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Weekly Stock Market Update: Bitcoin’s Dream Run Continues

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week welcomed positive results for BioNano Genomics Inc. (BNGO), Jaguar Health Inc. (JAGX), Marathon Patent Group Inc. (MARA), Riot Blockchain Inc. (RIOT) and Canaan Inc. (CAN) on the Nasdaq Stock Market.

  • BioNano Genomics Inc. (BNGO) stocks were boosted (+566.67%) after the company published a study related to autism risk genes and the improvement of healthcare outcomes for individuals with Autism spectrum disorder.
  • News of a 28-day preclinical toxicology and safety study of a plant-based drug that may help to relieve cholera-related diarrhea saw Jaguar Health Inc. (JAGX) stocks rise +459.44%.
  • As the value of Bitcoin continued to rise, so, too, did Marathon Patent Group Inc. (MARA) stocks, up +141.67% on the previous week.
  • Riot Blockchain Inc. (RIOT) stocks also followed Bitcoin’s lead, up +102.67% week on week.
  • Bitcoin’s positive growth also affected Canaan Inc. (CAN) stocks, with their value boosted +67.56%. 
NASDAQ TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
BioNano Genomics Inc. (BNGO) 3.9950 (+566.67%) $4.6742 USD Consumer Goods
Jaguar Health Inc. (JAGX) 3.2850 (+459.44%) $3.9836 USD Consumer Goods
Marathon Patent Group Inc. (MARA) 15.47 (+141.67%) $26.40 USD Consumer Goods
Riot Blockchain Inc. (RIOT) 13.47 (+102.67%) $26.69 USD Consumer Goods
Canaan Inc. (CAN) 2.52 (+67.56%) $6.25 USD Technology

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange by 3D Systems Corp. (DDD), TransEnterix Inc. (TRXC), Signet Jewellers Limited (SIG), SM Energy Co. (SM) and Ormat Technologies Inc. (ORA.US).

  • Promising fourth-quarter results and the successful sale of non-core software businesses for approximately $64 million saw 3D Systems Corp. (DDD) stocks rise +103.72% over the last seven days.
  • The value of TransEnterix Inc. (TRXC) stocks jumped +103.22% after the company announced several upcoming conference dates, including the H.C. Wainwright BioConnect Conference and the Westwicke/ICR Conference.
  • Signet Jewellers Limited (SIG) stocks enjoyed some positive movement over the last week, up +42.58%. The reason behind this positive growth is currently unclear.
  • Speculation that OPEC and Russia would agree to keep oil and natural gas production steady during February saw the value of SM Energy Co. (SM) stocks increase +39.87%.
  • An increased interest in renewable energy holdings saw Ormat Technologies Inc. (ORA.US) boosted +33.85%.
NYSE TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
3D Systems Corp. (DDD) 11.98 (+103.72%) $23.64 USD Technology
TransEnterix Inc. (TRXC) 0.5892 (+103.22%) $1.1701 USD Consumer Goods
Signet Jewellers Limited (SIG) 11.14 (+42.58%) $37.44 USD Services
SM Energy Co. (SM) 2.400 (+39.87%) $8.438 USD Consumer Goods
Ormat Technologies Inc. (ORA.US) 29.19 (+33.85%) $115.44 USD Utilities

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The past week was less than ideal for Sarepta Therapeutics Inc. (SRPT), Stitch Fix Inc. (SFIX), Weight Watchers International Inc. (WTW), Trade Desk Inc. A (TTD) and Sumo Logic Inc. (SUMO) on the Nasdaq Stock Market.

