Another stock market week is done ,and more craziness unfolds, as usual. Here are the big stock market movers from last week:
In Xanadu did Kubla Khan a stately pleasure-dome decree. Xanadu shareholders are likely looking for real estate to build their pleasure dome after last week's 234% up move in the stock. XBDU went public at $10 less than a month ago. Now, they are above $40. The quantum sector heated up again last week as Nvidia announced a new chip specifically for the quantum sector. It doesn't really matter that quantum companies are years away from any revenue, or that they can still barely add two numbers with any degree of accuracy. That's not important, is it?
Joining the quantum party last week was IONQ, with a 60% gain. In addition to the Nvidia news, IONQ announced that it has achieved a foundational technical milestone by photonically interconnecting two independent trapped-ion quantum systems. This helps toward scaling quantum computation beyond a single processor. Of course it does. Everyone knows that.
Revolution announced blockbuster pancreatic cancer trial results, with analysts forecasting more than $5 billion in sales by 2030 if its drug gets approval. Analysts also said there is "no current rival'. RVMD used the 54% gain in its stock to raise money for more development. The stock is now up 86% year-to-date and up 304% over 52 weeks.
Remember tariffs? Everyone kind of forgot about tariffs as they moved on to worry about the Iran War instead. Well, guess what? Tariffs never really went away. BRP last week fell 25% as it reminded investors it was going to take a $500 million tariff hit, and it has had to withdraw its 2027 financial guidance. Analysts called the news "mind blowing". But really, was it? Tariffs did not go away. They just became second-page news. We try and stay neutral here at Rockets and Duds. But as a swimmer, I am fine if there are fewer sea-doos roaring around the lakes this summer.
BMI shares fell the most in 18 years last week, down 26%. BMI, which makes water meters, reported a miss in first-quarter sales and indicated that there would be no growth this year. It tried to soften this news with other news of a $100 million acquisition of UDlive, but investors were not buying the new news. Water meters are supposed to be a "utility-like" business, because after all, utilities are their main customers. But with a 33% year to date decline, BMI shares this year have acted more like a software company.
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