MARKET HIGHLIGHTS
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market highlights
GOOD WEEK
Deckers Outdoor (DECK + 18.94%) shares surged this week following an impressive earnings report. The company reported a substantial revenue increase driven by strong demand for its Ugg and Hoka brands. Direct-to-consumer sales also rose, Deckers raised its fiscal year sales forecast to approximately $4 billion, highlighting the continued strength of its brands.
LifeWallet (LIFW +16.55%) stock gained this week after announcing a reverse stock split of its Class A common stock at a ratio of 1-for-25. This move aimed to regain compliance with Nasdaq's minimum bid price requirement, which bolstered investor confidence and drove the stock's positive performance.
BAD WEEK
Chart Industries (GTLS -24.8%) stock dropped following the announcement of its disappointing third-quarter 2023 financial results. Although the company reported an increase in revenue, and its adjusted full-year 2023 sales guidance was lowered. Additionally, the accelerated timeline of divestitures and revenue timing between quarters contributed to the decline in its stock price.
Stellantis (STLA -2.38%) stock fell because Ford reached a labor agreement with United Auto Workers (UAW) on October 26. General Motors and Stellantis were also in talks with the UAW, leading to uncertainty about labor negotiations and their effects on the company.
WHAT ELSE HAPPENED
The major stock market indices, Dow, S&P 500, and Nasdaq, all experienced significant weekly losses, with the Nasdaq falling over 10% from its July high, pushing it into correction territory. Disappointing earnings, such as Ford and Chevron, contributed to the market's decline.
Investors are closely watching the Federal Open Market Committee meeting next week, where the Federal Reserve's decisions on interest rates and economic policy will have a significant impact on market dynamics. The meeting is seen as a crucial test for the cryptocurrency market's resilience, as the Federal Reserve's stance on monetary policy can influence the performance of cryptocurrencies like Bitcoin.
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