Happy Friday! This week was a milestone week as all three major indices in the U.S. finally dug themselves out of the losses derived from the March 2020 COVID-19 correction. A reshuffle of a few stocks in the Dow gave rise to plenty of buying and selling activity in large-caps, Trump tweets prompted a selling “riskoff” in the biotech and pharma space, and an unanticipated duo lined up to make a big bid for TikTok. In short, today’s Rippers list is a beautiful confusion. That said, let’s dive in and see what’s ripping:
🧪 Rhythm Pharmaceuticals is a biotech developing drugs to tackle rare genetic disorders associated with obesity. Their lead drug candidate for two such genetic disorders have already been assigned review dates in November by the FDA. The coming decision has investors riled up. $RYTM jumped 15.5% today and 48% this week.
💻 HR software company Workday made big moves after their Q2 earnings call surprised investors. Their quarterly earnings beat expectations and resulted in an upgrade in guidance for the year ahead. The new inflows of money from investors created a 13.3% jump for $WDAY at the end of this week. The company is now worth nearly $60 billion, despite the fact it did not turn a profit in 2019.
🚲 Peloton caught flack in December 2019 for releasing a 30-second ad in which a man gifted his wife a stationary bike. The ad was deemed sexist, but it seems all has been forgiven amidst the pandemic. After the lockdown began and gyms closed, $PTON caught the attention of many fitness-conscious consumers. The stock briefly dipped in March, only to go on a nearly 250% rager. Today, it’s up 8% as Goldman Sachs analysts raised its price target.
📺 Roku has also benefited from the pandemic-driven lockdown. The over-the-top TV company had an extremely bullish week after being upgraded by analysts. Reports suggest that $ROKU has held onto its lead in ‘connected TV market’ ahead of other big players like $AAPL and $AMZN – which is a big deal. This week, $ROKU rose 15.6%.
☀️ Our final Ripper of the week is Canadian Solar, a company which manufactures solar products and develops commercial and utility solar projects. $CSIQ secured a $75 million development loan facility for its subsidiary company, Recurrent Energy. Recurrent, which is operated in the United States, is building 5 gigawatts worth of solar projects in the U.S. The loan facility will be used to finance these projects. On the news, $CSIQ rose 13.2% today.
That’s a wrap for this week’s Rippers list. A friendly reminder to our LONG $AAPL gang reading the Rippers: don’t panic when you wake up on Monday and the price of your $AAPL stock is way lower. After trading today, Apple will split 4-for-1 in their first stock split since 2014. It’s a friendly reminder that Big Tech is really, well, big. See you all back here on Monday!