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Weekly Stock Market Update: Ant Group IPO Suspended, Full Impact of Biden Win Yet to Be Seen

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

On the Nasdaq Stock Market this week, Tilray, Inc. (TLRY), Trade Desk Inc. A (TTD), Cronos Group Inc. (CRON), Zillow Group Inc. (Z) and Ubiquiti Inc. (UI) all posted strong gains.

  • Tilray, Inc. (TLRY), a Canadian cannabis company, saw a strong +68.65% growth off the back of news that a Joe Biden victory in the US election was likely. Biden had previously voiced support of decriminalising marijuana on a federal level.
  • Trade Desk Inc. A (TTD) stocks jumped +44.64% following strong quarterly revenue and earnings results, and news that a massive upgrade of the ad buying platform was underway.
  • Also operating in the marijuana industry, Cronos Group Inc. (CRON) stocks stormed ahead +41.97% following news that a Biden victory was likely.
  • Zillow Group Inc. (Z), owners of the popular real estate market platform, saw a strong +33.86% growth after it was announced that their third quarter earnings exceeded the high end of their previous estimates.
  • Ubiquiti Inc. (UI) also reported strong earnings results, boosting the value of stocks by +32.12%.
NASDAQ TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Tilray, Inc. (TLRY) 3.92 (+68.65%) $9.66 USD Healthcare
Trade Desk Inc. A (TTD) 252.8900 (+44.64%) $819.4368 USD Services
Cronos Group Inc. (CRON) 2.22 (+41.97%) $7.53 USD Healthcare
Zillow Group Inc. (Z) 30.25 (+33.86%) $118.51 USD Financial
Ubiquiti Inc. (UI) 59.61 (+32.12%) $246.02 USD Technology

 

New York Stock Exchange (NYSE)

Over on the New York Stock Exchange, the last seven days have proved positive for Aurora Cannabis Inc. (ACB), Hertz Global Holdings Inc. (HTZGQ), Oasis Petroleum Inc. (OAS), Community Health Systems Inc. (CYH) and Farfetch (FTCH) stocks.

  • News of a potential win by Biden saw Aurora Cannabis Inc. (ACB) stocks boosted by +140.59% week on week.
  • Hertz Global Holdings Inc. (HTZGQ) once again saw week on week growth (+65.57%) despite news that stocks were to be delisted.
  • Although the cause of the growth is currently unclear, Oasis Petroleum Inc. (OAS) had another strong week, up +55.46% on the previous period.
  • The value of Community Health Systems Inc. (CYH) stocks continued to increase week on week following a strong performance over the previous week.
  • News of a joint venture with Alibaba Group Holding Ltd. and Richemont saw the value of Farfetch (FTCH) stocks increase by +51.01% week on week.
NYSE TOP-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Aurora Cannabis Inc. (ACB) 5.6749 (+140.59%) $9.7488 USD Healthcare
Hertz Global Holdings Inc. (HTZGQ) 0.4590 (+65.57%) $1.1711 USD Services
Oasis Petroleum Inc. (OAS) 0.0554 (+55.46%) $0.1556 USD Consumer Goods
Community Health Systems Inc. (CYH) 3.36 (+54.11%) $9.60 USD Healthcare
Farfetch (FTCH) 14.35 (+51.01%) $42.43 USD Technology

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

Unfortunately, last week saw Andersons Inc. (ANDE), Bluebird Bio Inc. (BLUE), Jfrog Ltd. (FROG), Calumet Specialty Products Partners, LP (CLMT) and LendingTree Inc. (TREE) all experience losses on the Nasdaq Stock Market.

  • Reporting a third quarter loss, Andersons Inc. (ANDE) stocks fell -16.18% over the past week.
  • Further issues in manufacturing have seen the value of Bluebird Bio Inc. (BLUE) stocks fall by -11.26% after it was announced that the potential approval of a drug treating sickle cell disease would be delayed.
  • Worse-than-expected net losses revealed in the company’s third quarter report saw Jfrog Ltd. (FROG) stocks fall by -11.06%.
  • The release of the company’s third quarter results also led to a -9.83% drop in the value of Calumet Specialty Products Partners, LP (CLMT) stocks.
  • News of a third quarter loss led to a -9.64% drop in LendingTree Inc. (TREE) stock value.
NASDAQ WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Andersons Inc. (ANDE) -3.51 (-16.18%) $18.19 USD Consumer Goods
Bluebird Bio Inc. (BLUE) -5.82 (-11.26%) $45.96 USD Consumer Goods
Jfrog Ltd. (FROG) -8.01 (-11.06%) $64.38 USD Consumer Goods
Calumet Specialty Products Partners, LP (CLMT) -0.3400 (-9.83%) $3.1729 USD Basic Materials
LendingTree Inc. (TREE) -31.18 (-9.64%) $293.75 USD Financial

 

New York Stock Exchange (NYSE)

On the New York Stock Exchange, losses were seen by Hanesbrands Inc. (HBI), CNX Resources Corp. (CNX), New Relic (NEWR), Murphy Oil Corp. (MUR) and Mosaic Co. (MOS).

