This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.
Below are top 10 S&P 500 stock gainers and losser with market cap above $10 billion for the week ended November 29:
Rivian Stock Surges on $6.6B Federal Loan and Conditional Settlement with Tesla
Rivian shares jumped 19.43% this week.
The EV maker has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.
Meanwhile, Tesla said it’s reached a “conditional” settlement in its 2020 lawsuit accusing Rivian of poaching employees to steal electric-vehicle trade secrets.
SpaceX Rival Rocket Lab's Stock Junps on Double Launch, CHIPS Award
Shares of SpaceX competitor Rocket Lab USA jumped 17.28% this week as the space satellite services provider announced two successful launches and finalized a multimillion-dollar grant from the government.
Rocket Lab said its “Ice AIS Baby” mission blasted off from its New Zealand launch site on Monday and deployed five satellites in low-earth orbit for Kineis, a France-based internet of things (IoT) constellation operator. That happened less than 22 hours after the company sent up a rocket from its Virginia complex.
Along with the launches, Rocket Lab reported it closed on a $23.9 million award from the Department of Commerce under the CHIPS and Science Act of 2022. The money is to be used to increase its compound semiconductor manufacturing capability and capacity at its Albuquerque, New Mexico plant.
Sarepta Shares Gain on A Whopping $11.38 Billion Deal
Sarepta Therapeutics shares surged 16.73% this week as the company inked a broad licensing deal with Arrowhead Pharmaceuticals for an array of gene-silencing products.
Sarepta is licensing four clinical-stage drugs. These include treatments for two neuromuscular diseases, including facioscapulohumeral muscular dystrophy type 1 and type 1 myotonic dystrophy. Sarepta is also licensing experimental treatments for a lung condition called idiopathic pulmonary fibrosis and a movement disorder known as spinocerebellar ataxia 2.
The deal is a boon for Sarepta, RBC Capital Markets analyst Brian Abrahams said in a client note. It allows Sarepta to build out its pipeline in adjacent spaces. He kept his outperform rating on Sarepta stock.
Symbotic Stock Plunges on Earnings Restatement, Lowered Outlook
Shares of Symbotic cratered 30.64% this week as the artificial intelligence (AI)-driven warehouse technology company announced it was delaying its annual report and revising its current-quarter outlook after discovering "certain material weaknesses" in its financial reporting for the 2024 fiscal year ended Sept. 28.
The Walmart-backed supply chain tech company reported that it would be delaying the report for its Form 10-K because it "requires additional time to complete its assessment of the financial impacts of correcting an error related to system revenue recognition and the impacts of that error on internal controls over financial reporting."
Symbotic said it initially had found occurrences "where goods and services, primarily relating to specific milestone achievements, were expensed prior to the time that the corresponding milestones were achieved." It noted that this "resulted in the acceleration of the recognition of cost of revenue."
Dell and HP Inc. Fall After Reporting Disappointing PC Sales
Shares of Dell and HP dropped 11.52% and 7.08% respectively this week, as both companies reported weak results, disappointing investors who have been waiting for a recovery in the personal computer market.
Revenue generated by Dell’s PC business declined 1% to $12.1 billion in the fiscal third quarter, falling short of estimates. While sales in HP’s PC unit rose 2% to $9.59 billion in the similar three-month period, that too missed the average analyst estimate.
Their outlook also failed to impress.
MicroStrategy Stock Drops As Bitcoin Retreats From $100,000
MicroStrategy shares dropped 8.16% this week. Bitcoin posted its longest losing streak in the period since Donald Trump’s US election victory, after a failed run at $100,000 cooled the speculative fervor sparked by the president-elect’s embrace of crypto.
The four straight days of declines have lopped about 10% off the digital asset, which traded at almost $90,000. The wider crypto market gave up some of its $1 trillion advance since Election Day on Nov. 5.
Using the proceeds from a $3 billion convertible note issue and common share sales, the Tysons Corner, Virginia-based firm acquired 55,500 tokens from Nov. 18 through Nov. 24, according to an US Securities and Exchange Commission filing. MicroStrategy now owns around $38 billion in Bitcoin, making it the largest publicly traded corporate holder of the digital asset.
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