Hot or Not, Stock Market Edition: 12/12/2024

It’s never a dull day in the stock market. Alphabet (NASDAQ: GOOGL) has been in the midst of a heat wave following a breakthrough in quantum computing, and CarGurus (NASDAQ: CARG) continues its upward ascent.

Things weren’t so hot for Albertsons Companies (NYSE: ACI) and Oracle Corporation (NYSE: ORCL), which have both experienced losses this week. Let’s dig into the deets. 📈 Want more? Check out the biggest winners and biggest losers on WSZ.

🔥 HOT: Alphabet (NASDAQ: GOOGL) soared to a 5.6% gain on Tuesday after the company claimed a breakthrough in quantum computing. Google’s breakthrough relies on its new Willow chip, which helps remove a computing bottleneck that has plagued quantum computers for years. The news comes at the right time for Google and shifts the conversation around the company from lawsuits and monopolies to cutting-edge research breakthroughs and future profitability. Google maintains a B Zen Rating and a Buy recommendation and is up 33.7% YTD.

🥶 NOT: Shares of grocery chain Albertsons Companies (NYSE: ACI) fell by 2.3% on Tuesday as a federal judge blocked a potential merger with Kroger. The Federal Trade Commission (FTC) filed a lawsuit earlier this year to block the deal, claiming that allowing the merger would stifle competition. The news comes at a bad time for Albertsons, as the company has already lost 19.2% YTD and has a C Zen Rating.

🔥 HOT: CarGurus (NASDAQ: CARG) gained another 0.6% on Tuesday as it continues to outperform its competition in the auto-tires-trucks sector. CARG is now up 59.9% YTD compared with an average gain of around 11% for its sector brethren. The company has outperformed its expectations for its last three earnings periods and is poised for continued outperformance and earns a Strong Buy recommendation and a Zen Rating of A.

🥶 NOT: Oracle Corporation (NYSE: ORCL) lost 6.7% on Tuesday after its third-quarter earnings report revealed lower EPS and revenue than investors expected to see. The company blames its poorer-than-expected performance on greater competition in the cloud computing space, which is particularly concerning as it has been the company’s bread and butter for some time. While ORCL has some momentum—it’s up 70% YTD—we give it a Zen Rating of C due to poor investor sentiment ratings and limited potential for growth in the near term.

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