The S&P 500 and the Dow Jones Industrial Average were on track for their second week in the red, dropping 0.9% and 1.6% respectively, while the Nasdaq Composite lost 0.2%. The banking sector and the US economy’s health concerns reignited investors’ worries. PacWest’s significant deposit outflows during the first week of May caused regional bank stocks to take a hit. Also, concerns about a possible US government default added to the market’s negative sentiment. Despite this, several stocks managed to beat the market this week.
First Solar, a solar panel manufacturer, emerged as the biggest gainer of the week, with shares surging 26.3% as of Friday morning. The company’s acquisition of European thin film company Evolar AB accelerated the development of next-generation photovoltaic technology. More than 40% of analysts covering the stock rate it as a buy, and it already sits above analysts’ consensus price target.
Chemical manufacturer Albemarle, on the other hand, saw its shares pop 10.6% this week after being upgraded by KeyBanc and Bank of America. KeyBanc cited improving demand for lithium in China for its upgrade and said shares currently sit at an attractive valuation. More than half of analysts covering Albemarle rate it as a buy, and analysts estimate a 30.3% increase in the average price target.
Alphabet, Google’s parent company, saw shares rise 10.5% as investors cheered its new AI developments unveiled at the company’s annual developers conference. Shares have had a strong year thus far, surging more than 32%. Nearly four-fifth of analysts covering Google are bullish on the stock.
Streaming giant Netflix also had a strong week, with shares going up almost 7%. The stock is up approximately 15% in 2023, and analysts estimate additional 6% growth, based on the average price target. Just under half of analysts covering Netflix have issued a buy rating on shares.
Health care names Steris, McKesson, and DaVita also made the list of this week’s biggest gainers, rising 9.7%, 8.3%, and 6.7%, respectively. Enphase Energy was another industrial stock that outperformed, jumping 7.5%. Online marketplace Etsy was the sole consumer name on the list, with the stock gaining 8%. Despite the general decline in the market, some stocks managed to perform well this week.
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