Trending stocks this week as holiday season begins with Thanksgiving break
Dec. 01, 2024 9:04 AM
By: Preeti Singh, SA News Editor
 peshkov
Wall Street had a fairly positive, albeit short, trading week with gains in multiple major indexes. The Thanksgiving holiday on Thursday and a shortened trading session on Friday kept the market quiet, but the S&P 500 ( SP500) still closed 1% higher at the end of the week.
In fact, the benchmark index closed out November with its best monthly performances of 2024, along with the Dow Jones Industrial Average, which was up 1.6% in the week and 6.8% for the month.
Meanwhile, the Nasdaq Composite was up 1.15% in the final week of November and up nearly 5.4% for the whole month.
Here’s what caught our attention past week:
Rivian Automotive ( RIVN) advanced +22% in the week after receiving conditional approval for loan up to $6.6B from the U.S. Department of Energy’s to support the construction of its EV manufacturing plant in Georgia.
Crowdstrike ( CRWD) fell despite a better-than-expected third quarter performance. The cybersecurity surpassed $1B in quarterly revenue for the first time ever and raised forecast for the year. However, it guided for earnings below estimates for the quarter in progress.
Rocket Lab ( RKLB) shares surged 19% after the Biden administration finalized up to $23.9M in CHIPs Act grants to create a "more robust and resilient supply of space-grade solar cells that power spacecrafts and satellites."
Autodesk ( ADSK) fell ~8% even after topping estimates with its third quarter results. The decline in the stock was likely to due to the "rapid" run-up in the stock and the unexpected appointment of Janesh Moorjani as the company's new chief financial officer, according to Rosenblatt analyst Blair Abernethy.
Arrowhead Pharmaceuticals ( ARWR) shares jumped 42% after it signed a global licensing deal with Sarepta Therapeutics ( SRPT) for various clinical and preclinical programs targeted at rare genetic diseases of the muscle, central nervous system, and lungs. Arrowhead ( ARWR) expects the transaction to extend its cash runway into 2028.
Nutanix ( NTNX) dipped 8% despite a fiscal first quarter beat. The management left its FY25 outlook unchanged which Needham analysts believe is a conservative approach.
Exact Sciences ( EXAS) rose as BTIG raised its price target to $75 from $65 after the company obtained a price of around $592/test for its colorectal cancer screening test, Cologuard Plus. “While we and most investors expected some price increase for Cologuard Plus, the actual amount and mechanism of the increase was uncertain, so we think today’s news (and resolution of the uncertainty) helps to derisk the stock,” analyst Mark Massaro said.
Dell ( DELL) and HP Inc. ( HPQ) fell after the IT giants reported disappointing PC sales in their latest quarterly results.
Super Micro Computer ( SMCI) edged higher after it prepaid loan agreements with BofA and Cathay Bank. SMCI shares have plunged 57% over the past six months due in part to accounting concerns. However, shares have started to reverse course over the past week, especially after the firm hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
Symbotic’s ( SYM) plunged around 29% after the robotics company lowered its Q1 revenue outlook to a range of $480M to $500M and said it needed more time to file its annual report after finding an error in revenue recognition.
Solar stocks rose after two members of the U.S. House submitted a resolution to suspend the 45X advanced manufacturing production tax credit, and rewrite the legislation to prevent Chinese companies from receiving tax credits. Notable gainers included Solaredge Technologies ( SEDG) +49%, First Solar ( FSLR) +9% and Enphase Energy ( ENPH) +11%. |
