Trending stocks this week as Wall Street wobbles
Seeking Alpha News (Sat, 29-Mar 2:11 PM)
Another week of escalating tariff talks led to a slump across major U.S. stock market indices for the five-day trading period.
The S&P 500 dropped nearly 3% for the week, with losses in three of the five days. The benchmark index is set to have its worst quarter since 2022. The Dow Jones Industrial Average also slumped 2%, while the tech-heavy Nasdaq Composite dropped over 4%.
Meanwhile, the VIX – considered a fear gauge for Wall Street – jumped 14%.
U.S. President Donald Trump’s 25% automobile tariffs was one of the early shocks to the stock market on Wednesday. Investors were also hit by data showing stubborn inflation, as spending slowed and prices rose.
In the midst of the gloom around the stock market, these were some of the trending stocks:
AppLovin (APP) erased 17% amid a short report from Muddy Waters Research. Shares of the mobile tech firm have plunged nearly 20% over the past month, extending a decline seen since two short seller reports from Fuzzy Panda Research and Culper Research alleged fraudulent activity related to the company’s AXON advertising software.
23andMe (ME) came in the spotlight after beginning Chapter 11 proceedings in a Missouri bankruptcy court on Sunday. After reaching a peak market capitalization of $6 billion following its public debut in 2021, the genetic testing firm struggled to generate recurring revenue and has since faced a sharp downturn as its business model faltered.
Rivian Automotive (RIVN) gained on announcement that it has spun off its micromobility division into a new company called Also Inc. The new company will focus on developing small, lightweight vehicles to address global transportation challenges.
CoreWeave (CRWV) announced the pricing of its widely watched initial public offering at $40 a piece, less than its earlier estimate. The Nvidia-backed artificial intelligence hyperscaler had expected a midpoint of $51 a share, according to a filing last week. The cloud computing company closed flat at $40 on Friday.
Dollar Tree (DLTR) added 6% after the company agreed to sell its Family Dollar business to Brigade Capital Management and Macellum Capital Management for $1.01B, with net proceeds expected at $804M. The transaction completes a previously announced review of strategic alternatives for the unit.
Automakers fell after U.S. president Donald Trump announced a 25% tariff on auto imports, effective on April 2. Domestic automakers such as General Motors (GM), Ford (F) and Stellantis (STLA) were down 7.4%, -3.8% and -1.25%, respectively, on Thursday.
Oracle (ORCL) lost ground on Friday on a report that the U.S. Department of Defense plans to cancel a multi-year contract with the software firm and Leidos Holdings (LDOS) in a cost-saving measure. Oracle's cloud human relations software was selected to manage the Pentagon's 900,000 civilian employees, while Leidos would provide services and support for the program, according to the report. However, U.S. Defense Secretary Pete Hegseth, issued a memo on March 20 finding the program was over budget and behind schedule.
GameStop (GME) was in the spotlight after it announced its Q4 earnings report and plans to invest in Bitcoin. The specialty retailer also launched a convertible debt offering, proceeds from which could be used to invest in Bitcoin.
W. R. Berkley (WRB) added 11% after the insurance firm confirmed that Japan’s Mitsui Sumitomo Insurance plans to acquire 15% of the company’s outstanding common stock through open market purchases or private transactions with third parties.
Cassava Sciences (SAVA) lost 41.4% after the company announced plans to discontinue its research program for its lead asset simufilam in Alzheimer’s disease by the end of the second quarter following a failure in a second late-stage trial for the oral small molecule. Simufilam did not meet primary, secondary, and exploratory biomarker endpoints in patients with mild-to-moderate AD.
Trump Media & Technology Group (DJT) gained nearly 9% on Tuesday after the company signed a non-binding deal with Crypto.com to launch a series of exchange-traded funds later this year through its fintech brand Truth.Fi.
Wolfspeed (WOLF) erased nearly 60% over the week amid speculation that the semiconductor device company has lost access to its CHIPs Act funding. The stock suffered a record one-day loss of 52% on Friday. Later that day, the Durham-based company provided an update on plans to improve its capital structure, while reaffirming its outlook for the third quarter.
