This week, several stocks hit the headlines, with some showing significant changes in their prices. Here are Investing.com’s top stocks of the week:
China stocks
Several US-listed Chinese names made significant gains this week. Alibaba (NYSE:BABA) and PDD Holdings Inc DRC (NASDAQ:PDD) manage to make the stock list of the week, with gains of more than 20% and more than 34%, respectively (as of 13:30 GMT on Friday 27 September), in the last week. PDD is now trading at levels last seen in August, while Alibaba is trading at prices last seen in February 2023.
The rise in stocks with a significant focus on China follows the announcement by the People’s Bank of China (PBOC) of a comprehensive economic stimulus package.
“Today’s PBOC announcement exceeded market expectations and is arguably the most comprehensive easing since 2015,” the bank wrote in a note to clients. They explained that the policy moves are aimed at restoring market confidence amid ongoing economic challenges, including fragile domestic demand and deflationary pressures.
Micron technology
Shares of Micron Technology Inc (NASDAQ:MU) are up more than 20% in the past week, with most of its gains coming from Thursday, after rising 14.7% from Wednesday’s close after its latest quarterly earnings announcement.
Micron reported fourth-quarter earnings per share (EPS) of $1.18, topping analysts’ consensus estimates of $1.11 by $0.07, on revenue for the quarter of $7.75 billion. beating the consensus estimate of $7.65 billion.
Its forecast was also positive, with Micron saying it sees 1Q2025 EPS of $1.74, above the consensus of $1.52. Its Q1 2025 revenue range of $8.5 billion to $8.9 billion was also better than the $8.32 billion consensus.
After the results, several Wall Street analysts reiterated their bullish stance on the stock. A Mizuho analyst told investors that MU’s rally “will be sustained and attract many of the long/short haters who will flip from short to long, at least for the near term.”
Intel
It’s been an eventful week for Intel Corporation (NASDAQ:INTC), which is up about 14%. First, there were reports that Qualcomm (NASDAQ:QCOM) had approached Intel for a takeover. It was then reported that US asset manager Apollo Global Management (NYSE:APO) had offered to invest up to $5 billion in the company. Analysts said a potential takeover by Qualcomm is likely to face major challenges.
“Similar to other proposed mega-deals that have failed to clear high regulatory hurdles … we believe a Qualcomm/INTC deal would be unlikely to garner regulatory approval,” Stifel said.
Citi analysts went even further, dismissing the idea as “almost too silly to comment on,” adding that such a move would be detrimental to Intel shareholders.
Later in the week, Bloomberg reported that Intel rejected Arm’s approach about a possible acquisition of the company’s products division. Arm was reportedly told the business was not for sale. Finally, the Financial Times reported that Intel and the US government will likely finalize $8.5 billion in direct financing for the chipmaker before the end of the year.
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Reference;
Boughedda, S. (2024) Investing.com’s stocks of the week By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/investingcoms-stocks-of-the-week-3637009 (Accessed: 28 September 2024).
