Zinger Key Points
- Canopy Growth CEO says company undervalued, highlights acquisitions and new strategy.
- Real estate stocks drop as mortgage rates hit 4-month high, inflation persists.
- Get New Picks of the Market's Top Stocks
Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
Bears ruled Wall Street this week as the S&P 500 endured its worst weekly drop since March 2023, falling over 3% due to rising fears around inflation and monetary policy. The Nasdaq Composite also suffered, dropping 5.5%, its worst week since November 2022 and its fourth consecutive down week, making it the longest losing streak since December 2022.
Meanwhile, Federal Reserve Chair Jerome Powell dismissed any immediate interest rate cuts, citing slow disinflation, while escalating geopolitical risks further dampened the outlook for tech stocks. Despite these challenges, the Dow managed a marginal gain of 0.01%, marking its first positive week in the last three.
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
“Canopy Growth CEO At Benzinga Conference: ‘I Don’t Think Our Investors Understand The Value That Sits Inside Of Canopy'” by Adam Eckert, reports on CEO David Klein‘s statement at the Benzinga Cannabis Capital Conference, asserting that Canopy Growth Corp CGC is undervalued by investors, especially regarding its acquisitions like Wana and its new strategic direction under Canopy USA.
“Dogecoin Down 25% In Past Week, But ‘If You Get A Chance To Buy It In The High $0.10s, Buy It,’ Says Trader” by Khyathi Dalal, explores how, despite Dogecoin’s DOGE/USD 25% plunge, market influencers remain bullish, advocating for purchases during dips as they predict potential price recoveries and a strong altcoin market ahead.
“DraftKings Stock Has Upside To Street Estimates, Analyst Says: Sports Betting Play Will ‘Benefit From Healthy Growth'” by Chris Katje, describes a Goldman Sachs analyst’s optimistic outlook on DraftKings Inc DKNG, projecting strong revenue growth and improved profitability due to expanding markets and enhanced unit economics.
For additional bullish calls of the past week, check out the following:
Happy Bitcoin Halving Day: What Experts Predict Happens Next
The Bears
“No More Inventory Discounts On Tesla Cars As CEO Elon Musk Says Sales System Has Turned ‘Complex And Inefficient'” by Anan Ashraf, explains Elon Musk‘s decision to discontinue Tesla Inc. TSLA inventory discounts due to inefficiencies and complexities in the sales process.
“Real Estate Stocks Fall As Mortgage Rates Rise To 4-Month Highs: ‘Inflation Is Proving Tougher To Bring Down'” by Piero Cingari, describes the drop in real estate stocks like Prologis, Inc. PLD and EastGroup Properties, Inc. EGP, driven by rising mortgage rates and a pessimistic outlook for housing starts and affordability.
“Broadcom Succumbs to EU Antitrust Investigation Over VMware Licensing, Prompting Swift Pricing Strategy Revision” by Anusuya Lahiri, reports that Broadcom Inc AVGO is adjusting VMware’s pricing in response to an EU antitrust investigation spurred by complaints about unfair licensing practices.
For more bearish takes, be sure to see these posts:
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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