Good news for growth and tech stocks

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for Marathon Patent Group Inc. (MARA), Canaan Inc. (CAN), Sunworks Inc. (SUNW), Intellia Therapeutics Inc. (NTLA) and BioNTech SE (BNTX).

  • Marathon Patent Group Inc. (MARA) shares popped following the Bitcoin mining company’s announcement regarding a new BTC mining pool.
  • Canaan Inc. (CAN) shares jumped as news of payment processing giant Visa joining the crypto space seemed to indirectly benefit the mining hardware specialist.
  • Shares of solar systems provider Sunworks Inc. (SUNW) soared in light of US President Joe Biden’s plans for a multi-trillion dollar solar energy infrastructure deal.
  • Intellia Therapeutics Inc. (NTLA) shares gained as the genome editing company got a green light from the European Commission (EC) to administer the first experimental CRISPR therapy to patients with rare debilitating diseases.
  • BioNTech SE (BNTX) shares were up as the German biotech company reported great fourth-quarter earnings, as well as study results from its Pfizer-partnered COVID vaccine showing high efficacy in children ages 12 to 15.


New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Hertz Global Holdings Inc. (HTZGQ), Acuity Brands Inc. (AYI), Sunnova Energy International Inc. (NOVA), Invitae Corp. (NVTA), and 22nd Century Group Inc. (XXII).

  • Hertz Global Holdings Inc. (HTZGQ) shares got a boost after the car rental company sold a subsidiary, moving closer to exiting Chapter 11 bankruptcy.
  • Acuity Brands Inc. (AYI) shares gained after the lighting and building management solutions company exceeded expectations for its second-quarter 2021 earnings.
  • Residential solar and storage service provider Sunnova Energy International Inc. (NOVA) completed its acquisition of SunStreet Energy Group, boosting share prices.
  • Invitae Corp. (NVTA) shares rallied after the medical genetics company introduced a genetic testing program for adult neurodegenerative conditions.
  • 22nd Century Group Inc. (XXII) shares rose last week after four former FDA commissioners endorsed reduced nicotine levels in cigarettes such as those being produced by the tobacco biotechnology company.


Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Genius Brands International Inc. (GNUS), Ubiquiti Inc. (UI), Toughbuilt Industries Inc. (TBLT), Miragen Therapeutics Inc. (VRDN) and Vaxcyte Inc. (PCVX).

  • Genius Brands International Inc. (GNUS) stock tumbled after the children’s entertainment company announced a new partnership with Marvel which, having hyped a deal since last year, ended up disappointing investors.
  • Ubiquiti Inc. (UI) shares plunged following a report that damage due to a security breach back in January had actually been downplayed by the networking technology company.
  • Toughbuilt Industries Inc. (TBLT) shares plummeted after the tools and accessories company reported financial results for 2020, in which net losses had tripled.
  • Miragen Therapeutics Inc. (VRDN) stocks fell due to negative forecasts for the RNA-targeted healthcare and biotechnology company.
  • Vaxcyte Inc. (PCVX) shares hit a 52-week low after the biotech and pharmaceutical company reported Q4 earnings results.


New York Stock Exchange (NYSE)

On the New York Stock Exchange, Prog Holdings Inc. (PRG), GSX Techedu Inc. (GSX), Emergent BioSolutions Inc. (EBS), Renren Inc. (RENN), and BlackBerry Limited (BB) stocks all experienced negative movement over the past week.

  • Prog Holdings Inc. (PRG) shares dropped almost $19 in the past week, a decline of more than 42% for the Georgia-based lease purchase solutions provider.
  • Beijing-based educational tech company GSX Techedu Inc. (GSX) shares continued to decline, along with other Chinese stocks, due to liquidation by the Archegos Hedge Fund.
  • Emergent BioSolutions Inc. (EBS) shares plummeted after the life sciences company reported inadvertent contamination of the Johnson & Johnson vaccine it had been contracted to manufacture.
  • Renren Inc.(RENN) shares dropped $1.14, an 11% decline for the Chinese used car business.
  • BlackBerry Limited (BB) stock was down after the electronics company’s valuation dropped, a result of weaker-than-expected quarterly results.


Highlights and Lowlights

All three major US indexes finished in gains for holiday-shortened trading week, with the NSDQ100 outperforming the DJ30 by a wide margin — 2.6% versus 0.2% — a reversal of recent trends. The SPX500 breached 4,000 for the first time by the week’s end, up by 1.2% total.

Positive news this week included the Biden administration’s plans to spend $2.25 trillion to expand and improve America’s infrastructure, and the US labour market report, released after hours on Friday, which exceeded expectations. For the first time in eight weeks, large-cap growth stocks outperformed their value counterparts and many top tech stocks had a strong week.

What’s in Store for the Week?

Earnings season continues, with Carnival Corporation, Conagra Foods and Levi Strauss reporting in the week ahead.

Several reports, including the US Census Bureau’s trade balance, the Federal Reserve’s consumer credit report, and last month’s FOMC minutes are all due to be released on Wednesday. On Thursday, Fed Chair Powell will speak about the global economy in a panel discussion.

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