Another Fed rate hike looms around the corner but that didn’t stop the Dow from jumping almost 750 points as overall stocks closed sharply higher Friday. Speculation indicates that the Fed may be considering smaller rate hikes after November. Don’t get it confused. The Fed is still discontent on how effective the recent hikes have been on tamping down inflation. While the U.S. central bank appears set to again lift its benchmark rate by three-quarters of a percentage point at its policy meeting in early November, there may be some debate among Fed officials over whether to hike rates by 50 basis points in December.
All three major U.S. stock benchmarks scored their biggest weekly percentage gains since June as investors continued to assess companies’ earnings results from the third quarter. The Dow Jones Industrial Average rose 4.9%, the S&P 500 climbed 4.7% and the Nasdaq Composite advanced 5.2%.
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Since things have gone so well this past week, let’s take a look at the biggest movers on Wall Street.
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Coming in at number 1 with a one-week change of 109.04% is Haudi International Group Co., LTD. Ticker symbol HUDI, HUDI closed Friday with a stock price of 58.92 with a trading volume of 219,696. HUDI develops, manufactures, markets, and sells industrial stainless steel seamless pipes, tubes, bars, and plates in the People's Republic of China. The company's products are used in oil and gas transmission, chemistry engineering, food processing, medical devices, aeronautics and astronautics, boiler, irrigation works construction, electricity, automobile, naval architecture, paper mill, and mechanical industries. It also exports its products to 20 countries, including the United States, Mexico, and Thailand.
What’s particularly interesting is that HUDI opened trading at 31.01 and peaked at 65.56 before closing at 58.92. The materials sector as whole climbed 2.8% off the strength of HUDI and Metalla Royalty & Streaming Ltd. The Materials sector includes chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. The Materials sector is very sensitive to fluctuations in the global economy, the U.S. dollar, and inflationary pressures.
In 2nd place we have Cabaletta Bio, Inc. boasting a one-week-change of 95.48%. It closed trading Friday at 1.80 with a trading volume of 7,239,448. Cabaletta, ticker symbol CABA, is a clinical-stage biotechnology company out of Philly that focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. Its proprietary technology utilizes chimeric autoantibody receptor (CAAR) T cells that are designed to selectively bind and eliminate B cells, which produce disease-causing autoantibodies or pathogenic B cells.
Five insiders purchased shares of Cabaletta Bio (CABA, Financial) during the past month. The total number of shares purchased was 346,000. CABA has several positive investing signs which include no long-term debt and an equity-to-asset ratio that is outperforming more than 90% of its global competitors.
According to reports, the reason for the surge in CABA stock is that investors are responding to regulatory findings showing a number of insider stock buys. Company President and CEO Steven Nichtberger acquired 141,873 shares for $0.9939 each. Company President of Science & Technology Gwendolyn Binder acquired 20,000 shares for $0.9947 each. Company director Mark Simon acquired 118,000 shares for $0.977 each and 7,000 shares for $0.9764 each (by spouse).