In this article we take a look at the some of notable stocks that are trending today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Trending on Monday.
It’s a quiet day on Wall Street with the Dow Jones up just 0.2%, the S&P up 0.05%, and the NASDAQ 100 down 0.08%. Some stocks trending today include Caterpillar Inc. (NYSE:CAT), Live Nation Entertainment, Inc. (NYSE:LYV), Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), Ford Motor Company (NYSE:F), NIO Inc. (NYSE:NIO), and XPeng Inc. (NYSE:XPEV). Let’s find out why each stock is trending and how elite funds are positioned among them.
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10. Tesla, Inc. (NASDAQ:TSLA) is down 2.8% after Elon Musk tweeted, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.” Musk faces a tax bill of over $15 billion in the coming months given his stock options and he will likely need to sell shares to pay the taxes. Musk later took a Twitter poll on whether he should sell 10% of his Tesla shares and said he would “abide by the results of this poll, whichever way it goes.” 57.9% of the poll’s voters said they supported Musk selling 10% of his Tesla, Inc. (NASDAQ:TSLA) stock. ARK Investment Management owned more than 5.4 million shares of Tesla, Inc. (NASDAQ:TSLA) at the end of June.
9. Amazon.com, Inc. (NASDAQ:AMZN) is in the spotlight due to the Tesla news and the upcoming Rivian IPO. Rivian is expected to raise around $10 billion when it goes public on November 10. Amazon.com, Inc. (NASDAQ:AMZN) owns around 20% of Rivian and could benefit if the company’s value increases. If Musk’s selling weighs on Tesla shares in the future, however, Rivian’s valuation may not be as strong as it could have been. Billionaire Jeff Bezos owns substantial shares in Amazon.com, Inc. (NASDAQ:AMZN).
8. Ford Motor Company (NYSE:F) is also trending due to the Tesla and the upcoming Rivian IPO. Through past investments, Ford Motor Company (NYSE:F) owns around 5% of Rivian and could benefit if the company’s value increases. If Tesla shares aren’t as strong, Rivian’s near term valuation may not be as strong as it could have been. Pzena Investment Management was among the elite fund holders of Ford at the end of September.
7. NIO Inc. (NYSE:NIO) is trending due to today’s Tesla news. If Tesla shares decrease or don’t rise as much in the near term due to Musk’s selling, NIO Inc. (NYSE:NIO)’s shares might also be partly affected due to relative valuation. NIO could also benefit from less competition if Tesla doesn’t have as many resources in terms of market cap. Renaissance Technologies was long 5,293,900 shares of NIO at the end of June.
6. XPeng Inc. (NYSE:XPEV) is in the spotlight due to today’s Tesla news. Given that Tesla is the leader in the EV sector, stocks like
XPeng Inc. (NYSE:XPEV) are partly affected by what happens to Tesla. Stocks like XPeng Inc. (NYSE:XPEV) are also momentum plays that are highly dependent on sentiment. Coatue Management was long more than 10.3 million shares of XPeng Inc. (NYSE:XPEV) at the end of Q2.
Like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), Ford Motor Company (NYSE:F), NIO Inc. (NYSE:NIO), and XPeng Inc. (NYSE:XPEV), Caterpillar Inc. (NYSE:CAT) and Live Nation Entertainment, Inc. (NYSE:LYV) are trending.
Click to continue reading and see Why These 5 Stocks Are Trending on Monday.
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Disclosure: None. Why These 10 Stocks Are Trending on Monday is published on Insider Monkey.
