Below is a list of the top 10 most discussed US stocks on the WallStreetBets forum on Reddit over the last 24 hours according to data from Quiver Quantitative.
- Tesla
- C3.ai
- NVIDIA
- MC Donalds
- Exxon Mobile
- Occidental Petroleum
- First Republic
- United States Steel Corp
- Ryder system
- World Wrestling Entertainment
The shares of Tesla are down 2.6% pre-bell, pulling away from their one-month highs. The electric vehicle maker produced and delivered a record number of vehicles in the first quarter of 2023, but that hasn’t impressed the markets. The 36% year-over-year growth in deliveries fell short of Tesla’s goal of growing 50%. Tesla cut prices several times during the first quarter, and yet we saw only modest improvement in sales quarter-on-quarter, raising questions about whether they’re providing enough support for demand, especially since rivals have followed suit and cut prices as well. That could encourage Tesla to cut prices further and use its superior profit margin to gain ground against its peers. For now, Tesla’s profitability is suffering from the price cuts, and there are signs that this isn’t resulting in the big surge in demand that markets were hoping for.
NVIDIA posted its best quarterly earnings in over two decades after the stock soared 94% in the first three months of 2023. The chipmaker started the new year down 0.6%. The company’s value is up about $330 billion year-to-date, mostly on hopes that artificial intelligence will provide a new catalyst as existing markets show early signs of recovery. The rally means NVIDIA is trading at a mixed price-to-earnings ratio of 59.2x, compared to an industry-wide average price-to-earnings ratio of just 29.1x, data from Bloomberg shows. At the other end of the spectrum are Qualcomm and Microchip with P/E ratios below 14.0x.
Other stocks also had a brilliant quarter thanks to the AI hype, including C3.ai. The stock climbs to $34.68 today, marking a 15-month high after tripling since early 2023 but still well below the $42 it was trading at when it went public in late 2020.
Bank stocks recovered modestly last week as fears of a possible banking crisis eased, although the US regional lender First Republic, which is trading flat today, continued to lose ground and underperformed the broader market. The US government last week asked regulators to tighten rules for mid-sized banks to force them to hold more liquid assets, raise capital requirements and undergo regular stress tests. She said they could do so without approval from Congress, which is at odds over how to respond to the cracks in the banking system that have emerged in recent weeks following the collapse of the US Silicon Valley Bank and the Signature Bench have arisen. Banks with assets ranging from $100 billion to $250 billion take center stage, leaving a small handful of banks – including FFirst Republic, Citizens Financial Group, Fifth Third, Huntington and Regions – caught in the crosshairs, as Reuters reports.
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MC Donalds is rising to open at a new all-time high after the Wall Street Journal reported that the fast-food giant is temporarily closing its US offices this week to update employees on layoffs as part of a broader restructuring. The report cites an internal memo sent to US employees and some international workers. This comes after McDonald’s announced it was reviewing its headcount back in January, and today we could learn just how deep the initial cuts will be.
Oil stocks are climbing higher today, following oil prices after OPEC+ announced it would cut its daily production by over a million barrels. Exxon Mobile increases by 4.1%, chevrons At 4 %, Occidental Petroleum by 6.5%, Marathon Oil by 7.1% and DevonEnergy by 5.9%. The group announced it would cut production by around 1.1 million barrels a day, a surprise move that is pushing prices higher as inflationary pressures persist around the world.
World Wrestling Entertainment is down 5% in premarket trading at $86.60 after it was announced that the company would be merged with the UFC mixed martial arts franchise owned by Endeavor Group. The two franchises will be merged into a new public company that is 51% owned by Endeavour, with the other 49% owned by WWE shareholders. This is a rare opportunity to create a global live sports and entertainment company aligned with where the industry is headed,” said Endeavor CEO Ariel Emanuel, who will lead the new company. The acquisition gives UFC a enterprise value of $12.1 billion and WWE a price of $9.3 billion or $106 per share.
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