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Top Stocks of the Week!
Track trending stocks from all over the internet
There is no way easy way to put it. It has been a devastating week in the market for almost all the most popular stocks. SPY also finished 1% down after its continuous rally over the past month.
Even though SPY has been up 4% over the last month, there have been speculations about the bull market losing its steam. The above heatmap showcases that the majority of the gains have come from FAANG stocks and a few other well-known large caps with the rest of the stocks being in the red. Some pundits are stating that this is not a healthy bull market and investors are just buying into easy stocks. Whatever the case may be, let’s jump to
Most Discussed Stocks of the Week
Keeping up with the pattern from last week, SPY continues to generate the most amount of discussions. Virgin Galactic became technically the most discussed stock following their historic space launch and then the stock fell every trading day since the space trip, erasing all the gains since early June in the worst week ever for the stock. By Friday, it was down 39% for the five-day period. The main reason for the fall after the successful launch was the dilutive capital raise. Rest all of the stocks are regulars in the list with Tesla and BlackBerry making a comeback to the top 10 list.
Top Growing Stocks of the Week
Most of the stocks in the group were generating chatter due to their earnings release
JPMorgan Chase($JPM): JPM released their earnings report with both the EPS and revenue beating analyst expectations. You should take the returns with a pinch of salt as JPMorgan also released another $3 billion of reserves previously stored away for loan losses back into earnings, which provided a $0.75 benefit to EPS.
Bank of America($BAC): BAC also released their quarterly earnings report with them beating on earnings but missing the expectations on revenue. They also followed JPMorgan’s path with the bank releasing $2.2 billion worth of reserve used to protect against losses on bad loans as the risk of a wave of defaults triggered by the pandemic subsides.
Levi Strauss($LEVI): LEVI had a delayed trend as the stock crushed earnings with the retailer raising the 2021 forecast. This was majorly driven by strong consumer demand from the US and China. This hilarious and informative DD on how people got bigger due to the pandemic and how that would lead to more sales for Levi’s was also contributing to the discussion.
Nokia($NOK): NOK stock was up more than 9% on Tuesday after the company announced that it will revise its previous guidance upward for 2021. The management confidence is mainly driven by the healthy upgrade cycle as 5G networks expand. Even though the company belongs in the bucket of meme stocks, the company is positive in cash flow from operations and has more cash and short-term investments than debt.
Tilray($TLRY): TLRY was generating discussion as the stock has fallen continuously for the last 5 days with the stock ending the week on -14%. While there has not been any specific negative news from the company and the drop can be predominantly attributed to the broad-based selling in all marijuana stocks. Investors were wondering it this would be the ideal time to buy into the stock.
Intresing insights: There has been a 940% spike in chatter related to CPI (Consumer Price Index). This shows that inflation is still a major concern for investors and Feds stance on it is creating even more apprehension in the market.
As always, please note that I am not a financial advisor. Hope you enjoyed this week’s top stocks issue! If you found this insightful, please share it with your friends :)
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