Stocks on Wall Street ended lower Friday, with the benchmark index falling for the fifth straight session amid growing concerns about the economic outlook as the COVID-19 pandemic continues.
Between another set of noteworthy earnings reports from companies such as Oracle (NYSE:), FuelCell Energy (NASDAQ:) and JinkoSolar Holding Company (NYSE:), and key economic data, including the latest US and reports, the coming week will expected to be a busy one.
Regardless of which direction the market goes, below we highlight one stock that is likely to be in high demand in the coming days and another that could suffer new losses.
Remember, however, that our timetable is for the coming week only. as the high-flying casual shoe manufacturer is hosting an investor day on Tuesday, September 14. At the event, Chief Executive Officer Andrew Rees and other members of the Crocs leadership team will provide an overview of the company's long-term strategy and key initiatives to deliver sustainable, profitable growth. The presentations will be broadcast live on the Crocs website.
The Broomfield, Colorado-based company has thrived this year amid rising demand for its foam clogs, which have garnered a cult-like following among men, women and children of all ages for their extraordinary comfort and unique style.
Year-to-date, Crocs' stock has risen 130%, easily making them one of the apparel industry's biggest shoe winners of 2021.
CROX ended at $144.11 on Friday, a tad below its all-time high of $147.76 on August 30. At current levels, the company has a market cap of approximately $9 billion.
Crocs reported huge profits and growth when it released its second quarter results in late July. Earnings increased 121% from the same period last year to $2.23 per share, while revenue increased 93% to $640.8 million, the fifth consecutive quarter of accelerated revenue growth.
The shoemaker made it clear that it does not expect a slowdown in the coming months, with full-year sales now projected to grow 60% to-65% as it benefits from favorable consumer trends and customer demand .
Stock To Dump: Carnival
Shares of Carnival (NYSE:), one of the world's largest shipping companies, are expected to have another volatile week amid lingering fears about the negative impact of the spread of the Delta variant of COVID-19 on its core business.
The US averaged 136,500 new cases per day, 11,750 hospitalizations and more than 1,000 deaths in the most recent seven-day period, according to the latest figures from the Centers for Disease Control and Prevention. The worrying increase in infections and deaths could potentially disrupt the upcoming fall and winter holiday seasons.
The cruise operator announced last month that it will maintain its strict health regulations for sailings through December, forcing passengers and holidaymakers to confirm their vaccination status and show evidence of a negative COVID test before boarding.
The CDC also recently said that fully vaccinated passengers should still wear masks on cruises, a reversal of the May directive that masks were not necessary for vaccinated passengers.
Carnival — and other reopenings, such as airlines and hotels soaring together earlier this year — have seen the recovery falter lately as investors react to more negative COVID-related headlines.
Cruise ship shares are down about 14% for the quarter so far, compared to a gain of about 4% for the S&P 500 as investors move away from economy-related stocks and move back to stay-at-home defensive stocks like technology .
CCL share closed Friday's session at $22.75, about 28% below the recent post-pandemic high of $31.52 reached on June 8. At current levels, the Doral, Florida-based cruise giant has a market cap of $25.3 billion. ]
