)1.06 (+26.57%)5.05Consumer Goods
R.R Donnelley & Sons Co. (RRD)1.17 (+26.41%)5.60Services
Social Capital Hedosophia V (IPOE)3.84 (+25.70%)18.78Services
Asensus Surgical Inc. (ASXC)0.42 (+24.71%)2.12Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Evofem Biosciences Inc. (EVFM), Canaan Inc. (CAN), MicroStrategy Inc. (MSTR), Coinbase Global Inc. (COIN) and SuRo Capital Corp. (SSSS).

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Evofem Biosciences Inc. (EVFM)-0.413 (-33.06%) 0.8367Consumer Goods
Canaan Inc. (CAN)-1.72 (-17.75%)7.97Technology
MicroStrategy Inc. (MSTR)-70.79 (-13.58%) 450.52Technology
Coinbase Global Inc. (COIN)-34.02 (-13.17%)224.35Financial
SuRo Capital Corp. (SSSS)-2.02 (-12.99%)13.50Financial

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Sociedad Quimica y Minera de Chile SA (SQM), Banco Santander-Chile (BSAC), Renren Inc. (RENN), Autohome (ATHM) and TAL Education Group ADR (TAL) stocks all experienced negative movement over the past week.

  • Sociedad Quimica y Minera de Chile SA (SQM) shares dropped leading up to the Chilean lithium miner’s disappointing earnings report.
  • Elections in Chile affected numerous US-listed Chilean companies, including Banco Santander-Chile (BSAC), whose shares plunged.
  • Renren Inc. (RENN) shares tumbled after the Chinese social network received a notice for failing to file its 2020 Annual Report with the Securities and Exchange Commission (SEC).
  • Autohome (ATHM) shares slid as the Chinese online automobile platform got a downgrade ahead of expected earnings.
  • TAL Education Group ADR (TAL) shares were downgraded, sending stock prices to a new 52-week low for the Chinese online tutoring company.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Sociedad Quimica y Minera de Chile SA (SQM)-10.22 (-19.54%)42.09Basic Materials
Banco Santander-Chile (BSAC)-3.65 (-15.70%)19.60Financial
Renren Inc. (RENN)-1.67 (-13.92%)10.33Technology
Autohome (ATHM)-12.21(-13.47%)78.45Technology
TAL Education Group ADR (TAL)-5.81 (-11.92%)42.93Consumer Goods

Highlights and Lowlights

Losses from the beginning of the week were mostly offset by a stock market rally on Thursday, but both the SPX500 and the DJ30 were still around 1.5% lower than their record highs set two weeks ago. For the first time in six weeks, the NSDQ100 outperformed the SPX500, finally ending a dry spell for tech stocks.

The index of leading US economic indicators recorded a 1.6% increase for April — its second consecutive solid monthly gain, and the strongest since last July. Investors as well as businesses, however, still have inflation worries on their minds.

What’s in Store for the Week?

Earnings season wraps up this week, with BestBuyCostco, and Nvidia set to report their latest financial data.

Several economic reports on consumer sentiment and expectations will be released this coming week, including the Case-Shiller Home Price Index on Tuesday. President Biden will unveil his fiscal 2022 budget proposal on Friday.

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