Nasdaq posts worst weekly loss since October

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Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for TripAdvisor Inc. (TRIP), PDC Energy Inc. (PDCE), Goodyear Co. (GT), Caesars Entertainment Inc. (CZR), and Bluebird Bio Inc. (BLUE).

  • TripAdvisor Inc. (TRIP) shares jumped this week after analysts raised price targets on the travel guidance platform, due to the launch of a new subscription service model.
  • PDC Energy Inc. (PDCE) shares rallied as the oil and gas producer beat expectations with its fourth-quarter results and plan to return cash to shareholders later this year.
  • Goodyear Co. (GT) shares were trading higher after the tire titan announced acquisition of rival Cooper Tire, which will expand its mainly passenger vehicle focused business to high-margin light trucks and SUVs.
  • Caesars Entertainment Inc. (CZR) shares jumped after the casino giant announced fourth-quarter 2020 financial results and CEO Tom Reeg inspired investor confidence that the second half of 2021 could see a huge surge in bookings.
  • Gene therapy pioneer Bluebird Bio Inc. (BLUE) was able to turn around its recent losses with responsible handling of clinical study inquiries and positive fourth quarter updates.

NASDAQ TOP-PERFORMING STOCKS

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for GameStop Corp. (GME), Owens & Minor Inc. (OMI), Royal Caribbean Cruises Ltd. (RCL), Marathon Oil Corp. (MRO), and Manchester United (MANU).

  • GameStop Corp. (GME) shares exploded once again this week, following the resignation of the video game retailer’s CFO, coupled with another apparent short squeeze by Reddit traders.
  • Owens & Minor Inc. (OMI) shares soared after the medical supply company announced great fourth-quarter results
  • Although Royal Caribbean Cruises Ltd. (RCL)‘s fourth-quarter report was brutal, the cruise line operator has still held up better than its rivals during the pandemic. The company’s optimistic outlook for 2021 got investors excited, announcing that bookings are already flooding in with passengers willing to pay premium prices.
  • Marathon Oil Corp. (MRO) shares shot up toward a one-year high after the natural gas company reported narrower-than-expected losses and an upbeat outlook.
  • Manchester United (MANU) shares rose to a one-year high amid hopes that the soccer team will soon be playing to packed stadiums.

NYSE TOP-PERFORMING STOCKS

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Workhorse Group Inc. (WKHS), Canaan Inc. (CAN), Riot Blockchain Inc. (RIOT), Cleanspark Inc. (CLSK), and Overstock.com Inc. (OSTK).

  • Investors in Workhorse Group Inc. (WKHS) previously drove the electric-vehicle maker’s stock price up based on hopes that the company would win a lucrative contract with the US Postal Service. But USPS awarded the contract to a subsidiary of Oshkosh, and Workhorse shares tanked.
  • Bitcoin was down about 21% from all-time highs reached just days prior, causing crypto mining stocks, including Canaan Inc. (CAN), Riot Blockchain Inc. (RIOT), and Cleanspark Inc. (CLSK) to plummet.
  • Overstock.com Inc. (OSTK) reported spectacular Q4 earnings this week, yet the online retailer still failed to allay investor concerns that revenues boosted by the pandemic are nearing an end.

NASDAQ WORST-PERFORMING STOCKS

New York Stock Exchange (NYSE)

On the New York Stock Exchange, Virgin Galactic Holdings Inc. (SPCE), Vistra Energy Corp. (VST), Teladoc Health Inc. (TDOC), Ormat Technologies Inc. (ORA.US), and NeoPhotonics Corp. (NPTN) stocks all experienced negative movement over the past week.

  • Virgin Galactic Holdings Inc. (SPCE) delivered losses as expected, but the really unpleasant surprise causing shares to tank was that space test flights would be delayed an entire quarter without explanation, after promising investors they were imminent.
  • Vistra Energy Corp. (VST) shares dropped after the independent power producer released earnings, including estimated costs and negative financial impact from the recent Texas winter freeze.
  • Teladoc Health Inc. (TDOC) stock plunged as investors began questioning whether the telehealth leader will continue to deliver impressive growth once people can see their doctors in person once again.
  • Ormat Technologies Inc. (ORA.US) shares dipped after the renewable energy developer posted disappointing earnings and a weak 2021 sales forecast.
  • Despite beating estimates, NeoPhotonics Corp. (NPTN) shares dropped as investors were apparently not impressed, and not happy with the optoelectronics manufacturer’s guidance.

NYSE WORST-PERFORMING STOCKS

Highlights and Lowlights

Wall Street stocks ended the week mixed, with battered tech stocks recovering somewhat amid investor fears of rising interest rates tied to corporate and consumer borrowing.

All three major averages posted weekly losses. The NSDQ100 began paring losses towards the week’s end, but still posted its worst week since October 2020. The SPX500 slid 2.5% this week for its second negative week in a row, while the DJ30 shed 475 points, or 1.5%, at the end of Friday’s session.

What’s in Store for the Week?

Earnings season continues in the week ahead, with Costco, Target, and Ambarella to announce fresh financial results which may get their shares moving.

The House passed Biden’s $1.9 trillion coronavirus relief package, which will now be headed to the Senate. February’s employment report is expected to show strong job growth and an unchanged unemployment rate. Fed Chairman Jerome Powell will speak about the economy at a Wall Street Journal summit Thursday.

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