Tesla Talk Of The Town For WallStreetBets As Elon Musk Company Posts Record Profit; Alibaba, Apple, AMD, AMC Other Top Trends
Alibaba Group Holding Limited (NYSE:BABA) has joined Tesla Inc. (NASDAQ:TSLA), Advanced Micro Devices Inc. (NASDAQ:AMD) and Apple Inc. (NASDAQ:AAPL) among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum as of Monday night.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) remained the most-discussed stock on the forum with 738 mentions, followed by electric vehicle maker Tesla with 480 mentions during the last 24 hours, data from Quiver Quantitative showed.
See also: How to Invest in Tesla Stock
Chinese e-commerce giant Alibaba and chipmaker Advanced Micro Devices are in the third and fourth positions, having attracted 310 and 133 mentions on the forum respectively.
Apart from Apple, the other stocks that are trending on the forum include movie theatre chain AMC Entertainment Holdings Inc. (NYSE:AMC), medical insurance technology company Clover Health Investments Corp. (NASDAQ:CLOV), Chinese education company TAL Education Group (NYSE:TAL), video game retailer GameStop Corp. (NYSE:GME) and Chinese EV maker Nio Inc. (NYSE:NIO).
Why It Matters: Tesla is seeing high interest from retail investors after the Elon Musk-led company reported second-quarter earnings results that beat analysts’ estimates. Revenue for the quarter surged 98% year-over-year.
Apple and Advanced Micro Devices will report their quarterly earnings results on Tuesday.
Shares of Chinese companies including Alibaba, TAL Education Group and Nio experienced unusual options activity and fell in Monday’s trading after the Chinese government intensified its crackdown on the tech and for-profit education sectors.
Price Action: SPDR S&P 500 ETF Trust shares closed almost 0.3% higher in Monday’s trading at $441.02, but edged down less than 0.1% in the after-hours session to $440.70.
Tesla shares closed 2.2% higher in the regular trading session at $657.62 and further rose more than 1% in the after-hours session to $664.30.
Alibaba shares closed 7.1% lower in the regular trading session at $191.76 but rose 0.3% in the after-hours session to $192.35.
Photo: Courtesy of Tesla
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