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It has been an extremely slow week when it comes to markets, but we have managed to find a few stocks that make our top stocks list this week: Micron, Palantir, and crypto stocks.
Micron Technology shares make it onto the list for the second time in a row. Last week it tumbled more than 16% after the company reported its latest quarterly earnings, with its outlook disappointing investors. Despite initially posting a modest gain on Tuesday, the stock managed to edge around 0.1% lower before the Christmas holiday after the Biden administration launched a new trade investigation into Chinese-made legacy semiconductors. Barclays recently lowered the price target on Micron to $110 from $145, maintaining an Overweight rating on the stock.
Palantir’s stock has experienced some movement. After a more than 2% gain in Tuesday’s session, the stock pulled back slightly on Thursday, and as of 09:40 am ET on Friday, it is down over 3%. However, analysts at Wedbush believe the company has a “credible path to morph into the next Oracle over the coming decade.” They believe that Palantir will provide more use cases “to address critical problems across industries and empower data-driven decision-making with a comprehensive suite of AI/ML solutions.”
Crypto stocks make the list this week as the leading cryptocurrency now sits well below the $100,000 mark. Bitcoin rose over 4% on Tuesday and gained around 0.8% on Christmas day before a 3.7% decline on Thursday. At the time of writing, it is trading at around $95,050, down around 0.3% on Friday. The recent decline has weighed on crypto stocks such as COIN, MSTR, Robinhood, Riot Blockchain, and CleanSpark, which all declined shortly after the open on Friday.
