In this article, we will take a look at the 10 stocks making headlines on Tuesday. If you want to see some more companies trending today, go directly to These 10 Stocks Are Making Headlines on Tuesday.
Famous companies from the technology and industrial sectors, including Microsoft Corporation (NASDAQ:MSFT), ServiceNow, Inc. (NYSE:NOW) and Delta Air Lines, Inc. (NYSE:DAL), are trending today.
Microsoft shares fell nearly three percent this morning after receiving a price-target cut from Morgan Stanley. On the other hand, ServiceNow stock plummeted over 10 percent after its CEO Bill McDermott warned that macro challenges could impact IT spending, hurting the growth of software firms.
Photo by AlphaTradeZone
In addition, electric vehicle maker Canoo Inc. (NASDAQ:GOEV) and energy company Occidental Petroleum Corporation (NYSE:OXY) were also spotted making big moves this morning.
We will discuss the reasons behind the movement of these stocks in the remaining article.
10. GameStop Corp. (NYSE:GME)
Number of Hedge Fund Holders: 18
Shares of GameStop Corp. (NYSE:GME) rose over six percent this morning after the company launched its much-awaited online marketplace for nonfungible tokens (NFTs). The latest development is a part of its efforts to benefit from the increasing adoption of digital currencies and blockchain technology.
GameStop Corp. (NYSE:GME) said the platform would enable users to trade NFTs and link their digital asset wallets. In addition, they will also be able to create their own NFTs. Moving forwards, the company plans to add more features, such as Web3 gaming, to the platform in the future.
Separately, investment management firm Bronte Capital mentioned GameStop Corp. (NYSE:GME) in its first-quarter 2022 investor letter, stating:
“Gamestop is a retailer of video games on DVD ROM trying hard (and maybe with some success) to reinvent itself as an alternative computer game distributor. The company raised enough money that bankruptcy is not an immediately likely outcome. (GME would have gone bankrupt except for the willingness of largely retail investors to provide them with much more cash.)
Both have bad financial results. Gamestop’s last financial results were terrible. And both stocks more than doubled very rapidly in March from market caps that were absurd to market caps that are more absurd. We are of course completely aware that they can double again and again after that. Their valuations are absurd but if you double the price they are not twice as absurd. They are just similarly disconnected from reality.
The reason we want to talk about them is that it is indicative of what is going on. Gamestop, the most meme of all stocks, announced a possible stock split and the stock, after market that day, traded up 17 percent. We could joke that every child knows that cutting a pizza into more slices yields more pizza. But in this market, not accepting that stock splits add value is a recipe for losing money.”
9. Canoo Inc. (NASDAQ:GOEV)
Number of Hedge Fund Holders: 19
Shares of Canoo Inc. (NASDAQ:GOEV) skyrocketed over 80 percent in the pre-market trading session today following the news that Walmart Inc has inked a deal to purchase 4,500 electric vehicles (EVs) from Canoo.
The deal is a part of Walmart’s broader policy to sharply reduce its carbon footprint. Some reports indicated that the retail giant may buy an additional 10,000 EVs from Canoo Inc. (NASDAQ:GOEV) in future.
Canoo Inc. (NASDAQ:GOEV) will also deliver its Lifestyle Delivery Vehicle (LDV) as a part of the latest agreement. The Arkansas-based EV startup is expected to commence the production of its LDVs by the end of this year.
8. The Gap, Inc. (NYSE:GPS)
Number of Hedge Fund Holders: 23
Shares of The Gap, Inc. (NYSE:GPS) fell over six percent this morning following the news that CEO Sonia Syngal will be leaving the company. The Gap, Inc. (NYSE:GPS) didn’t provided the reason for Syngal’s exit.
The news came at a time when The Gap, Inc. (NYSE:GPS) is struggling to revive its sales amid record inflation and dwindling consumer confidence. Shares of The Gap, Inc. (NYSE: GPS) have already plummeted about 55 percent so far in 2022.
Meanwhile, the San Francisco-based clothing retailer also warned that its second-quarter margins will remain under pressure due to rising costs.
7. American Airlines Group Inc. (NASDAQ:AAL)
Number of Hedge Fund Holders: 28
Shares of American Airlines Group Inc. (NASDAQ:AAL) jumped over 10 percent on Tuesday morning after the company said that it is expecting a pre-tax quarterly income for the first time since the coronavirus outbreak in 2020.
American Airlines Group Inc. (NASDAQ:AAL) seems to be benefitting from pent up travel demand. It anticipates a pre-tax income of $585 million for the second quarter. Moreover, the company expects to generate revenue of $13.39 billion for the same period, representing a surge of 12 percent over the second quarter of 2019. American Airlines Group Inc. (NASDAQ:AAL) made these disclosures in a Form 8-K filing.
Like American Airlines Group Inc. (NASDAQ:AAL), Microsoft Corporation (NASDAQ:MSFT), ServiceNow, Inc. (NYSE:NOW) and Delta Air Lines, Inc. (NYSE:DAL) were also seen making notable moves today.
6. The Boeing Company (NYSE:BA)
Number of Hedge Fund Holders: 52
Shares of The Boeing Company (NYSE:BA) rose over six percent in the mid-day trading Tuesday after the aerospace giant reported that it delivered 216 airplanes in the first half of 2022, representing a jump of 38 percent over the first half of 2021.
The Boeing Company (NYSE:BA) delivered 51 airplanes in June to reach that total. If we look at the new business, The Boeing Company (NYSE:BA) secured 50 airplane orders during the last month, including 49 Boeing 737 MAX.
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Disclosure: None. These 10 Stocks Are Making Headlines on Tuesday is originally published on Insider Monkey.
