Markets rewarded investors who remained bullish on the biggest technology stocks. It punished value investors who bought stocks thinking they were on a temporary discount.
Macy’s (M) jumped by 9.54% last Friday after Arkhouse Management and Brigade Capital Management reportedly raised its bid to $24.80, up from $24.00 made in March. Macy’s stock closed at $19.64.
Arm Holding (ARM) defied skeptical investors by closing at $181.19, an all-time high. ARM stock trades at a forward price-to-earnings ratio of 88.2 times. Its P/E is 635 times. This is a winning trade but a potential investment loss for anyone buying the stock at its peak. ARM will post Q1/2025 results on July 31, 2024.
Meta Platforms (META) closed at an all-time high of $539.91. The firm may split its shares, announce hardware updates to its virtual reality headset, or report stronger advertising revenue for its Threads product.
Losers
First Solar (FSLR) lost 11% last week after Sunpower’s (SPWR) accountant, Ernst & Young, resigned. It is unwilling to be associated with the firm’s financial statements.
Chinese gaming firm NetEase (NTES) dropped by 4.13%. The EU’s tariff against Chinese EV firms hurt NTES stock. NTES stock is a compelling buy at a 14.14 times P/E.