  • Hanesbrands Inc. (HBI) stocks took a tumble (-20.04%) after the company’s third quarter report revealed that performance was unfortunately falling in the lead up to the holiday season.
  • Worse-than-predicted performance over the previous quarter led to a -9.90% drop in CNX Resources Corp. (CNX) stock value.
  • A quarterly loss also impacted New Relic (NEWR) stocks, with its share value tumbling by -9.20%.
  • News of a third quarter loss saw Murphy Oil Corp. (MUR) stocks fall by -8.81% over the past week.
  • Mosaic Co. (MOS) stocks fell -28.70% despite achieving strong results over the third quarter. News that sales were down 13.5% year-on-year across the quarter likely spooked investors.
NYSE WORST-PERFORMING STOCKS
STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Hanesbrands Inc. (HBI) -3.22 (-20.04%) $12.86 USD Consumer Goods
CNX Resources Corp. (CNX) -0.96 (-9.90%) $8.77 USD Consumer Goods
New Relic (NEWR) -5.58 (-9.20%) $55.20 USD Technology
Murphy Oil Corp. (MUR) -0.68 (-8.81%) $7.05 USD Basic Materials
Mosaic Co. (MOS) -1.61 (-28.70%) $16.93 USD Basic Materials

Highlights and Lowlights

Ant Group’s IPO Suspended

Slated to become the world’s largest IPO, the Ant Group IPO was suspended just days before it was planned to take place. With estimates that the IPO, due to begin on November 11th, would raise as much as $37 billion at a valuation of over $250 billion, the indefinite postponement of the much-anticipated public launch has come as a shock to investors.

The news followed word that an inquiry into Ant Group Founder Jack Ma had taken place, leading regulators in China to suspend the IPO. Regulators are said to have cited “major issues” concerning “the financial technology regulatory environment.” 

Founded in 2004, Ant Group has grown to become the world’s most valuable Fintech company, typically valued at anywhere between $150$250 billion. The company was expected to list on both the Shanghai and Hong Kong stock exchanges, and was predicted to surpass the Saudi Aramco IPO that took place earlier in 2020.

The postponement of the IPO does not appear to be a threat to Ant Group at the current time, with the business continuing to operate as a privately held company. It will be a waiting game to see whether the company will attempt another IPO in the future.

Tech, Healthcare and Cannabis Stocks Storm Ahead in Anticipation of Biden Win

As Joe Biden crept closer towards a victory in the US presidential election last week, stock markets in the US experienced some interesting movements. Both technology and healthcare stocks appeared to rally following news that the Democratic Party’s candidate had taken the lead in several key states.

Some of the country’s technology firms will be hoping for a smoother relationship with China off the back of a Biden presidency, with a vision of not only improving supply chains, but also of introducingtheir products into the rapidly expanding market. Focused on healthcare reforms and tackling the wider impact of the COVID-19 pandemic on the US, the news of a likely win by Biden also saw the healthcare sector perform well.

Interestingly, cannabis stocks also experienced strong growth off the back of state election results, with the recreational use of marijuana legalised in Arizona, Montana, New Jersey and South Dakota. The Democratic Party’s support of decriminalising marijuana on a federal level also contributed to the strong result as Biden took the lead in the race for the country’s highest office.

What’s in Store for the Week?  

Although Joe Biden may have already been declared the president-elect, the fallout of the US presidential election remains quite unpredictable. Quite vocal on the subject, Donald Trump plans to launch legal challenges over the results of some key states, which could lead to volatility in the market, especially if the result is less than ideal for Biden.

While many are touting Biden’s election as potentially bringing greater stability to the US and its markets, it is yet to be seen what the results mean for stocks overall. Wall Street may rise if sentiments of stability and optimism are widespread, but some of the Democratic Party’s policies may invoke a very different response. A fear of higher corporate taxes and an increased allocation of government funds to healthcare and welfare may unfortunately see key stocks fall.

As the stock markets begin trading over the new week, all eyes will be waiting to see how they react to the weekend’s developments.

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