In this article we will take a look at the some notable stocks that trended this week. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Trended This Week.
This week many stocks trended for various reasons. Stocks that were in the spotlight this week include Chevron Corporation (NYSE:CVX), Starbucks Corporation (NASDAQ:SBUX), Amazon.com, Inc. (NASDAQ:AMZN), Meta Platforms, Inc. (NASDAQ:FB), Alphabet Inc. (NASDAQ:GOOG), Tesla, Inc. (NASDAQ:TSLA), and Exxon Mobil Corporation (NYSE:XOM). Let’s analyze why each stock trended and how elite funds were positioned among them.
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Jeff Bezos
10. Amazon.com, Inc. (NASDAQ:AMZN) rose around 1% this week despite missing on earnings and revenue estimates for Q3 and giving weaker than expected guidance for Q4. For the third quarter, Amazon.com, Inc. (NASDAQ:AMZN) earned $6.12 per share on revenues of $110.81 billion, versus estimates of $8.92 per share on revenues of $111.6 billion. For the fourth quarter, Amazon expects sales of $130-$140 billion versus the consensus of $142.1 billion. One bright spot was Amazon Web Services which saw sales rise 39% to $16.11 billion, beating estimates. Billionaire Jeff Bezos owned substantial shares of Amazon.com, Inc. (NASDAQ:AMZN) at the end of June.
9. Meta Platforms, Inc. (NASDAQ:FB) trended after reporting EPS of $3.22 versus the average estimate of $3.19 for the third quarter. Sales for the period was $29.01 billion versus the consensus of $29.58 billion. Facebook also was in the spotlight after announcing it will change its name to Meta. Meta Platforms, Inc. (NASDAQ:FB) was one of the most widely held stocks among smart money funds in our database at the end of June.
8. Alphabet Inc. (NASDAQ:GOOG) rose 6.8% this week thanks in large part due to strong third quarter results. For the period, Alphabet Inc. (NASDAQ:GOOG) reported EPS of $27.99 versus the expected $23.50 and sales excluding traffic acquisition costs of $53.62 billion versus the expected $52.62 billion. Alphabet’s YouTube ad sales rose 43% to $7.2 billion and the company’s Google Cloud sales rose 45% to nearly $5 billion. Alphabet Inc. (NASDAQ:GOOG) is also one of the most widely held stocks among elite funds in our database at the end of Q2.
7. Tesla, Inc. (NASDAQ:TSLA) was in the spotlight this week after it surpassed $1 trillion in market cap. Although it isn’t as profitable as the major automakers, the market is pricing the stock such that Elon Musk’s company Tesla, Inc. (NASDAQ:TSLA) will likely have more profit growth in the future than its peers. Catherine D. Wood’s ARK Investment Management owned more than 5.4 million shares of Tesla, Inc. (NASDAQ:TSLA) at the end of June.
6. Exxon Mobil Corporation (NYSE:XOM) trended this week after announcing strong earnings results for the third quarter of $1.58 per share versus the average estimate of $1.56 per share. Exxon Mobil Corporation (NYSE:XOM) has also pledged to bring back its share repurchase program in 2022. 68 funds in our database of around 873 elite funds were long Exxon Mobil Corporation (NYSE:XOM) at the end of Q2.
Like Amazon.com, Inc. (NASDAQ:AMZN), Meta Platforms, Inc. (NASDAQ:FB), Alphabet Inc. (NASDAQ:GOOG), Tesla, Inc. (NASDAQ:TSLA), and Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX) and Starbucks Corporation (NASDAQ:SBUX) trended this week.
Click to continue reading and see Why These 5 Stocks Trended This Week.
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Disclosure: None. Why These 10 Stocks Trended This Week is originally published on Insider Monkey.
