What Did the Stock Market Do? Feb. 12, 2021

Latest Updates:

Artelo Biosciences Closes More Than 60% Higher Friday
Major Indices Close Friday With Slight Gains
EV Battery Maker QuantumScape Surges On Bullish Analyst Note
Stop Worrying and Love the Bubble
Major Indices Open Lower Today

Artelo Biosciences Closes More Than 60% Higher Friday

[Friday, February 12, 4:26 pm]
Contributed by Vivian Medithi

Artelo Biosciences (NASDAQ:ARTL) stock soared on Friday after Ladenburg initiated coverage of ARTL stock with a “buy” rating.

Artelo Biosciences is focused on therapeutic treatments targeting the endocannabinoid system, with a treatment for cancer patients suffering from anorexia currently in Phase I clinical trials. That drug is also the subject of a recently announced research collaboration between the company and the College of Dublin exploring the drug’s efficacy in treating cachexia.

The bullish price action comes at the end of an exciting week for Artelo Biosciences investors. On Monday the company announced it had exercised approximately $3 million worth of warrants from its October 2020 financing.

Major Indices Close Friday With Slight Gains

[Friday, February 12, 4:04 pm]
Contributed by Vivian Medithi

The S&P 500 closed higher by 0.48%
The Dow Jones Industrial Average closed higher by 0.09%
The Nasdaq Composite closed higher by 0.50%
The Russell 2000 closed lower by 0.08%

EV Battery Maker QuantumScape Surges On Bullish Analyst Note

[Friday, February 12, 3:43 pm]
Contributed by Vivian Medithi

QuantumScape (NYSE:QS) is up more than 20% in intraday trading today after a Morgan Stanley analyst set a price target of $70 for QS stock.

In that note, analyst Adam Jones said the electric vehicle (EV) solid-state battery company had “compelling strategies” and assigned it an “overweight” rating. Goldman Sachs also recently initiated coverage of QuantumScape, assigning a “neutral” rating and $42 price target last week.

InvestorPlace.com’s Faizan Farooque recently said that despite an early 2021 pullback, QuantumScape could be a winner this year given the wider EV bubble in the markets and the company’s leadership in quantum glass research. Meanwhile, InvestorPlace.com analyst Matt McCall sees QS stock as perhaps too volatile for investing, but a great vehicle for traders.

Stop Worrying and Love the Bubble

[Friday, February 12, 12:25 pm]
Contributed by Sarah Smith

Stop worrying, love the bubble, and learn how to profit.

That is the advice InvestorPlace Markets Analyst Tom Yeung has for investors going into the weekend. But what does it mean? Well, as we reported earlier this week, over a quarter of American adults took a stab at the Reddit rally in GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC). Incredible rallies in those equities, as well as meme-based cryptocurrencies like Dogecoin (CCC:DOGE), tell us that we are in a stock market bubble. That is because investors were buying in just to see the prices go higher, not because of company fundamentals.

Yeung wants to help investors recognize this, align their portfolios and profit. You can read more here.

Major Indices Open Lower Today

[Friday, February 12, 9:33 am]
Contributed by Sarah Smith

The S&P 500 opened lower by 0.21%
The Dow Jones Industrial Average opened lower by 0.05%
The Nasdaq Composite opened lower by 0.37%
The Russell 2000 opened higher by 0.13%

Biden Raises Hopes of Improved Vaccine Rollout

[Friday, February 12, 7:30 am]
Contributed by Sarah Smith

In recent weeks, many Americans have been questioning the Covid-19 vaccine rollout process. Two vaccines, one from Moderna (NASDAQ:MRNA) and one from the duo Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX), have received authorization from the U.S. Food and Drug Administration. However, staffing concerns, among other things, are causing delays across the United States. Beyond that, the country simply does not have enough doses yet to vaccinate the entire population.

A new announcement from President Joe Biden yesterday evening is a step toward correcting that. According to the latest report, Biden has acquired an addition 100 million doses from Moderna, and an additional 100 million doses from Pfizer. This adds 200 million doses to the arsenal and should help with vaccination rates. Biden also said that a delivery of 100 million doses set for delivery in July has been expedited to May.

Keep an eye on this news, and especially on any information about the vaccine timeline. PFE stock is down slightly in futures trading, and MRNA shares are up 1.6%.

Stock Market Futures Dip Friday Morning

[Friday, February 12, 7:17 am]
Contributed by Sarah Smith

S&P 500 futures are down 0.22%
Dow Jones Industrial Average futures are down 0.19%
Nasdaq Composite futures are down 0.17%
Russell 2000 futures are down 0.34%

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