EuroJournal Live’s Seana Smith examines several trending stocks in the after-hours trading session.
SEANA SMITH: All right, Rachelle. Let’s take a look at some of the biggest movers of the week. A big theme this week– we’ve been talking a lot about it– it’s retail. A number of the larger players reporting quarterly results. You can see some of those names on the screen right here. Walmart, Macy’s, and Target. Well, taking a look at the retail heat map as we take a look at what the performance of a number of these larger names.
I want to draw your attention to first Walmart because that’s been a gainer this week. Up just about 5 and 1/2%. The company really getting an edge here in the current economic environment because consumers are trading down. We certainly saw that reflected in their results. And they outperformed in the most recent quarter.
We’re also looking at Macy’s, up just around 6% on the week. Shares spiked about 15% earlier this week after the company reported better than expected earnings. But CEO Jeff Gannett did flag some uncertainty about the holiday season. At least for now, looks like Wall Street is able to shrug off some of that concern off.
I also want to point out what we saw in Target because, on the other hand, a very different picture. Looking at losses over the past five days of just about 6%. The company highlighting the fact that consumers are starting to pull back on discretionary spending. Now, CEO Brian Cornell saying that, quote, “clearly, it’s an environment where consumers have been stressed.” And we saw that reflected in their results. The stock sold off as a result. Ending the week, though, off just about 6%. So well off the lows of the week.
Let’s talk about some of the other big stories of the week. One of those, of course, the collapse of FTX. That sent shockwaves throughout the crypto industry. Coinbase took a huge hit as a result. And taking a look at that stock over the last five days, we’re looking at losses of just about 21%. Now, investors are worried about contagion. Bank of America downgrading the stock today, citing that risk.
Bitcoin, on the other hand, has fared much better than Coinbase. Taking a look at the 5-day chart, Bitcoin actually closing the week to the upside, which I think took a lot of people by surprise. Up just about 2 and 1/2%. Let’s take a look at Norwegian because that stock ending the week in the red, off just about 8%.
Credit Suisse double downgrading the stock to underperform. They initially had an outperform rating on it, saying that its valuation premium to peers is likely unsustainable. Shares sold off on that move. We saw that reflected in the chart over the past of five days. Certainly, the stock has been under pressure so far this year. Year to date, shares off just about 21%.
Let’s round it out with NVIDIA. We heard from a number of chip makers over the past couple of days their quarterly results. Well, Nvidia shares ending the week off just about 5 and 1/2%. The company’s third quarter revenue beat expectations. But earnings mixed. Guidance, it fell short. It’s been certainly has been a very tough year for NVIDIA.
Year to date, we’re looking at losses of just about 47%. Now, the company cut its forecast multiple times amid a softening macroeconomic environment. We know Nvidia far from the only chip maker that has suffered so far this year. So investors now, and certainly analysts, are trying to gauge whether or not we have hit a bottom. Where we are today not too far from the 52-week lows we hit just about a week or so ago. Rachelle.