- With the final days of 2021 counting down, stocks maintained their momentum on Monday, extending recent gains and powering the S&P 500 to yet another closing high.
- As the calendar barrels towards 2022, several themes that have dominated trading throughout the past year continued to drive the action on Monday. In one case, this was almost literally true, with the trucking and logistics sector representing one of the standouts on the session.
- The semiconductor equipment sector also extended its already outsized run in 2021. The latest gains allowed KLA Corp. (NASDAQ:KLAC), Lam Research (NASDAQ:LRCX) and Applied Materials (NASDAQ:AMAT) to set fresh 52-week highs.
- Another motif of 2021 involved the unwinding of the COVID trade. One-time beneficiaries of the at-home trend saw their stocks deflate over the year. On Monday, Nautilus (NYSE:NLS) acted as a stand-in for this trope, with shares of the fitness equipment maker slipping to another low.
- Omicron remained a major topic of conversation as well. The surge in demand for COVID tests lifted Cue Health (NASDAQ:HLTH), which climbed more than 20% on the session.
- Monday also had its share of news-driven stories. As an example, BridgeBio Pharma (NASDAQ:BBIO) lost almost three-quarters of its value following the release of disappointing clinical data.
Sector In Focus
- With the COVID reopening putting stress on the global supply chain, trucking and logistics companies have jumped into the spotlight during recent months. Monday saw the sector continue to show momentum, led by ArcBest (NASDAQ:ARCB), which rose about 9% on the session and set a fresh 52-week high.
- ARCB gained $10.14 on the day to close at $121.78. This was just off an intraday 52-week peak of $123.26 set earlier in the session.
- Within the trucking and logistics space, ARCB was far from alone in posting a notable advance. Yellow Corp. (NASDAQ:YELL) rose nearly 8% on the day. Meanwhile, USA Truck (NASDAQ:USAK) climbed about 4.5% and J.B. Hunt Transports (NASDAQ:JBHT) rallied 3%.
Standout Gainer
- The rapid spread of the Omicron variant has fueled a spike in demand for at-home COVID tests. Cue Health (HLTH) took advantage of the trend on Monday, jumping nearly 22% on the session.
- Ultimately, the stock closed at $15.66, a gain of $2.81 on the day. This added to a string of recent gains. Shares are now up nearly 60% from their closing price on Friday, Dec. 17.
Standout Loser
- BridgeBio Pharma (BBIO) plunged nearly 72% after reporting disappointing clinical trial data for its acoramidis product.
- The company said the drug failed to meet the primary endpoint of a late-stage study in transthyretin amyloid cardiomyopathy, a potential cause of heart failure, especially in older patients.
- In the Phase 3 study, patients receiving acoramidis for a year failed to show significant improvement compared to a group receiving a placebo.
- BBIO plummeted $29.24 to close at $11.38. Shares also set an intraday 52-week low of $11.20.
Notable New High
- Semiconductor stocks have famously outperformed the broader market in 2021, as this sector benefitted from a chip supply shortage. Slightly more under the radar, semiconductor equipment makers have also had a good year -- one that continued Monday with a number of new highs in the space.
- KLA Corp. (KLAC) and Applied Materials (AMAT) were among the best performers in this group. Both climbed nearly 5% on the session to reach fresh 52-week peaks.
- For KLAC, the stock rose $19.41 to close at $440.17, after setting an intraday 52-week high of $441.55. Meanwhile, AMAT set an intraday peak of $162.81 before pulling back slightly before the close. The stock finished at $162.72, a gain of $7.23 on the day.
- Lam Research (LRCX) also set a new high during the session. The stock rose about 3.5% to close at $723.40. Earlier in the session, the stock reached a peak of $724.
- Looking at 2021 as a whole, AMAT has advanced 87% over the course of the year. KLAC has risen 69%, while LRCX has climbed 51%.
Notable New Low
- The troubles Peloton (NASDAQ:PTON) has faced during 2021 have been well-documented. However, the same pressures that took that one-time pandemic darling to new lows also acted on other makers of at-home workout equipment.
- As an example, look at Nautilus (NLS), which slipped to yet another 52-week low on Monday.
- The stock rallied to a peak of $31.38 in February, helped by demand spurred by COVID restrictions. However, shares have fallen steadily since then, as the maker of home gym equipment has failed to sustain growth once people could return to the outside world for their fitness needs.
- This retreat continued Monday. After a choppy start, NLS retreated to a new intraday 52-week low of $6.12. The stock recovered a bit by the close, ending the day at $6.18, a decline of about 1% on the session.
- Shares have lost 80% of their value since hitting their February highs. Meanwhile, the stock has fallen 67% since the end of 2020.
- For more of the day's top winners and losers, head over to SA's On The Move section.