Volume Stonkers | SMIC dropped over 30%, Reddit surged 42%, SMIC faced governance issues, Reddit's revenue exceeded expectations
Wednesday, Oct 30, 2024 5:30 pm ET
2min read NVIDIA, ranked first by trading volume, fell 1.36% with a trading value of $24.114 billion. NVIDIA plans to hold a third-quarter earnings conference call, with active options trading reaching a volume of 2.1256 million contracts and open interest at 25.823 million contracts.
Meta, in second place, declined 0.25%, with a trading value of $15.207 billion. Meta announced a 19% year-over-year increase in third-quarter 2024 revenue and plans to introduce full-screen video options on Facebook in early 2025, while actively developing an AI search engine to challenge Google's market share.
Eli Lilly, ranked third, dropped 6.27%, with a trading value of $14.984 billion. Eli Lilly's third-quarter revenue missed expectations, and weak sales of its weight-loss drug led to a downward revision of its full-year profit guidance. However, its Alzheimer's treatment reached the primary endpoint in a Phase 3b clinical study.
Tesla, in fourth place, fell 0.76%, with a trading value of $13.925 billion. Elon Musk expressed hope for a Trump election victory and plans to launch a Starship to Mars within two years, with xAI's valuation target set at $40 billion.
AMD, ranked fifth, decreased 10.62%, with a trading value of $13.074 billion. AMD's fourth-quarter outlook declined, despite analysts highlighting long-term AI growth opportunities, but it faces intense competition with NVIDIA.
Alphabet (Google) Class A, in sixth place, rose 2.82%, with a trading value of $12.188 billion. Google's third-quarter results exceeded expectations, with cloud business revenue growing 35% year-over-year. Its Waymo autonomous taxis completed 150,000 rides in one week.
Microsoft, ranked seventh, gained 0.13%, with a trading value of $11.958 billion. Microsoft and BlackRock launched a $100 billion fund to promote AI infrastructure, with first-quarter fiscal 2025 revenue growing 16% year-over-year.
Apple, in eighth place, fell 1.53%, with a trading value of $10.624 billion. Apple introduced its new M4 Pro chip, raising anticipation for its upcoming earnings release.
Alphabet (Google) Class C, ranked ninth, increased 2.92%, with a trading value of $8.908 billion. Google's third-quarter results exceeded expectations, leading to multiple upward revisions of its target price by institutions.
SMIC, in tenth place, dropped 32.68%, with a trading value of $7.966 billion. SMIC faced questions regarding corporate governance and ethical integrity, resulting in a single-day stock price decline of over 30%.
Boeing, ranked eleventh, rose 0.82%, with a trading value of $7.848 billion. Boeing terminated all commitments under its $10 billion supplemental credit facility and completed a common stock issuance.
Amazon, in twelfth place, gained 1.00%, with a trading value of $7.111 billion. Amazon is set to release its third-quarter earnings report, with strong expectations for AWS and advertising business performance, and increased focus on its retail business.
Trump Media & Technology Group, ranked thirteenth, fell 22.29%, with a trading value of $4.996 billion. Trump-related stocks weakened across the board, with the media technology group's stock price dropping over 22%.
MicroStrategy, in fourteenth place, decreased 4.23%, with a trading value of $4.908 billion. MicroStrategy announced a $42 billion capital plan, but its third-quarter loss exceeded expectations.
Reddit, ranked fifteenth, surged 41.95%, with a trading value of $4.257 billion. Reddit's third-quarter revenue exceeded expectations, driving a significant increase in its stock price.
Broadcom, in sixteenth place, dropped 1.45%, with a trading value of $3.138 billion. Broadcom is collaborating with OpenAI to develop AI inference chips, but the overall pressure on chip stocks remains.
Visa, ranked seventeenth, increased 3.00%, with a trading value of $2.638 billion. Visa's cross-border transaction volume climbed 13%, with fourth-quarter results exceeding expectations, and it partnered with Coinbase to offer cryptocurrency services.
Dell Technologies, in eighteenth place, rose 6.40%, with a trading value of $2.212 billion. Dell Technologies benefited from SMIC's issues, resulting in a stock price increase and a maintained buy rating.
ASML, ranked nineteenth, fell 4.38%, with a trading value of $2.031 billion. ASML's third-quarter orders exceeded expectations, leading to significant stock price fluctuations.
