One of the best-performing stocks of 2023 soared 1,000%, avoiding disaster.
Quick, name the best performing stocks so far in 2023.
No, it has nothing to do with artificial intelligence. However, AI-related chip maker Nvidia Corp. NVDA’s stock is
It has soared more than 200% this year alone.
The so-called Magnificent Seven group of stocks, which includes Nvidia, has generated notable gains so far this year. Both collectively and individually, these stocks have been all the rage on Wall Street this year.
Apple shares AAPL.
While Microsoft stock MSFT is up nearly 50% so far this year.
Both classes of shares of Google parent Alphabet, GOOG, are up about 56%.
google,
Up nearly 60%, Amazon AMZN’s share
Tesla stock TSLA is up more than 80%.
Shares of Meta Platform META, Facebook’s parent company, also more than doubled.
It has nearly tripled over that period, according to FactSet data.
But none of these stocks could be the best performer in 2023, as measured by MarketWatch.
As of December 26, in terms of companies with a market value of at least $1 billion, the first and second places were Soleno Therapeutics SLNO;
online used car dealer Carvana CVNA;
These stocks registered among the best returns of the year, according to data commissioned by MarketWatch and compiled by Dow Jones Market Data.
Soleno’s stock took a huge hit in the fall, rising more than 1,900% when the biotech company announced positive results for its diazoxide choline extended-release tablets designed to treat Prader-Willi syndrome, a rare genetic disorder that can lead to intellectual disability. enjoyed a rise. Disability, obesity and other conditions.
Representatives for Soleno did not immediately respond to an email seeking comment.
Meanwhile, Carvana’s shares soared 1,030% as the auto retailer, which has been struggling to reduce its debt load, prepares a turnaround that will help it stave off a cash crunch.
Carvana’s head of capital markets, Mike McKeever, told MarketWatch that 2023 will be a “defining year” for the company. stock of rival CarMax KMX;
and shares of Auto Trader AUTO, a U.S. listed stock;
ATDRY,
Comparatively so far this year, pedestrian numbers have increased by 28% and 45% respectively.
read: The 10 most moving days in the stock market in 2023
Other notable achievements this year include Affirm Holdings AFRM, a buy-now-pay-later lender;
It has soared more than 400% so far in 2023.
Biotechnology and biopharmaceutical companies and cryptocurrency-related companies, known for their volatility, were among other stocks, along with the S&P 500 SPX and Dow Jones, in what was described as “the strangest bull market in decades.” The industrial average DJIA is hovering at or near record highs following Federal Reserve policy moves that suggest the central bank is pleased with the results of its efforts to combat soaring inflation.
| symbol | name | market value | % change in 2023 |
SLNO, | Soleno Therapeutics Inc | 1,222.1 | 1,923.7 |
CVNA, | Carvana Co., Ltd. Class A | 10,693.2 | 1,030.0 |
CIFR, | Cypher Mining Inc | 1,268.2 | 789.3 |
Mara, | Marathon Digital Holdings Ltd. | 6,002.0 | 688.3 |
IMGN, | Immunogen Co., Ltd. | 8,328.5 | 501.8 |
MLTX, | Moonlake Immunotherapy Class A | 3,842.9 | 486.1 |
CLSK, | Clean Spark Co., Ltd. | 2,169.0 | 475.5 |
Vivio, | Bridge Biopharma Co., Ltd. | 7,304.9 | 451.0 |
AFRM, | Affirm Holdings Co., Ltd. Class A | 15,098.8 | 417.5 |
riot, | Riot Platforms, Inc. | 3,583.0 | 411.8 |
| source: FactSet, Dow Jones Market Data |
What does that achievement mean for next year? It’s hard to say.
Momentum can run on a dime, and out-of-favor sectors can quickly lose ground to new, high-flying stocks.
Be careful out there.
Please confirm it: What a strong ‘Santa Claus rally’ means for US stock markets in January and 2024
see: One of the biggest bears on Wall Street says the Federal Reserve is giving investors plenty of reason to be optimistic about 2024.
