Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.
This week saw significant declines in major averages, with the Dow, S&P 500, and Nasdaq dropping by 2.1%, 2.5%, and 2.6%, respectively. Market volatility was driven by concerns over potential Middle East conflicts and a conservative fourth-quarter earnings forecast from U.S. companies.
Despite this, the U.S. economy showcased a strong 4.9% growth in the third quarter, surpassing the anticipated 4.3%. Hedge fund magnate Bill Ackman revealed on platform X that he exited his short positions in U.S. Treasury bonds.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
The Bulls
"Weight Loss Drugs Wegovy, Ozempic Gain Traction With Millennials, High Earners: New Survey Results," by Chris Katje, reveals that prescription weight loss drugs like Ozempic, Wegovy, and Mounjaro are gaining interest, especially among millennials, high-income households and those with weight-related health issues. This trend has boosted shares of pharmaceutical companies like Novo Nordisk NVO and Eli Lilly LLY.
"Chevron, Hess CEOs See 'A Lot Of Upside' For Shareholders Following $53B Deal," by Adam Eckert, details that Chevron Corp CVX has agreed to purchase Hess Corp HES in an all-stock deal worth $53 billion, with John Hess, Hess CEO, emphasizing the growth and financial strength the merger brings, while Mike Wirth, Chevron's CEO, anticipates significant upside for shareholders.
"Dogecoin Co-Creator Hopes Bitcoin Surges To Trillion Dollars, Says These Are His 3 Favorite Cryptos," by Mehab Qureshi, reports that Dogecoin DOGE/USD co-founder Billy Markus, also known as Shibetoshi Nakamoto, is optimistic about Bitcoin BTC/USD and counts it, Ethereum ETH/USD and Doge as his top three cryptos, despite distancing himself from Doge due to certain community members.
For additional bullish calls of the past week, check out the following:
Suze Orman Keeps Buying Amazon, Microsoft And... Palantir? 'Over The Long Run, You Will Win'
The Bears
"Analyst Criticizes Elon Musk For Acting Like A 'Little Baby', Says Tesla CEO Almost Broke Down On Call," by Adam Eckert, highlights that after Tesla Inc TSLA reported subpar quarterly results, financial analyst Kevin Paffrath criticized CEO Elon Musk for his emotional demeanor during the earnings call, suggesting Musk should focus on strategic solutions rather than lamenting economic challenges.
"Big Tech Woes Drive Nasdaq 100's Worst Session In 2023, Now Approaching Correction Territory," by Piero Cingari, details that the Nasdaq 100 Index faced a 2.5% drop this week, its steepest in 2023, with tech giants like Alphabet Inc. GOOG GOOGL, Amazon.com, Inc. AMZN, Nvidia Corp. NVDA and Meta Platforms Inc. META significantly contributing to the decline, pushing the index closer to a correction.
"Buzz Kill: Mike Johnson's Election As New House Speaker Does Not Bode Well For Cannabis Legalization," by Maureen Meehan, reports that Rep. Mike Johnson (R-LA) becoming House speaker may impact cannabis reforms, especially the SAFER Banking Act, as the AdvisorShares Trust AdvisorShares Pure US Cannabis ETF MSOS sees volatility.
For more bearish takes, be sure to see these posts:
Are Consumers Ready For Robotaxis From Tesla, Alphabet, GM? New Survey Says Not Yet
Bitcoin, Ethereum: Are The Glory Days Over? Crypto Analyst Warns Of Diminishing Returns
Google's Top Exec Lies Awake At Night As Amazon, TikTok Continue To Steal Users
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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