Warner Bros. Discovery Channel and Tesla helped push the market higher this week as the S&P 500 neared its fourth straight weekly gain. This week’s weekly gain would mark the longest weekly gain for the S&P 500 since August. While certain big names stood out, even small caps participated in the rally. That could mean broader market participation. On Friday, the index continued higher, rising 4,300 for the first time since August. Here are the biggest gainers in the S&P 500 so far this week. Warner Bros. Discovery Channel is up 19% week-to-date with 47% upside potential, according to the average analyst price target from FactSet. About 59% of analysts rate the stock a buy. The media giant’s rally began Wednesday following the departure of CNN CEO Chris Licht. Chris Licht has come under fire for a town hall on a cable channel with former President Donald Trump and has been facing a staff rebellion. CNN, which is owned by Warner Bros. Discovery Channel, is now searching for a new chief executive. Further fueling the rally Thursday, Warner Bros. Discovery said it had paid down some of its debt load this week. The stock is up about 48% this year. Tesla, meanwhile, continued to move higher this week, with the electric automaker up about 16% since Monday. The stock has risen as much as 104% so far this year. However, analysts believe the stock may have risen too high, with the average analyst price target pointing to more than 20% downside. About 40% of analysts have buy ratings on the stock. The stock rallied on Friday, on track to tie its longest winning streak ever, after Thursday’s after-hours announcement that General Motors had partnered with Tesla to use its charging stations. The deal follows a similar announcement in late May that Ford would get Tesla Superchargers. Ford and General Motors were also winners this week, with the former up 12 percent and the latter nearly 9 percent. Some 56% of GM analysts have a buy rating on it. However, only 35% of those who cover Ford rate it a buy. That includes Citigroup analyst Itay Michaeli, who on Monday upgraded Ford to buy from neutral. Among his reasons are his bank’s latest survey showing that seasonally adjusted vehicle sales could reach 19 million vehicles over the next few years, and as Ford’s Model e division hits its margin target in the second half of the year, electric vehicle Market sentiment has improved. Ford shares are up about 20 percent so far this year, while GM shares are up about 10 percent. F YTD mountain Ford YTD Two cruise stocks also made the list. Norwegian Cruise Line and Carnival were also winners last week, with shares up 8 percent each. Carnival also hit a new 52-week high on Friday. While consumers cut back on discretionary spending, they are still spending on travel, with cruise lines now on track for the industry’s biggest recovery this year. Cruise lines were the last to rise post-Covid, curtailed after being closed for more than a year. Norwegian Air is up more than 41% in 2023, but only 37% of analysts have a buy rating on the stock. Meanwhile, Carnival has soared nearly 64% year to date, but only 35% rate it a buy. The average target price for Norwegian has a 4% downside and Carnival has a 13% downside.
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