Both Canada and the US kept interest rates stable last week, which of course was another reason for markets to hit record highs. Interestingly, the 'big moves' in the market were not nearly as big as they have been in the past couple of months or so.

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Ho hum, just another semiconductor company up 53% last week, 152% year-to-date and 350% in the past year. First-quarter sales more than doubled and the company's forecast, according to analysts, was a 'blowout'. Analysts fell all over themselves raising price targets. 

 

We are going 'nuts' for coconuts. COCO, a healthy beverage company focusing on coconuts, saw its shares rise 32% on the back of a double beat of good results and a strong forecast. First-quarter sales rose 37%, and the company raised sales guidance 6% better than current estimates. No matter that coconuts kill more people each year than sharks (sorry, not true, it's an Urban Legend) or that coconuts are not really nuts (it is actually a drupe). 

 

Well, if you are bald and also bought shares of this IPO in February, you had a pretty solid week. Not only will chicks dig your new hair, you now have lots of money. MANE shares went public in February at $17 per share, and last  week rose 49% to hit $101. The excitement: the company's oral version of the hair growth drug Rogaine showed 'rapid and robust hair growth' versus a placebo. MANE used the new interest in its stock to raise $400 million. Analysts said the drug could be a 'Blockbuster'. Now, the company fully admitted that the rapid hair growth was 'not just on the head' but who cares? Flip that mane, and stride confidently down the block like never before.

 

On the other side of the drug world, ERAS shares fell 53% after its Phase I drug for pancreatic cancer showed some safety concerns and underwhelming data. Competitor Revolution Medicines sent ERAS a letter saying its drug was 'substantially equivalent' to one of its existing drugs and demanded that ERAS stop production. Treatment for pancreatic cancer remains one of the Holy Grails in medicine, with billions at stake for whatever company solves the riddle. ERAS shareholders thought they were the winners, with the stock up even after last week's drop by 169% this year and up 535% in one year. 

 

What's that? A semi conductor company in the 'Duds' list? Is that a mistake? Nope, Rambus shares fell 29% last week, even though it reported in-line earnings and received multiple broker upgrades. The stock is still up 22% year-todate and up 118% in a year, so it is hardly a disaster. RMBS forecasted good growth, but just not good enough growth to keep the momentum players interested.

 

Missed last week's Rockets and Duds?