This week’s best-performing stocks include a pharma name up more than 20%
by admin ·
Wall Street is wrapping up a volatile week, but some stocks still did well despite several macro crosscurrents. The S & P 500 is down 1.4% week to date, on pace for its biggest weekly decline since December. The Dow Jones Industrial Average and Nasdaq Composite were also lower for the week. Those losses come as investors became more nervous about the Federal Reserve’s monetary policy outlook. A week of disappointing earnings reports from several major technology companies also weighed on market sentiment. Some stocks managed to buck the negative trend this week. Take a look at some of the biggest gainers this week, and where analysts see them going forward. Tesla was one of this week’s notable gainers, continuing its post-earnings report rally. The electric vehicle-maker’s shares gained 6.1% this week as of early Friday. While shares dipped 5.6% by the afternoon, the stock was still up 60% since the beginning of the year. More than 54% of analysts covering the stock have given it a buy rating. However, they believe the stock will fall around 6% from current levels. Pharmaceutical company Catalent was this week’s top outperformer, with shares surging 28.5%. The stock soared following after Bloomberg reported that life sciences company Danaher is interested in acquiring the company. Year to date, the stock is up more than 55%. Half of the analysts covering Catalent rate it a buy and anticipate on average shares having a 11.2% upside, according to FactSet data. Semiconductor manufacturer and IP company Skyworks Solutions also made this week’s list of biggest gainers. Shares rallied 6.2% after the company announced a $2 billion share buyback program. Its earnings release also came in-line with analyst expectations. Several financial stocks also had a strong week, with Everest Re and Fiserv gaining 10.1% and 9.2%, respectively. Cincinnati Financial’s shares also rose by 9%.