The S&P 500 saw impressive gains this week, hitting a record high of 6,715.35 on Thursday, despite uncertainties surrounding a U.S. government shutdown. Notable contributors to this rise included companies such as Western Digital, Bio-Techne, Coinbase, Charles River Labs, and Fair Isaac.
Key Performers of the Week
Western Digital (WDC) surged nearly 23% this week, reaching new all-time highs. The boost stemmed largely from an optimistic price target increase by Morgan Stanley, which raised its forecast from $99 to $171. Analyst Erik Woodring pointed to a resurgence in hard disk drive (HDD) demand fueled by increased spending on cloud infrastructure. This has positioned Western Digital and its competitor, Seagate Technology, as top performers, with year-to-date gains of 191% and 195%, respectively.
Bio-Techne (TECH) also enjoyed a strong week, climbing almost 20% after unveiling advancements in its spatial biology portfolio. The company’s new solutions enable detailed detection of RNA and protein biomarkers in tissues, enhancing the connection between research and clinical practices. Following a rebound past its 200-day moving average and breaking out of a two-month consolidation, TECH stock is now trading at its highest level since March, although it remains down around 14% year-to-date.
Coinbase (COIN) saw robust growth, with shares increasing by 19% as cryptocurrency prices gained momentum. A significant run in Bitcoin brought its price above $120,000, narrowing the gap to its mid-August record. With COIN stock rebounding past its 50-day line, the recent five-day rally might be shaping the right side of an 11-week consolidation pattern.
Charles River Labs (CRL) showed resilience with an 18% weekly increase. Following an upgrade from Evercore ISI, which raised its price target to $200, the stock is extending gains after breaking above an early buy point of 167.50. CRL is now looking towards a traditional cup-and-handle buy point at 184.17, despite being down 5% for the year.
Fair Isaac (FICO) experienced a sharp 18% increase, driven by its announcement to provide its predictive credit scores directly to vendors involved in mortgage approvals, reducing reliance on credit bureaus like Equifax and Experian. This strategic move led to a notable decline in shares of those traditional bureaus while FICO stock climbed back to early July levels.
Overall, investor sentiment remains buoyant despite political headwinds, showcasing a strong performance from key sectors. As these companies continue to innovate and address market demands, they are well-positioned for future growth.
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