The stock market had a volatile week, with major indexes swinging between gains and losses amid mixed earnings reports, economic data, and geopolitical tensions. Here are some of the top gainers and losers of the week, based on the percentage change in their share prices from Monday to Friday.
Top Gainers
- Tupperware Brands (NYSE: TUP): The maker of plastic containers and other household products saw its stock soar more than 58% this week, after announcing a debt restructuring agreement that will reduce its interest expenses and extend its maturities. The company also reported better-than-expected second-quarter results, with revenue rising 22% year-over-year and adjusted earnings per share beating analysts’ estimates by a wide margin. Tupperware said it benefited from strong demand in North America and Europe, as well as improved productivity and cost savings.
- Polished.com (NYSEMKT: POL): The online platform for beauty products and services jumped over 37% this week, after regaining listing compliance with the NYSE American exchange. The company said it received a letter from the exchange on August 9, stating that it had regained compliance with the continued listing standards, following its submission of its annual report for the fiscal year ended December 31, 2020. Polished.com also reported second-quarter results, with revenue increasing 28% year-over-year and net loss narrowing from the same period last year.
- Kuke Music (NYSE: KUKE): The Chinese provider of classical music licensing, subscription, and education services surged over 28% this week, after announcing a strategic partnership with Tencent Music Entertainment Group (NYSE: TME). The two companies said they will cooperate in various areas, such as music licensing, online music education, and live streaming. Kuke Music also reported second-quarter results, with revenue growing 36% year-over-year and net income turning positive from a loss in the same quarter last year.
Top Losers
- AMC Entertainment (NYSE: AMC): The movie theater chain plunged close to 28% this week, after getting court approval for its stock conversion plan. The company said it will convert about $35 million of its senior subordinated notes due 2026 into common stock at a conversion price of $13.51 per share, resulting in the issuance of about 2.6 million new shares. AMC also reported second-quarter results, with revenue rising more than fourfold from a year ago but still falling short of analysts’ expectations. The company posted a net loss of $344 million, or $0.71 per share, compared to a loss of $561 million, or $5.38 per share, in the same quarter last year.
- Phoenix Motor (NASDAQ: PEV): The electric vehicle maker tumbled over 25% this week, ahead of its earnings report scheduled for August 16. The company has been facing several challenges, such as supply chain disruptions, regulatory uncertainties, and competitive pressures. Phoenix Motor also announced this week that it will participate in the Jefferies Virtual Industrials Conference on August 17.
- Aurora Acquisition (NASDAQ: AURC): The special purpose acquisition company (SPAC) fell nearly 22% this week, despite getting shareholder approval for its merger with Better.com, an online mortgage lender. The deal values Better.com at about $7 billion and is expected to close in the fourth quarter of this year. Aurora Acquisition also reported second-quarter results, with net income of $1.4 million, or $0.03 per share, compared to a net loss of $0.4 million, or $0.01 per share, in the same period last year.
