Illumina Stock Jumps; Tesla Rival Fisker Soars
All three major U.S. stock market indices eked higher on Friday, as markets applauded the progress of pandemic relief spending programs through the halls of Congress.
The S&P 500 closed at an all-time high, which is already its tenth record closing high of 2021, and oil prices rose to close out the week. The Dow Jones Industrial Average rose 27 points, or about 0.1%, to finish at 31,458.
SPAC fever continues. A hungering for special purpose acquisition companies, or SPACs, has seized the market over the last year or so, and Churchill Capital Corp IV (ticker: CCIV) is the latest hot SPAC running up. Shares of CCIV rose 26.9% on Friday as speculation swirled that the company could be close to a deal to acquire electric vehicle manufacturer Lucid Motors.
CCIV has been one of the hottest-running SPACs this year, with the price soaring from about $10 a share when the year began to nearly $40 a share at the end of Friday’s trading session.
Illumina jumps. Following an impressive earnings report, genetic sequencing company Illumina (ILMN) finished as the best performing stock in the entire S&P 500. Shares advanced 11.9%.
While both revenue and earnings per share ticked higher in the fourth quarter, the growth Illumina sees in 2021 was the bigger headline, with the company expecting revenue growth to accelerate to between 17% and 20% and earnings growth to clock in between 13% and 19%.
Fisker: newest hot EV. One of the newer electric vehicle stocks on the market, Fisker (FSR), saw shares soar 23% on Friday following a positive analyst note from Morgan Stanley, which initiated shares of the EV company at “overweight” and gave shares a $27 price target. The investment bank notes that Fisker is overlooked, having adopted an asset light, design-focused model.
Fisker is targeting late 2022 for the launch of its Ocean crossover SUV, a five-plus-seat electric crossover.