  • Disappointing results from a recent clinical trial saw Sarepta Therapeutics Inc. (SRPT) stocks take a tumble, falling -52.99% in value.
  • After some strong growth in recent months, Stitch Fix Inc. (SFIX) stocks fell -19.79% last week.
  • Despite the introduction of digital programs, Weight Watchers International Inc. (WTW) stocks slipped -14.91% over the last seven days.
  • Trade Desk Inc. A (TTD) stocks took a hit last week (-14.59%) after a year of solid growth. The reason behind this negative movement is currently unknown.
  • Sumo Logic Inc. (SUMO) stocks fell -13.95%, although the reason behind this negative movement is currently unknown.
NASDAQ WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Sarepta Therapeutics Inc. (SRPT) -92.74 (-52.99%) $82.57 USD Consumer Goods
Stitch Fix Inc. (SFIX) -13.71 (-19.79%) $55.63 USD Services
Weight Watchers International Inc. (WTW) -4.21 (-14.91%) $24.02 USD Consumer Goods
Trade Desk Inc. A (TTD) -135.96 (-14.59%) $796.22 USD Services
Sumo Logic Inc. (SUMO) -4.49 (-13.95%) $27.77 USD Consumer Goods

 

New York Stock Exchange (NYSE)

On the New York Stock Exchange, Genworth Financial Inc. (GNW), Jumia Technologies AG (JMIA), GameStop Corp. New (GME), Taylor Morrison Home Corp. (TMHC) and Meritage Homes Corp. (MTH) stocks all experienced negative movement over the past week.

  • Further delays to the company’s merger with China Oceanwide saw Genworth Financial Inc. (GNW) stocks drop -28.44%.
  • The value of Jumia Technologies AG (JMIA) stocks fell -14.67% last week, although the reason behind this negative movement is currently unknown.
  • GameStop Corp. New (GME) stocks dropped -12.21% last week, with the reason behind this negative movement currently unknown.
  • Taylor Morrison Home Corp. (TMHC) stocks took a tumble, with their value falling by -11.93% after the stock was downgraded by the Royal Bank of Canada.
  • Last week saw Meritage Homes Corp. (MTH) stocks fall -9.39%, although the reason behind this negative movement is currently unknown.
NYSE WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Genworth Financial Inc. (GNW) -1.240 (-28.44%) $3.133 USD Financial
Jumia Technologies AG (JMIA) -6.40 (-14.67%) $37.58 USD Services
GameStop Corp. New (GME) -2.46 (-12.21%) $17.76 USD Services
Taylor Morrison Home Corp. (TMHC) -3.25 (-11.93%) $24.04 USD Consumer Goods
Meritage Homes Corp. (MTH) -8.31 (-9.39%) $80.30 USD Consumer Goods

Highlights and Lowlights

Bitcoin’s Dream Run Continues

After reaching new heights in the last week of December, surpassing $30,000, Bitcoin continued to trade at new highs last week. Surging past $40,000 for the first time, the cryptocurrency’s dream run has extended into the new year. As investors continue to eye off the booming cryptocurrency, new research has also revealed that a large accumulation of Bitcoin in December by so-called ‘whales’ (investors in possession of more than 100 Bitcoin) contributed to elevating its value in recent weeks.

However, cryptocurrency markets showed a significant correction to start the week, including a drop of as much as 10% for Bitcoin. 

Elon Musk Tweet Sparks Surge in Unrelated Company’s Stocks

A recent tweet from Tesla CEO Elon Musk has led to a surge in stock value for a relatively obscure company. Despite urging his followers to explore an encrypted messaging app known as ‘Signal,’ enthusiastic investors appear to have bought shares in Signal Advance, an unrelated company. Signal Advance’s stock value surged ahead 527% last Thursday and a further 91% on Friday. In just two days, the company’s stock value rose from 60 cents to an impressive $7.19.

What’s in Store for the Week?  

All eyes will remain on the USA this week as the country’s political system continues to dominate headlines around the world. President-elect Biden’s inauguration is now just over a week away, but calls from the Democrats to remove President Trump from his position or to potentially impeach the outgoing president continue following last week’s Capitol Building riots. Markets in the US have remained relatively stable despite the political unrest, with some reaching record highs in recent weeks, but it is uncertain how long this positive trend will continue.

As the Democrats now hold power in both the Senate and the House of Representatives, it is predicted that the incoming Biden administration will seek to introduce larger stimulus packages quite soon after the inauguration. Stocks have already begun to rise in response to this notion, but only time will tell how the markets will respond if such a package is or is not introduced.

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