Markets still high on earnings

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Golden Nugget Online Gaming Inc. (GNOG), Novavax Inc. (NVAX), TaskUs Inc. (TASK), Pilgrim’s Pride (PPC) and Array Technologies Inc. (ARRY).

  • Golden Nugget Online Gaming Inc. (GNOG) shares skyrocketed following news of a $1.56 billion acquisition deal for the online casino by online sports betting giant DraftKings.
  • News of a new supply deal with Denmark helped COVID-19 vaccine maker Novavax Inc. (NVAX) shares rally after a sell-off last week.
  • TaskUs Inc. (TASK) shares surged following the release of the online customer service company’s second-quarter earnings, its first report as a publicly traded company.
  • Shares of poultry producer Pilgrim’s Pride (PPC) jumped following news of an acquisition offer made by JBS, the world’s largest meat packaging company.
  • Array Technologies Inc. (ARRY) shares experienced volatility surrounding the ground-mounted solar systems maker’s second-quarter earnings report, but ended the week with strong gains. 

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Golden Nugget Online Gaming Inc. (GNOG)7.17 (+58.44%)19.44Consumer Goods
Novavax Inc. (NVAX)67.38 (+35.48%)257.27Consumer Goods
TaskUs Inc. (TASK)9.01 (+29.06%)40.01Services
Pilgrim’s Pride (PPC)6.06 (+28.48%)27.34Consumer Goods
Array Technologies Inc. (ARRY)3.69 (+27.09%)17.31Basic Materials

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Albertsons Cos Inc. (ACI), Nucor Corp. (NUE), Lithium Americas Corp. (LAC), Unity Software Inc. (U), and Stride Inc. (LRN).

  • Albertsons Cos Inc. (ACI) shares soared after the supermarket chain announced its hiring of a new president and chief financial officer. 
  • Steel manufacturer Nucor Corp. (NUE)’s shares rallied to an all-time high following the acquisition of Cornerstone Building Brands’ insulated metal panels (IMP) business for approximately $1 billion.
  • Lithium Americas Corp. (LAC) shares popped after analysts raised the price targets on competing lithium mining companies, as demand for lithium rose.
  • Unity Software Inc. (U) shares gained after the video game design and animation software company reported strong Q2 earnings results.
  • Stride Inc. (LRN) shares jumped after the education provider released its results for the fourth fiscal quarter and full fiscal year ended June 30, 2021.

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Albertsons Cos Inc. (ACI)5.29 (+21.54%)29.85Consumer Goods
Nucor Corp. (NUE)21.86 (+20.96%)126.17Basic Materials
Lithium Americas Corp. (LAC)3.08 (+20.8%)17.89Basic Materials
Unity Software Inc. (U)21.87 (+20.44%)128.87Consumer Goods
Stride Inc. (LRN)5.95 (+18.61%)35.62Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Axsome Therapeutics Inc. (AXSM), Weight Watchers International Inc. (WW), SmileDirectClub Inc. (SDC), Bluebird Bio Inc. (BLUE) and GrowGeneration Corp. (GRWG).

  • Axsome Therapeutics Inc. (AXSM) shares lost half their value over the past week after the biotech company’s quarterly earnings report included an update concerning regulatory setbacks for its leading drug candidate.
  • Weight Watchers International Inc. (WW) shares plummeted after the weight loss company released disappointing second-quarter financial results.
  • SmileDirectClub Inc. (SDC) shares tanked after a dismal second-quarter earnings report showed that the oral care company’s lower-cost alternative to Invisalign was not sufficiently enticing customers.
  • Bluebird Bio Inc. (BLUE) shares crashed after the drugmaker reported some bad news in its Q2 update — a Phase III clinical study has been put on hold by regulators, and the company plans to withdraw its severe genetic disease products from the European market.
  • GrowGeneration Corp. (GRWG) shares plunged after second-quarter earnings. Despite beating both revenue and earnings expectations, the hydroponic gardening retailer’s sales growth rate is expected to slow down in the second half of 2021.

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Axsome Therapeutics Inc. (AXSM)-28.30 (-55.32%) 22.86Consumer Goods
Weight Watchers International Inc. (WW)-8.27 (-26.41%)23.04Consumer Goods
SmileDirectClub Inc. (SDC)-1.80 (-26.35%) 5.03Consumer Goods
Bluebird Bio Inc. (BLUE)-6.56 (-26.21%)18.47Consumer Goods
GrowGeneration Corp. (GRWG)-10.85 (-25.63%)31.49Consumer Goods

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Virgin Galactic Holdings Inc. (SPCE), Zomedica Pharmaceuticals Corp. (ZOM), Perrigo Company (PRGO), Nevro Corp. (NVRO) and Coupang Inc. (CPNG) all experienced negative movement over the past week.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Virgin Galactic Holdings Inc. (SPCE)-8.0 (-23.97%)25.37Consumer Goods
Zomedica Pharmaceuticals Corp. (ZOM)-0.11 (-19.29%)0.47Consumer Goods
Perrigo Company (PRGO)-8.02 (-16.38%)40.95Healthcare
Nevro Corp. (NVRO)-17.74 (-14.82%)101.99Consumer Goods
Coupang Inc. (CPNG)-4.93 (-12.71%)33.87Technology 

Highlights and Lowlights

Wall Street maintained its uptrend, with the SPX500 and the DJ30 slightly beating last week’s records by 0.8% and 0.9% respectively. A whopping 87% of SPX500 companies exceeded their second-quarter revenue estimates thus far, bringing the number of record weekly highs for the index in 2021 up to 48. The NSDQ100 posted a tiny -0.1% decline for the week.

What’s in Store for the Week?

We’ll see earnings reports from major retailers, including TargetWalmart and Home Depot, as well as from semiconductor industry leaders Nvidia and Applied Materials

Investors will be closely following key economic releases in the coming week, including retail sales from around the world, US Industrial Production, and Federal Open Markets Committee (FOMC) meeting minutes. Some insights into the US housing market are also expected, with the release of July’s Housing Starts and Building Permits.

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