Why These 5 Stocks Trended This Week

In this article, we discuss 5 trending stocks this week. If you want to check out some more companies trending this week, go directly to Why These 10 Stocks Trended This Week.

5. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 72

Tesla, Inc. (NASDAQ:TSLA) fell 3.6% this week, slightly worse than the NASDAQ’s decline of 3%. Despite the industry headwinds, Reuters reported that Tesla, Inc. (NASDAQ:TSLA) is planning a ‘sharply higher’ production rate for Model Y and Model 3 electric vehicles in Q4 and 2023. Given large Tesla, Inc. (NASDAQ:TSLA)’s market cap, however, the market may have already priced in the expected growth.

4. Oracle Corporation (NASDAQ:ORCL)

Number of Hedge Fund Holders: 69

Oracle Corporation (NASDAQ:ORCL) fell 5.4% this week as the tech market weakened amid the macroeconomic headwinds. If the economy weakens, enterprise spending could weaken and demand for Oracle Corporation (NASDAQ:ORCL)’s products and services might not be as strong as expected. Shares of Oracle Corporation (NASDAQ:ORCL) are down 30% year to date.

3. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 65

Intel Corporation (NASDAQ:INTC) fell over 6.3% this week and neared a muli-year low as semiconductor sentiment remained bearish. With a slowing economy, demand for products that use Intel Corporation (NASDAQ:INTC)’s semiconductors might not be as strong as previously expected. In other news, Intel Corporation (NASDAQ:INTC) also trended after Bloomberg reported Intel’s Mobileye self driving tech business has filed for an IPO.

2. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 71

QUALCOMM Incorporated (NASDAQ:QCOM) fell 6.8% this week, which was in-line with the performance of other semiconductor companies such as Intel Corporation (NASDAQ:INTC)’s. Nevertheless, QUALCOMM Incorporated (NASDAQ:QCOM)’s performance was also worse than the 3% decline in the NASDAQ. QUALCOMM Incorporated (NASDAQ:QCOM) trended this week after Samik Chatterjee of JPMorgan said ‘discounted multiples’ were assigned to shares. Chatterjee has an ‘Overweight’ rating and $185 price target on QUALCOMM Incorporated (NASDAQ:QCOM). 

1. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 87

Advanced Micro Devices, Inc. (NASDAQ:AMD) fell 6.8% this week, the same as QUALCOMM Incorporated (NASDAQ:QCOM)’s performance but also significantly weaker than the NASDAQ’s 3% decline. Given that Advanced Micro Devices, Inc. (NASDAQ:AMD) has rallied so much in the last 10 years, there could be profit taking involved. Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are down 56% year to date.

You can also take a look at 10 Quality Stocks With Dividend Yields Over 2% and 10 Dividend Stocks to Buy According to Billionaire Cliff Asness.

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