Tesla and Nvidia Dominate Trading Volumes, Insider Moves Impact Stocks
Thursday, Jul 11, 2024 6:31 pm ET
1. Tesla (Nasdaq: TSLA)
Tesla plunged by -8.44%, with the trading volume of 55.08B. Tesla announced the delay of its Robotaxi launch from August to October. This delay aims to provide the team more time to develop additional prototypes. Additionally, Tesla has been newly included in Chinese government procurement.
2. Nvidia (Nasdaq: NVDA)
Nvidia dropped solidly by -5.57%, with the trading volume of 48.11B. NVIDIA disclosed 13 insider transactions on July 11, 2024. Director Mark A. Stevens sold 400,000 shares on July 10 and another 785,000 shares, netting $104 million. CEO Jensen Huang sold 240,000 shares, realizing $31.9 million.
3. Apple (Nasdaq: AAPL)
Apple dipped mildly by -2.32%, with the trading volume of 14.71B. Apple's stock dropped over 2% as major tech stocks experienced a decline. Wedbush reiterated its outperform rating for Apple with a target price of $275.00, while B of A Securities maintained a buy rating, raising the target price to $256.00.
4. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dipped mildly by -1.10%, with the trading volume of 10.72B. Advanced Micro Devices announced the purchase of European AI startup Silo AI for $665 million, aiming to challenge Nvidia. Wells Fargo maintained an "Overweight" rating on AMD, raising its price target to $205.00. The company reported Q1 2024 revenues of $5.473 billion and net income of $123 million.
5. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -2.48%, with the trading volume of 10.50B. Microsoft plans to partner with Abu Dhabi's AI company G42, generating scrutiny from U.S. lawmakers. The company also revoked its observer seat from OpenAI's board amid increasing regulatory pressure. Additionally, Microsoft reportedly settled with the European Cloud Association CISPE for 20 million euros to avoid further antitrust probes.
6. Broadcom (Nasdaq: AVGO)
Broadcom dipped mildly by -2.22%, with the trading volume of 8.70B. Rosenblatt maintained its "Buy" rating on Broadcom and raised the price target to $2400 citing growth in AI infrastructure networks and ASIC. Broadcom reported Q2 2024 revenue of $24.48 billion, net profit of $3.46 billion, and EPS of $7.5.
7. Amazon (Nasdaq: AMZN)
Amazon.Com dipped mildly by -2.37%, with the trading volume of 8.57B. Amazon disclosed two insider transactions on July 11. Founder Jeff Bezos sold 1.996 million shares, netting $452.7 million. Additionally, Amazon and Comcast's NBC secured an 11-year, $76 billion NBA broadcasting deal starting the 2024-25 season.
8. Meta Platforms (Nasdaq: META)
Meta Platforms dropped solidly by -4.11%, with the trading volume of 8.48B. Meta collaborates with Stanford and Carnegie Mellon on new TTT architecture and AR/VR neural wristband. Meta disclosed 57 insider transactions on July 10 and 1 on July 9. TD Cowen maintains Buy rating, targets $600.00.
9. Costco Wholesale (Nasdaq: COST)
Costco Wholesale dropped solidly by -4.27%, with the trading volume of 5.14B. Costco Wholesale reported sales of $5.143 billion on July 11, 2024. Wells Fargo maintained a hold rating with a target price of $800.00. B of A Securities issued a buy rating with a target price of $962.00. Baird maintained an outperform rating with a target price of $975.00. Costco will increase U.S. and Canadian membership fees by $5 starting September 1.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer dipped mildly by -1.20%, with the trading volume of 5.00B. Nomura Securities downgraded Super Micro Computer from Buy to Neutral, maintaining a price target of $930. Super Micro Computer reported Q3 2024 revenue of $9.635 billion, a 95.09% increase year-over-year, with net profit at $8.55 billion as of March 31, 2024.
Tesla plunged by -8.44%, with the trading volume of 55.08B. Tesla announced the delay of its Robotaxi launch from August to October. This delay aims to provide the team more time to develop additional prototypes. Additionally, Tesla has been newly included in Chinese government procurement.
2. Nvidia (Nasdaq: NVDA)
Nvidia dropped solidly by -5.57%, with the trading volume of 48.11B. NVIDIA disclosed 13 insider transactions on July 11, 2024. Director Mark A. Stevens sold 400,000 shares on July 10 and another 785,000 shares, netting $104 million. CEO Jensen Huang sold 240,000 shares, realizing $31.9 million.
3. Apple (Nasdaq: AAPL)
Apple dipped mildly by -2.32%, with the trading volume of 14.71B. Apple's stock dropped over 2% as major tech stocks experienced a decline. Wedbush reiterated its outperform rating for Apple with a target price of $275.00, while B of A Securities maintained a buy rating, raising the target price to $256.00.
4. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices dipped mildly by -1.10%, with the trading volume of 10.72B. Advanced Micro Devices announced the purchase of European AI startup Silo AI for $665 million, aiming to challenge Nvidia. Wells Fargo maintained an "Overweight" rating on AMD, raising its price target to $205.00. The company reported Q1 2024 revenues of $5.473 billion and net income of $123 million.
5. Microsoft (Nasdaq: MSFT)
Microsoft dipped mildly by -2.48%, with the trading volume of 10.50B. Microsoft plans to partner with Abu Dhabi's AI company G42, generating scrutiny from U.S. lawmakers. The company also revoked its observer seat from OpenAI's board amid increasing regulatory pressure. Additionally, Microsoft reportedly settled with the European Cloud Association CISPE for 20 million euros to avoid further antitrust probes.
6. Broadcom (Nasdaq: AVGO)
Broadcom dipped mildly by -2.22%, with the trading volume of 8.70B. Rosenblatt maintained its "Buy" rating on Broadcom and raised the price target to $2400 citing growth in AI infrastructure networks and ASIC. Broadcom reported Q2 2024 revenue of $24.48 billion, net profit of $3.46 billion, and EPS of $7.5.
7. Amazon (Nasdaq: AMZN)
Amazon.Com dipped mildly by -2.37%, with the trading volume of 8.57B. Amazon disclosed two insider transactions on July 11. Founder Jeff Bezos sold 1.996 million shares, netting $452.7 million. Additionally, Amazon and Comcast's NBC secured an 11-year, $76 billion NBA broadcasting deal starting the 2024-25 season.
8. Meta Platforms (Nasdaq: META)
Meta Platforms dropped solidly by -4.11%, with the trading volume of 8.48B. Meta collaborates with Stanford and Carnegie Mellon on new TTT architecture and AR/VR neural wristband. Meta disclosed 57 insider transactions on July 10 and 1 on July 9. TD Cowen maintains Buy rating, targets $600.00.
9. Costco Wholesale (Nasdaq: COST)
Costco Wholesale dropped solidly by -4.27%, with the trading volume of 5.14B. Costco Wholesale reported sales of $5.143 billion on July 11, 2024. Wells Fargo maintained a hold rating with a target price of $800.00. B of A Securities issued a buy rating with a target price of $962.00. Baird maintained an outperform rating with a target price of $975.00. Costco will increase U.S. and Canadian membership fees by $5 starting September 1.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer dipped mildly by -1.20%, with the trading volume of 5.00B. Nomura Securities downgraded Super Micro Computer from Buy to Neutral, maintaining a price target of $930. Super Micro Computer reported Q3 2024 revenue of $9.635 billion, a 95.09% increase year-over-year, with net profit at $8.55 billion as of March 31, 2024.