Stocks started the week strongly before coming up for air on Friday. Concerns over rising coronavirus cases in China coupled with disappointing earnings reports from IBM (NYSE:IBM) and Intel (NASDAQ:INTC) weighed on risk assets early Friday. Major indexes trimmed losses later in today’s trading session and finished green for the week.
Winners & Losers
Other than Bernie Sanders memes, many winners are anticipated beneficiaries of the Biden administration’s climate initiatives. Solar companies such as Sunpower (NASDAQ:SPWR), Enphase Energy (NASDAQ:ENPH), and Canadian Solar (NASDAQ:CSIQ) rallied. Polar Power (NASDAQ:POLA) was one of the biggest winners, with its shares gaining 81% this week.
U.S. automakers Ford (NYSE:F) and General Motors (NYSE:GM) rallied early in the week on their electrical vehicle initiatives before giving up some gains Friday. Home builders performed well, with shares of D.R. Horton (NYSE:DHI) and Pulte Homes (NYSE:PHM) adding double digit percentages.
Financials and energy names were among the losers. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) is down about 3% with its energy equivalent (NYSEARCA:XLE) dropping 5%. Oil producers ConocoPhillips (NYSE:COP), EOG Resources (NYSE:EOG), National Oilwell Varco (NYSE:NOV) are down double digits. Shares of Haliburton gave up 11% week-over-week.
Netflix (NASDAQ:NFLX) had a strong week after earnings, rallying by 16% to a new all-time high.
What Caught Our Eye(s) This Week
Kim: Airline stocks drop after United pushes out recovery timeline;
Brad: How stocks did under President Trump and A Biden presidency could make these stocks attractive picks: Kiplinger;
Stephen: J.C. Parets Joins Alpha Trader (Podcast);
Nat: Buy Newmark: A Turbocharged Way To Play A CRE Transaction Recovery (exclusive for PRO subscribers).
About This Podcast
Alpha TALKS Wall Street Breakfast is a weekly roundtable covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.
Hosted by Nathaniel E. Baker, Senior Editor, Strategic Contributors, and featuring:
Bradley Olesen, VP News;
Kim Khan, Senior News Editor;
Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast.
AlphaTALKS videos, featuring highlights of this podcast, publish every Friday by close of trading.
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