Which meme stocks are popular on Reddit?
Reddit has become a hotspot for social-media-driven traders and investors who have proved their capacity to affect markets, infusing equities such as GameStop and AMC with extreme volatility. But which stocks are garnering the most interest on Reddit today?
Top stocks to track on Reddit
According to statistics from Quiver Quantitative, the following is a list of the ten most frequently discussed U.S. equities in the WallStreetBets thread on Reddit during the last 24 hours, as of July 14, 2022. Exchange-Traded Funds (ETFs) were omitted.
- Integrated Micro Devices
- Versus Systems
Ahead of the opening bell, JPMorgan shares are down 2.7% after missing forecasts and temporarily stopping share repurchases from improving its capital buffers in response to the most recent stress tests. Wall Street had forecast $2.90 per share, but earnings per share fell by 27 percent to $2.76, a considerably worse decline than the $2.90 realized. The decline in earnings was primarily attributable to difficult comparisons from the previous year when the release of reserves enhanced profits. Still, the bank saw earnings driven down as reserves began to rise again in light of the uncertain economic outlook.
The company has paused buybacks while it grows capital, and the dividend is expected to stay unchanged in the third quarter. According to the firm’s CEO, Jamie Dimon, the bank is prepared for everything. Although the U.S. economy seems robust, the IMF has cautioned that geopolitical tensions, rising inflation, higher interest rates, tighter monetary policy, and the cost-of-living problem will have long-term effects on the global economy.
Meanwhile, Morgan Stanley is down 1.5% in premarket trading after a disappointing second quarter. The net sales decreased by 11% to $13.1 billion, while earnings per share decreased by 25% to $1.39. Wall Street had anticipated $13.3 billion in sales and $1.58 per share in earnings. The poor performance was partially attributable to challenging comparisons with the prior year but was also influenced by a decline in dealmaking, as M&A transactions and IPOs have dried up this year due to an uncertain outlook.
Both corporations have kicked off the earnings season for U.S. banks and set a negative tone in advance of their competitors’ announcements. Wells Fargo and Citigroup, which will report tomorrow, are down 2.2% this morning, while Bank of America and Goldman Sachs, which will report on Monday, are down 1.8% and 2.5%, respectively.
TSMC stock is up 1.6% before the market opens on a better-than-expected quarterly performance. Wall Street had predicted an EPS of NT$8.41 for the quarter, but the actual earnings per share of NT$9.14 crushed that estimate. The biggest chipmaker in the world said that demand for semiconductors used in high-performance computers, Internet of Things devices, and automotive applications drove growth and anticipated this trend to continue in the third quarter. It projected that sales for the third quarter would range between $19.8 billion to $20.6 billion, which was more optimistic than the previous estimate of $18.4 billion. Its margin projections were likewise more optimistic than expected.
When asked how demand would perform in 2023, management said it was too early to predict if clients would reduce or postpone purchases, but they remain optimistic that it will continue to increase. We anticipate that our clients will begin to reduce their inventory levels. CEO C.C. Wei warned investors that inventory corrections would continue for many quarters until the first half of 2023. This has caused the company to postpone its capital expenditure objectives; however, longer lead times for equipment are also contributing to a reduced Capex budget.
Apple, whose most significant supplier is TSMC, is down 1 percent this morning. Strong results from TSMC should alleviate worries about the market for electrical products like smartphones. However, demand was cooling, fueling the expected inventory reduction in the following quarters. Apple will announce quarterly results the following week, and Wall Street expects the company to disclose its first quarterly earnings decline in almost two years due to severe competition. The company’s revenue is anticipated to increase, but growth will be driven by its services segment, not its hardware sector. The demand prognosis will be at the forefront.
Following the release of TSMC’s findings, U.S. chipmaker AMD is up 0.7%. AMD plans to disclose quarterly results on August 2, with sales and adjusted EPS expected to increase by over 65 percent compared to the same period last year. This morning, BMO Capital Markets upgraded the stock to Outperform from Market Perform and put the price objective at $115.
Tesla shares are down 1.6% in premarket trading today. The chief of its Autopilot system, Andrej Karpathy, departed the firm yesterday, just after the company laid off 200 staff working on the project last week. Panasonic, one of Tesla’s key suppliers, wants to establish a new battery facility in Kansas to increase supply when the electric vehicle manufacturer is struggling to create enough batteries to fulfill demand.
