Weekly Stock Market Update February 22, 2021

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for Canaan Inc. (CAN), Riot Blockchain Inc. (RIOT), 9F Inc. (JFU), Cleanspark Inc. (CLSK), and Wix.com Ltd. (WIX).

  • Bitcoin continued to soar to new heights, boosting Canaan Inc. (CAN) and Riot Blockchain Inc. (RIOT), stocks related to the crypto market leader, along with it.
  • 9F Inc. (JFU), a relatively lesser-known Chinese financial services stock, jumped as the result of a surge in trading volume, rather than any company-specific news.
  • Cleanspark Inc. (CLSK) shares spiked without any clear catalyst, but seemed to coincide with a public presentation made by CEO Zach Bradford.
  • Wix.com Ltd. (WIX) stock soared after the website creation platform announced excellent fourth-quarter performance with several analysts boosting their price forecasts.

NASDAQ TOP-PERFORMING STOCKS

New York Stock Exchange (NYSE)

  • Strong results were recorded on the New York Stock Exchange for PBF Energy Inc. (PBF), Renren Inc. (RENN), Freeport-McMoRan Inc. (FCX), Carnival Corp. (CCL), and CVR Energy (CVI.N).
  • Rising oil prices have been boosting energy stocks, including PBF Energy Inc. (PBF) and CVR Energy (CVI.N), the latter which is due to report earnings today.
  • It seems that a bid from Barrick Gold to acquire copper and gold miner Freeport-McMoRan Inc. (FCX) is not forthcoming, news which served to boost Freeport stock.
  • Shares of social media platform Renren Inc. (RENN) soared after coming off a trading halt due to volatility.
  • Carnival Corp. (CCL) shares popped when the cruise operator announced that some of its cruise lines could soon be up and running again.

NYSE TOP-PERFORMING STOCKS

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Caesars Entertainment Corp. (CZRdel), EHang Holdings (EH), Bluebird Bio Inc. (BLUE), Stamps.com Inc. (STMP), and SunPower Corp. (SPWR).

  • Casino mogul Caesars Entertainment Corp. (CZRdel) is expected to post heavy year-on-year losses, mainly due to a lack of tourism to the company’s resorts during the pandemic.
  • EHang Holdings (EH) shares fell sharply this week after the Chinese autonomous air taxi company was the subject of an unfavourable research report.
  • Bluebird Bio Inc. (BLUE) shares plunged after the biotech company announced that it would be temporarily suspending trials of sickle cell disease treatment to investigate a serious adverse reaction.
  • Stamps.com Inc. (STMP) shares fell after announcing fourth-quarter financial results. Although the data was positive, investors are concerned that the jump in e-commerce during COVID which fuelled postage revenues might not last.
  • SunPower Corp. (SPWR) also reported solid fourth-quarter earnings, but the solar power provider said it expects heavy losses in the first quarter of 2021, causing shares to drop.

NASDAQ WORST-PERFORMING STOCKS

New York Stock Exchange (NYSE)

On the New York Stock Exchange, MEDNAX Inc. (MD), Bloom Energy (BE), TransEnterix Inc. (TRXC), BlackBerry Limited (BB), and Qudian Inc. (QD) stocks all experienced negative movement over the past week.

  • MEDNAX Inc. (MD) shares tumbled after the healthcare services provider reported disappointing earnings.
  • Fuel cell provider Bloom Energy (BE) stock soured this week after the company reported a much greater loss in earnings than anticipated.
  • Surgical robotics maker TransEnterix Inc. (TRXC) took a dive this week, a setback following the stock’s massive growth since the beginning of 2021.
  • BlackBerry Limited (BB) stock slid after receiving a particularly pessimistic ratings downgrade.
  • Chinese fintech provider Qudian Inc. (QD) experienced a correction this week amid otherwise significant recent growth.

NYSE WORST-PERFORMING STOCKS

Highlights and Lowlights

Stocks set new highs again last week, but closed out Friday’s session mixed. Influential events included congressional hearings concerning the recent GameStop trading frenzy, fiscal aid package negotiations in Washington, and practical economic data influenced by lockdowns on the one hand, but optimism amid increasing vaccination on the other.

The three major US indexes erased gains from earlier in the week, with the SPX500 closing the week slightly lower (its first weekly loss this month) and the NSDQ100 and DJ30 slightly higher. The SPX500 index also dropped for four consecutive sessions in its longest losing streak since mid-December.

What’s in Store for the Week?

NVIDIA will announce its latest earnings on Wednesday, with good news expected from the chipmaker for investors. Expectations are also high for the Home Depot and Wayfair reports on Tuesday and Thursday respectively, as home improvement and furnishings were in high demand from online shoppers during the pandemic.

Tuesday is a bank holiday in Japan, so the local markets will be closed. On Tuesday and Wednesday at 17:00 GMT, Fed Chair Powell is scheduled to testify on the Semiannual Monetary Policy Report before the US Senate Banking Committee, which may mean possible volatility for the US Dollar.

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