Led by Renesas, five Driverless Transportation Weekly Stock Index (D20) constituent stocks lost more than 5 percent last week, prompting the D20 to take a nose dive for 3.63 points this week, closing at 181.87.
The D20’s 2-percent loss allowed the Dow, which jumped 1 percent, and the S&P 500, which gained 0.7 percent, to outperform the D20 for the third consecutive week.
Although the D20 had 10 price gainers and 10 price losers, the not-so-fabulous five of Blackberry (BBRY), Magna (MGA), NVIDIA (NVDA), Tesla (TSLA), and Renesas (TYO:6723) drove the D20 to a significant loss.
There seemed to be no central theme for the five losing stocks. Blackberry lost 5.5 percent after announcing its new KeyOne smartphone. Magma missed earnings expectations and dropped 5.4 percent, and profit-taking continued to eat away at NVIDIA’s stock price as it also lost 5.4 percent this week.
Tesla dropped 5.6 percent even though its earnings announcement showed double the revenue from a year ago and a narrowed earning-per-share loss. Renesas lost a whopping 9.5 percent on news that it was close to completing an acquisition of Intersil.
Visit the Driverless Transportation D20 Stock Index page to learn more about it and its component stocks.
Waymo, Alphabet’s (GOOG) driverless car division, is suing Uber and Otto for theft of trade secrets. Otto, which is owned by Uber and founded by Anthony Levandowski, stands accused of stealing Waymo’s trade secrets surrounding the LiDAR technology that Waymo pioneered. Levandowski, who led Google’s driverless efforts before it was named Waymo and left in 2015, started Otto in early 2016.