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Top Stocks of the Week!
Track trending stocks from all over the internet
Happy Independence day to all of you! S&P 500 hit a new high (1.7% WoW increase) following Friday’s strong job report (U.S. economy added 850,000 jobs, the most in 10 months). This marks S&P 500 rise for the 7th straight day, the longest winning streak since last August. Even though the market had a strong rally, almost all the popular stocks took a significant beating in the past week.
Most Discussed Stocks of the Week
This is the first time where all the popular stocks except SPY ended in red the same week. This week's stock returns also illustrate the need for effective diversification of your portfolio!
WISH continues to be the most discussed stock, but its sentiment took a significant beating following the 17% drop in the stock price in the past week (dropped to 4% from 46%). The best performing stock on the list was BlackBerry which almost recovered all its losses following the company’s earnings report. A newcomer to the top 10 list is Virgin Galactic following the announcement that its next spaceflight test will carry founder Sir Richard Branson.
Top Growing Stocks of the Week
Above is the list of stocks that have exploded in the number of mentions throughout social media.
Micron Technology($MU): MU released its Q3 quarter results on June 30th, beating both revenue and EPS estimates. Even though the company had strong quarterly results, the stock tumbled 5% following the earnings due to raising capital expenditure forecast. Investors believe that this is just a minor blip as the company has reported impressive revenue growth of 36% (YoY) and a gross margin of 42% and MU can expect strong demand from the data center, PC and graphics, mobile markets.
Virgin Galactic($SPCE): SPCE had a wild week with the stock jumping 23% on Friday after the company announced that its next spaceflight test will carry Richard Branson. The launch is expected to take place on July 11th and marks an attempt to beat Jeff Bezos after he announced that his company (Blue Origin) will have its first passenger spaceflight on July 20th. SPCE stock, in general, had wild swings this year with the stock climbing above $60 in February and then falling as low as $15 in May.
Vuzix Corp($VUZI): VUZI is considered to be at the forefront of the wearable smart eyeglasses industry. The company was generating discussions as it gained almost 8% mid-week before dropping down. Investors seem to be extremely bullish on the stock as reflected by its sentiment. The stock has experienced very large swings this year with it starting at $8 in Jan and rallying up to $30 in April before dropping down to its current level of $17. Still, the stock is up 109% YTD.
Paysafe($PSFE): Paysafe is a payment platform that enables payment processing, digital wallet, and online cash solutions. The company is trending as it had recently announced its partnership with Microsoft and is now enabling online cash transactions on Microsoft Store. Adding to this, the company also announced an expanded partnership with FOX Bet.
NIO Inc($NIO): Chinese electric vehicle manufacturer NIO has now climbed more than 20% in the last month. This strong rally is generating more discussions about the stock. In addition to this, analysts’ recommendation has also become more bullish for the stock with Citigroup‘s Jeff Chung issuing a price target of $72 from the current $50 level. This is predominantly driven by the company’s excellent shipment volume, with NIO confirming they have delivered 8,000+ vehicles in June and 21,896 vehicles for the entire second quarter.
Honorable Mentions: ZIM Integrated Shipping($ZIM) got a boost in mentions following this excellent Due Diligence that was posted on wallstreetbets which showcased the company is a good long-term play. Intellia Therapeutics($NTLA) was also trending following their announcement that they have successfully corrected a hereditary disease ATTR amyloidosis, with a single infusion of CRISPR, a programmable gene-editing tool. The stock jumped 50% on the news but dropped down to a 15% gain over the last week.
As always, please note that I am not a financial advisor. Hope you enjoyed this week’s top stocks issue!
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