In This Article:
We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where Archer Aviation Inc. (NYSE:ACHR) stands against other firms under tech, energy, and aviation, which led Friday's rally.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:
To come up with Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A technician assembling an electric aircraft, highlighting the company's manufacturing capabilities.
Archer Aviation Inc. (NYSE:ACHR)
Archer Aviation Inc. (NYSE:ACHR) rallied by more than 20 percent anew on Friday, adding 1.94 points to close at $11.51 apiece following news that the US could restrict Chinese drones which would favor US companies like Archer.
On Thursday, the US Commerce Department said it was mulling over banning Chinese drones in the country over national security issues.
According to the department, threats from China and Russia “may offer our adversaries the ability to remotely access and manipulate these devices, exposing sensitive US data.”
The final decision to write new rules restricting or banning Chinese drones will be made by the incoming Donald Trump administration, which takes over on January 20.
In September last year, Commerce Secretary Gina Raimondo said that she was considering imposing restrictions on China-made drones similar to those that would effectively ban Chinese vehicles from the US.
Raimondo said her department would focus on drones with Chinese and Russian equipment, chips, and software.
Overall, ACHR ranks 4th on our list of firms under tech, energy, and aviation, which led Friday's rally. While we acknowledge the potential of ACHR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ACHR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.