US markets back on track: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Tellurian Inc. (TELL), Beyond Meat Inc. (BYND), Sundial Group Inc. (SNDL), Nikola Corp. (NKLA) and EHang Holdings Ltd. (EH).

  • Tellurian Inc. (TELL) shares skyrocketed after the liquified natural gas exporter signed a new long-term contract with Gunvor Singapore.
  • Beyond Meat Inc. (BYND) shares soared following bullish analysts’ remarks and Internet chat room hype surrounding the plant-based meat substitute producer.
  • Sundial Group Inc. (SNDL) shares led a rally for several cannabis stocks following news that HEXO had struck a $766 million deal with marijuana producer Redecan.
  • Nikola Corp. (NKLA) shares popped following analyst coverage of the electric vehicle start-up.
  • EHang Holdings Ltd. (EH) shares were up after the Chinese aerospace company unveiled its first autonomous aerial vehicle (AAV) for inner city operations. 

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Tellurian Inc. (TELL)1.74 (+66.41%)4.36Consumer goods
Beyond Meat Inc. (BYND)38.83 (+36.43%)145.42Services
Sundial Group Inc. (SNDL)0.215 (+28.48%)0.97Consumer goods
Nikola Corp. (NKLA)2.98 (+24.87%)14.96Consumer goods
EHang Holdings Ltd. (EH)5.27 (+24.24%)27.01Industrial Goods

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for AMC Entertainment Holdings Inc. (AMC), Virgin Galactic Holdings Inc. (SPCE), Owens & Minor Inc. (OMI), Aurora Cannabis Inc. (ACB) and GameStop Corp. (GME).

  • Shares of AMC Entertainment Holdings Inc. (AMC) jumped, as consumers were getting ready to return to movie theatres, drawing heavy interest from investors for the movie theatre chain.
  • Virgin Galactic Holdings Inc. (SPCE) shares surged after founder Sir Richard Branson tweeted a video from last week’s VSS Unity flight. 
  • Owens & Minor Inc. (OMI) shares soared following optimistic updates delivered by the medical device maker during its Investor Day presentations.
  • Aurora Cannabis Inc. (ACB) shares were up, as were several other cannabis stocks, following news that HEXO had struck a $766 million deal with marijuana producer Redecan. In addition, Aurora moved its stock listing from NYSE to the NASDAQ this week.
  • GameStop Corp. (GME) shares spiked, along with other “meme stocks,” as investor interest in another short squeeze was raised.

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
AMC Entertainment Holdings Inc. (AMC)14.04 (+116.23%)26.12Consumer Goods
Virgin Galactic Holdings Inc. (SPCE)10.16 (+48.22%)31.23Consumer Goods
Owens & Minor Inc. (OMI)12.92 (+40.64%)44.71Services
Aurora Cannabis Inc. (ACB)2.04 (+26.91%)9.62Healthcare
GameStop Corp. (GME)45.21 (+25.57%)222.00Services

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for IAC/InterActiveCorp (IAC), Castor Maritime Inc. (CTRM), Newegg Commerce Inc. (NEGG), PUBMATIC INC-CLASS A (PUBM) and Adamis Pharmaceuticals Corp. (ADMP).

  • IAC/InterActiveCorp (IAC) shares plunged after the interactive media conglomerate’s spin-off Vimeo hit the market, essentially splitting IAC’s value, although shareholders will now hold both stocks.
  • Castor Maritime Inc. (CTRM) shares crashed after the Baltic Dry Index (BDI), which tracks the rates that shipping companies can charge for hauling dry bulk goods, dipped.
  • Shares of online electronic goods retailer Newegg Commerce Inc. (NEGG) sank, shortly after last week’s successful market launch.
  • PUBMATIC INC-CLASS A (PUBM) shares dipped heavily, causing eight brokerage firms to give the programmatic advertising company an Overweight rating. 
  • Adamis Pharmaceuticals Corp. (ADMP) stock declined on news that the biopharma company’s naloxone injection product had its New Drug Application (NDA) resubmitted to the US Food and Drug Administration (FDA).

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
IAC/InterActiveCorp (IAC)-89.78 (-36.02%) 159.47Services
Castor Maritime Inc. (CTRM)-1.197 (-28.18%)3.05Industrial Goods
Newegg Commerce Inc. (NEGG)-3.49 (-25.78%) 10.05Consumer Goods
PUBMATIC INC-CLASS A (PUBM)-5.03 (-14.54%)29.57Technology
Adamis Pharmaceuticals Corp. (ADMP)-0.115 (-14.28%)0.6884Consumer Goods

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, GSX Techedu Inc. (GOTU), Nordstrom Inc.(JWN), CVR Energy (CVI.N), Anaplan Inc. (PLAN) and Cabot Oil & Gas Corp. (COG) stocks all experienced negative movement over the past week.

  • GSX Techedu Inc. (GOTU) shares tanked after the Chinese tutoring company reported first-quarter earnings, with mixed results as compared to analyst expectations.
  • Nordstrom Inc.(JWN) shares dipped after its financials did not meet investors’ expectations for the fashion retailer to make a strong recovery.
  • CVR Energy (CVI.N) shares tumbled after the petroleum refiner set the final ratio for the Stock Distribution portion of its previously announced special dividend.
  • Anaplan Inc. (PLAN) shares slid as the software-as-a-service (SaaS) company posted an earnings miss and announced that its CFO was stepping down. 
  • Cabot Oil & Gas Corp. (COG) shares dropped following a merger deal with Cimarex Energy.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
GSX Techedu Inc. (GOTU)-3.12 (-14.40%)18.54Technology
Nordstrom Inc.(JWN)-4.27 (-11.29%)33.54Services
CVR Energy (CVI.N)-2.62 (-11.23%)20.72Basic Materials
Anaplan Inc. (PLAN)-5.38 (-9.46%)51.51Services
Cabot Oil & Gas Corp. (COG)-1.41 (-7.92%)16.40Basic Materials

Highlights and Lowlights

The major US indexes posted modest gains in a quiet week of trading, with the SPX500 and the DJ30 both rising moderately (1% and 1.2%,respectively). The NSDQ100 was back on track for the second week in a row, adding 2.1%. 

A weak jobs report for April showed that the US economy had failed to generate as many new jobs as economists had expected, and reflected an unemployment rate which had risen from 6.0% to 6.1%. However, a report on the price index for personal consumption reflected a surge in consumer demand as pandemic restrictions were being lifted. 

What’s in Store for the Week?

Ambarella will report earnings this week, as will Hewlett Packard and Crowdstrike Holdings.

A monthly jobs report for May, due out on Friday, will give further clues to the state of the US labour market recovery as COVID restrictions continue to be rolled back.

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