Market Roundup: October 18 to October 22 2021

Catch up on the stocks making the biggest moves this week.
3 min read
Candlestick Chart

Tesla Inc. ($TSLA)

Shares of Tesla have continued to climb for the second week in a row after delivering strong Q3 results on Wednesday. Tesla Inc gained 4.5% over the past week (about $40) and closed at $909 per share on Friday. The growth behind Tesla doesnt seem to be slowing, and optimism about the company’s future is continuing to be positive, despite many still seeing Tesla as a ‘sham’.

Digital World Acquisition Corp. ($DWAC)

Shares of Digital World Acquisition Corp have skyrocketed after the news of Trump Social, a new social media network by former President of the United States Donald J. Trump. Trump was banned from Twitter and suspended from Facebook early this year after accusations that he incited the mob that stormed the US Capitol Building.

The stock gained the attention of Reddit group WallStreetBets, who was responsible for the crazy trading frenzy of GameStop, AMC Entertainment and many more. Shares of the SPAC have surged 843% ($84) just over this past week, and currently trades at $94.10. Many stockbrokers have warned traders about the possibility of trading being halted periodically due to high volatility in the stock.

Netflix Inc. ($NFLX)

Netflix Inc. shares have seen a good positive week after its Q3 2021 earnings report impressed investors and analysts earlier on Wednesday. Netflix reported that paid subscribers had increased by a good number and they forecast Q4 to be their biggest quarter yet, due to new popular exclusives such as Bridgerton and Squid Game. The share price of the streaming service rose almost 6% this week ($37) and currently trades at $664.

Beyond Meat ($BYND)

Beyond Meat has had a less than ideal week in terms of its stock market figures, as shares closed 9% lower (about $10) comapred to its week open. Investors are concerned over the financial prospects of the company as Beyond Meat issued a warning that Q3 revenue figures will be lower because of labour shortages and supply chain issues related to the Delta coronavirus variant in the US. The company said that the issues were lasting longer than expected and that many retail orders were falling through. Plus, investors are concerned over increasing competition in the plant-based produce industry, with other high profile names such as Impossible Foods gaining market share. Beyond Meat will report their Q3 results on November 10, and the company’s stock currently trades at $95.

Facebook Inc. ($FB)

Facebook’s share price has had a rollercoaster week, opening at $324, peaking at $341 and then dipping again back to $324. Rumours were circulating earlier in the week that Facebook may be changing its name in order to focus building the metaverse, which has not gone down the investors as well as the company had hoped. Further, allegations by a whistleblower appearing on 60 Minutes have harmed the company’s reputation and plunged its stock.

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