Weekly Stock Market Update Fridays rally saved the week

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for The Michaels Companies Inc. (MIK), Canaan Inc. (CAN), Centennial Resource Development Inc./DE (CDEV), Diamondback Energy Inc. (FANG), Discovery Communications Inc. (DISCA).

• The Michaels Companies Inc. (MIK) shares jumped this week after the arts and crafts retailer announced a deal in which it would be acquired by private equity fund manager Apollo Global Management.
• Shares of Bitcoin mining chip manufacturer Canaan Inc. (CAN) were up this week, apparently linked to the rise in Bitcoin price.
• Natural gas company Centennial Resource Development Inc./DE (CDEV) stock jumped this week, prior to an OPEC meeting where supply cuts had been expected.
• Diamondback Energy Inc. (FANG) performed well, buoyed by price increases for crude oil.
• Discovery Communications Inc. (DISCA), which owns the Food Network, HGTV, and the flagship Discovery Channel, saw its stock soar thanks to new streaming services.

NASDAQ TOP-PERFORMING STOCKS

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Callon Petroleum Co. (CPE), GameStop Corp. (GME), Continental Resources Inc. (CLR), SM Energy Co. (SM), and Matador Resources Co. (MTDR).

NYSE TOP-PERFORMING STOCKS

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The week was less than ideal for Athenex Inc. (ATNX), Evofem Biosciences inc. (EVFM), Qutoutiao Inc. (QTT), Gevo Inc. (GEVO), and Vir Biotechnology Inc. (VIR).

• Athenex Inc. (ATNX) shares plunged to a new low after the FDA refused to approve the biopharmaceutical company’s oral breast cancer treatment.
• Evofem Biosciences Inc. (EVFM) shares dropped sharply when the biopharmaceutical company’s fourth-quarter performance fell short of investor expectations.
• Shares of Qutoutiao Inc. (QTT), a leading operator of mobile content platforms in China, tumbled this week ahead of expected earnings losses.
• Gevo Inc. (GEVO) stock tumbled as the renewable biofuels company announced the price of its latest share offering.
• Vir Biotechnology Inc. (VIR) experienced a sell-off following an update that raised concerns regarding the drugmaker’s potential treatment for COVID-19.

NASDAQ WORST-PERFORMING STOCKS

New York Stock Exchange (NYSE)

On the New York Stock Exchange, Amphenol Corporation (APH), Hertz Global Holdings Inc. (HTZGQ), 3D Systems Corp. (DDD), 22nd Century Group Inc. (XXII), and Virgin Galactic Holdings Inc. (SPCE) stocks experienced negative movement over the past week.

• Amphenol Corporation (APH) shares dropped following reports that the merger of the electronic and fibre optic connectors manufacturer with MTS Shareholders was approved.
• Hertz Global Holdings Inc. (HTZGQ) stock plummeted this week despite the former king of car rentals’ plans to stave off bankruptcy.
• 3D Systems Corp. (DDD) shares plunged as investors responded to the #D printer manufacturer’s fourth-quarter earnings.
• 22nd Century Group Inc. (XXII) stock fell after the biotech company said it had secured an exclusive agreement with CannaMetrix, which aims to accelerate the commercialisation of cannabis plant lines.
• Virgin Galactic Holdings Inc. (SPCE) shares fell among reports that Chairman Chamath Palihapitiya had sold off stock and that space expert George Whitesides had been removed from the company’s list of key corporate officers.

NYSE WORST-PERFORMING STOCKS

Highlights and Lowlights

The tussle between the stock market and interest rates continued, with rates temporarily coming out on top and stocks pulling back. But the market’s performance ended up looking better as stocks snapped a three-day losing streak with a sharp rally on Friday. The DJ30 was up 1.8% for the week, while the SPX500 managed a 0.8% gain. The NSDQ100, however, still slipped by 2.1%.

On Friday, the US government reported on the country’s employment situation, which turned out to be far better than expected with the unemployment rate dipping to 6.2%. This suggests that the American economy may be recovering even faster than investors’ already tall expectations.

What’s in Store for the Week?

Earnings season continues in the week ahead, with Oracle, Poshmark, and Ulta Beauty due to announce fresh financial results which may get their shares moving.

The final congressional stimulus vote is expected this week, which could possibly be a boost to stocks — or a negative influence, if interest rates climb and inflation fears are ignited. Investors are also awaiting the March 16-17 Federal Reserve meeting, although the Fed has so far given little indication that the central bank is concerned by the recent yield rally.