AbbVie, in twentieth place, gained 6.39%, with a trading value of $2.030 billion. AbbVie's third-quarter operating income surpassed expectations, prompting Evercore ISI to raise its target stock price.
Meta, in second place, declined 0.25%, with a trading value of $15.207 billion. Meta announced a 19% year-over-year increase in third-quarter 2024 revenue and plans to introduce full-screen video options on Facebook in early 2025, while actively developing an AI search engine to challenge Google's market share.
Eli Lilly, ranked third, dropped 6.27%, with a trading value of $14.984 billion. Eli Lilly's third-quarter revenue missed expectations, and weak sales of its weight-loss drug led to a downward revision of its full-year profit guidance. However, its Alzheimer's treatment reached the primary endpoint in a Phase 3b clinical study.
Tesla, in fourth place, fell 0.76%, with a trading value of $13.925 billion. Elon Musk expressed hope for a Trump election victory and plans to launch a Starship to Mars within two years, with xAI's valuation target set at $40 billion.
AMD, ranked fifth, decreased 10.62%, with a trading value of $13.074 billion. AMD's fourth-quarter outlook declined, despite analysts highlighting long-term AI growth opportunities, but it faces intense competition with NVIDIA.
Alphabet (Google) Class A, in sixth place, rose 2.82%, with a trading value of $12.188 billion. Google's third-quarter results exceeded expectations, with cloud business revenue growing 35% year-over-year. Its Waymo autonomous taxis completed 150,000 rides in one week.
Microsoft, ranked seventh, gained 0.13%, with a trading value of $11.958 billion. Microsoft and BlackRock launched a $100 billion fund to promote AI infrastructure, with first-quarter fiscal 2025 revenue growing 16% year-over-year.
Apple, in eighth place, fell 1.53%, with a trading value of $10.624 billion. Apple introduced its new M4 Pro chip, raising anticipation for its upcoming earnings release.
Alphabet (Google) Class C, ranked ninth, increased 2.92%, with a trading value of $8.908 billion. Google's third-quarter results exceeded expectations, leading to multiple upward revisions of its target price by institutions.
SMIC, in tenth place, dropped 32.68%, with a trading value of $7.966 billion. SMIC faced questions regarding corporate governance and ethical integrity, resulting in a single-day stock price decline of over 30%.
Boeing, ranked eleventh, rose 0.82%, with a trading value of $7.848 billion. Boeing terminated all commitments under its $10 billion supplemental credit facility and completed a common stock issuance.
Amazon, in twelfth place, gained 1.00%, with a trading value of $7.111 billion. Amazon is set to release its third-quarter earnings report, with strong expectations for AWS and advertising business performance, and increased focus on its retail business.
Trump Media & Technology Group, ranked thirteenth, fell 22.29%, with a trading value of $4.996 billion. Trump-related stocks weakened across the board, with the media technology group's stock price dropping over 22%.
MicroStrategy, in fourteenth place, decreased 4.23%, with a trading value of $4.908 billion. MicroStrategy announced a $42 billion capital plan, but its third-quarter loss exceeded expectations.
Reddit, ranked fifteenth, surged 41.95%, with a trading value of $4.257 billion. Reddit's third-quarter revenue exceeded expectations, driving a significant increase in its stock price.
Broadcom, in sixteenth place, dropped 1.45%, with a trading value of $3.138 billion. Broadcom is collaborating with OpenAI to develop AI inference chips, but the overall pressure on chip stocks remains.
Visa, ranked seventeenth, increased 3.00%, with a trading value of $2.638 billion. Visa's cross-border transaction volume climbed 13%, with fourth-quarter results exceeding expectations, and it partnered with Coinbase to offer cryptocurrency services.
Dell Technologies, in eighteenth place, rose 6.40%, with a trading value of $2.212 billion. Dell Technologies benefited from SMIC's issues, resulting in a stock price increase and a maintained buy rating.
ASML, ranked nineteenth, fell 4.38%, with a trading value of $2.031 billion. ASML's third-quarter orders exceeded expectations, leading to significant stock price fluctuations.
AbbVie, in twentieth place, gained 6.39%, with a trading value of $2.030 billion. AbbVie's third-quarter operating income surpassed expectations, prompting Evercore ISI to raise its target stock price.
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