Aggregated price index
Aggregated price index with volume information
Summary:
- Remote Working stocks up 0.2% on average while median return up 0.7% in a day
- Remote Working stocks up 2.8% on average while median return up 1.3% in a week
- Remote Working stocks up 0.5% on average while median return up -0.6% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index is based on equal weighted constituencies returns,Aggregated volume information is based on sum of all constituencies volumes
- 1M winners are : Winners for past month are $CRWD 10.3%, $GOOG 7.8%, $BOX 6.6%, $WORK 2.9%, $TEAM 2.4%
- 1M losers are : Losers for past month are $MSFT -1.1%, $DOCU -1.2%, $AMZN -2.7%, $DBX -6.6%, $ZM -16.4%
- 1W winners are : Winners for past week are $WORK 10.6%, $TEAM 8.7%, $CRWD 8.5%, $ZM 6.5%, $DOCU 2.5%
- 1W losers are : Losers for past week are $GOOG -0.1%, $MSFT -0.3%, $AMZN -0.6%, $DBX -0.7%, $RNG -4.0%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 53.1%, for the past 3 months is 46.9%
In the past month for a 5 days rolling window, the highest corrrelation is 74.8%, the lowest correlation is 2.3%, the latest correlation is 15.2%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 87.3% between CRWD and DOCU
The lowest correlation is 6.5% between GOOG and TEAM
Stock news
Shares of Micron (NASDAQ: MU) gained as much as 5% today after two Wall Street analysts increased their price targets. Deutsche Bank analyst Sidney Ho increased his price target from $60 to $70, arguing that Micron is a strong recovery play as the world gets closer to defeating the coronavirus and the global economy bounces back. Demand in key markets like data centers and 5G smartphones will rebound, which will benefit Micron.
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Zoom Video Communications Inc (NASDAQ: ZM) shares rose 6% on Friday on news of surging U.S. coronavirus cases and tightening lockdowns in certain areas of the country.On Friday, Pfizer Inc. (NYSE: PFE) and partner BioNTech SE - ADR (NASDAQ: BNTX) applied for emergency use authorization for their coronavirus vaccine candidate, but trading action in Zoom shares suggests investors are increasingly predicting lockdowns could get worse before the vaccine hits the market.The Zoom Trades: On Friday, Be...
Despite numerous catalysts, Slack Technologies (NYSE:WORK) stock has gone through bouts of volatility. No stock is immune to volatility, but many investors have been disappointed with Slack stock lately. Source: Shutterstock That’s as cases of the novel coronavirus continue to rise at a rapid rate. Yet despite that, Slack stock hasn’t really responded the way investors were anticipating. A Global Catalyst The coronavirus forced businesses and the public to adapt to the new world. Companies a...
The Nasdaq Composite (NASDAQINDEX: ^IXIC) continued to outperform the broader market on Friday, responding in its own way to alarming news about the COVID-19 pandemic and new measures aimed to stop the spread of the disease. The video collaboration software platform provider has been one of the big winners in the past year, and the usefulness of its product in helping people cope with the business and personal impacts of the pandemic has been the biggest reason. Zoom shareholders have seen how...
These companies will benefit greatly from the second wave of nationwide COVID-19 lockdowns. Lots of recent news is pointing in that direction.