That’s volatility with a capital V.
Shares are down about 65% from their peak but still remain more than 4,400% off their 52-week low.
“If the performance of GameStop this year has shown us anything, it is that it’s been a crazy year for the stock market,” the Bespoke analysts noted in a report about the 50/50 stocks.
But GameStop isn’t the only well-known stock that’s been bungee jumping this year.
These stomach-churning moves may be unsettling. But investors need to get used to them. High profile stocks are going to continue to get whipsawed.
“There are so many retail investors in the market,” said Matt Stucky, equities portfolio manager at Northwestern Mutual Wealth Management Company. “There has been more episodic volatility that has captured a lot of attention.”
“The period we are in is so unprecedented because of the magnitude of last year’s market drop and the rebound in the past few months. It doesn’t surprise me to see weird numbers with some individual companies,” said Michael Reynolds, vice president of investment strategy at Glenmede.
“The volatility also shows how difficult it is to predict economic variables and earnings,” Reynolds added. “We’re on a path to some semblance of normalcy … but there will be hiccups.”
Apple’s rivals may never be able to catch up to its new chip
Early in the testing phase of Apple’s M1 chipset, the processor was installed in a batch of Mac computers and given to staffers working on applications that demanded heavy processing power.
The gag, of course, is that the battery indicator was working just fine. The M1 chip was so efficient, according to Apple, that it showed no real strain — one of several major selling points for products that now carry the chip.
On Friday, the company launched its first iMac desktop and iPad Pro line with M1 (the M1 MacBook Air, 13-inch MacBook Pro and Mac mini shipped late last year). Early reviews applauded the models for unmatched speeds, long-lasting batteries and better graphics, all due in part to the processor.
“The main reason it’ll take other PC vendors a while to catch up to Apple is because most of them don’t control the whole stack of hardware and software,” said Jitesh Ubrani, a research manager at market research firm IDC. “This tight integration between the two is Apple’s main advantage.”
Monday: Earnings from Lordstown Motors
Tuesday: US new home sales; Consumer confidence data; Earnings from AutoZone, Intuit, Nordstrom, Toll Brothers and Urban Outfitters
Wednesday: EIA crude oil inventories; Earnings from Abercrombie & Fitch, Dick’s Sporting Goods, American Eagle, Nvidia and Williams-Sonoma
Thursday: US unemployment claims; Earnings from Best Buy, Dollar General, Dollar Tree, Medtronic, Costco, Dell, Gap and Salesforce.
Friday: US personal income and spending; PCE Price Index; Earnings from Big Lots