Last week, American stock markets closed with small losses despite the rally on Friday. The S&P 500 lost 0.2%. The Dow Jones Industrial Average performed even worse and the index closed 0.6% lower compared to the start of the week. However, the Nasdaq was able to close the week with a return of 1.7%. This was mainly caused by Apple, which closed last week at an all-time high. The iPhone manufacturer’s stock rose more than 13% over the week. Most of the stock’s gains this week followed the release of its Q1 results, which beat the expectations. On Friday, Berkshire Hathaway announced that they increased their stake in Apple with 75 million shares. Berkshire’s initial investment in Apple was small, but with the latest stake purchase, it has grown to a massive 240.3 million shares worth $42.5 billion.
Besides the quarterly results of Apple, many more companies released their financial results. On Tuesday, Snap Inc. shares plunged 15% after reporting their results of Q1. The company of Snapchat missed analyst estimates on both earnings and daily active users of the app. One of the reasons for the poor performance was the redesign of Snapchat a couple of months back.
Most Investments Groups made a profit last week. CMG Investments rose 4 places thanks to their positions in Activision Blizzard and Exelixis. Floryn, meanwhile, also had a good week after receiving a strong return on their investment in ETFMG Prime Cyber Security ETF. Invequity has not stopped its final sprint in the competition. They entered the top 3 of the ranking, and with a return of almost 8% they made the largest profit of all Investment Groups over the last week. If Invequity continues their rally, both Rising Investments and Primus must worry for their positions in the ranking!
Written by Ahmed Mustafa