Latest News

One global tech stock that was a top performer last week could surge 63% more, analysts say


It’s been a muted week for global stocks. The MSCI World index was down about 0.7% for the past week, tracking U.S. stocks, which also declined last week. The S & P 500 was around 1% down week-to-date on Friday. Investors digested fresh commentary from U.S. Federal Reserve officials on inflation and monetary policy, which heightened concerns of even higher interest rates. But some stocks stood out. Here are the 10 global stocks under MSCI World that rose more than 10% over the past week ending Nov. 18. One top performer was global tech company Sea , which surged 15% over last week. Last week, the Singapore-based tech giant said it will renew its focus on profitability instead of growth. The company owns online shopping platform Shopee and gaming arm Garena, two of its main money-making divisions. In a bid to stem losses, it has laid off more than 7,000 employees, or around 10% of its workforce, over the past six months, according to local media. In September, its top management also announced it will forgo salaries “until the company reaches self-sufficiency.” A majority of analysts gave Sea a “buy” rating, with an average price target upside of 63%, according to FactSet. Hong Kong-listed shares of Budweiser rose 12% over the week. Qatar had initially relaxed its alcohol restrictions to allow Budweiser, which has been the World Cup’s exclusive beer distributor since 1986, to sell its products in Qatar World Cup official venues. But by the end of the week on Friday, Qatar did a major U-turn, banning all beer sales at and around its World Cup stadiums. Ross Stores was another top performer for the week, with Credit Suisse naming the company its top pick in off-price retail . — CNBC’s Sheila Chiang and Samantha Subin contributed to this report.

Bob Iger returns as Disney CEO effective immediately

Previous article

Bob Iger returns as Disney CEO effective immediately, replacing Bob Chapek

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News