Twitter shares remain volatile and are up 0.8% to $37.05 this morning as markets continue to speculate on the victor as the social media company prepares for a battle with Elon Musk after the withdrawal of his $44 billion acquisition attempt. In September, the two will present their reasons at a four-day trial unless they can settle out of court beforehand.
Twitter contends Musk does not have valid reasons to back out of the agreement and wants him to pay the initial fee of $54.20, but Musk claims he may withdraw since Twitter violated the agreement by neglecting to provide information. As far as Twitter is concerned, the agreement is still active and relies solely on regulatory approval. Yesterday, Twitter said there are no plans for company-wide layoffs.
Visa shares are down 1.4% before the opening bell, trading at $201.40 as investors are concerned about the future of consumer spending in light of this week’s scorching inflation data. Last month, consumer prices increased quicker than expected, and the markets are concerned that a decrease in spending might harm card payments. Meanwhile, M.P.s in the United Kingdom have submitted letters to Visa and Mastercard inquiring why they have almost sixfold raised costs when British consumers purchase with European firms.
The Treasury Select Committee has said that costs have increased from 0.2% to 1.15 percent when purchasing from Europe without justification. Wells Fargo reaffirmed its Overweight rating on the payments behemoth and lowered its price target from $280 to $255.
Versus Systems, which helps businesses improve digital interaction, is down 9.8 percent before the opening bell, trading at $0.49. The business announced its intention to raise $2.2 million by selling 4.1 million shares at $0.52 apiece to an institutional investor this morning. The transaction is expected to conclude on July 18. The investor will also get warrants allowing it to purchase an additional 6,2 million shares at the same price. The funds will be utilized for corporate and general objectives.
GameStop, which garnered headlines this week after launching its NFT platform, is down 1.3% in premarket trading. Investors are prepared for the corporation to complete its 4-for-1 stock split later this month, with stockholders on the register at the end of play on July 18, receiving three more shares for each one they already own when the stock resumes trading on July 22 with split-adjusted prices.
Other movers to observe
To avoid a fine, Amazon has filed ideas to European authorities, resulting in a 1 percent decline in Amazon’s share price today. After being accused of favoring its items above those of third parties, the corporation said it would not exploit sellers’ data for its retail operation.
Alphabet shares were down 0.5% before the market opened after the release of preliminary conclusions by South African authorities that Google’s sponsored search results distort competition and make it a de facto monopolist in online search. It has been recommended that sponsored advertisements be clearly labeled as advertisements and that organic search results be prioritized on websites.
Intel shares are down 0.3% this morning after a report from Nikkei that the firm has begun informing customers that it intends to hike pricing for several of its products in response to growing expenses. According to the article, prices might be increased by 10 to 20 percent, with Intel having intimated in its most recent earnings release that it may seek to increase pricing.
JPMorgan has upgraded Amphenol to Overweight from Neutral and increased its price objective to $115 from $100. Today, the electrical connection manufacturer’s stock price is up 0.8% to $64.71.
JPMorgan has upgraded CDW to Overweight from Neutral and increased its price objective to $205 from $200. The technology stock is up 0.6% before market opening, trading at $159.26.
Jefferies has raised Centene to Buy from Hold and boosted its price objective to $115 from $82. At $85.76, the care firm is up 0.7% today.
Deutsche Bank has upgraded Costco to Buy from Hold and increased its price objective to $529 from $525. The wholesaler is up 0.8% before the opening bell, trading at $495.99.
Barclays has raised H.P. from Equal-weight to Overweight and set its price target at $52. The company’s stock price is down 1.7% in premarket trading to $30.53.
Baird has downgraded A O Smith to Neutral from Outperform and reduced its price objective to $60 from $72. At $53.86, the stock is 3.3 percent down today.
Jefferies has downgraded Cigna from Buy to Hold and decreased its price target from $330 to $271. The healthcare and insurance company remains unchanged at $273.75 before the opening bell.
JPMorgan has reduced Cisco from Overweight to Neutral and lowered its price target from $61 to $51. The stock is down 2.3% in premarket trading, trading at $41.71.
Citigroup has reduced Dollar General from Buy to Neutral and put its price target at $258. At $241, the bargain retailer is down 2.3% today.
Baird has downgraded Fastenal to Neutral from Outperform and reduced its price objective to $48 from $68. The company’s stock price is down 1.7% to $46 this morning.
Wells Fargo has reduced Fiserv to Equal-weight from Overweight and decreased its price objective to $97 from $123. The company’s premarket price is $89.51, a decrease of 2.6%.