Investing.com’s stocks of the week
Investing.com's stocks of the week highlighted the impact of Democratic victories in Congress on the market. The sell-off affected AI and chip names, with semiconductor names facing significant declines as investors questioned the survival of data center expansion plans under the new political landscape. SanDisk led the drop at 26.9%, followed by Micron at 21.5%, Arm at 16.1%, Lam Research at 15.4%, Applied Materials at 14.1%, and KLA at 12.2%.
Broadcom fell 9.6% and Nvidia lost 8.3%. Lumentum experienced a particularly sharp decline of 38.4% over the week, after Marvell made a $115 billion all-stock deal to acquire it. The deal tied Lumentum's implied value directly to Marvell's share price with a fixed exchange ratio. Both Marvell and Lumentum were downgraded by analysts.
Elon Musk's companies, Tesla and SpaceX, saw declines of 10.3% and 2.2% respectively. DraftKings suffered a 24% drop after missing post-close results for the third quarter. AppLovin stood out as a standout performer, rising 31% on Thursday and further 9.9% by Friday after beating earnings and guidance expectations. Unity also saw a 39% increase over the week due to strong results and takeover interest.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
