In this article, we will take a look at the 10 trending stocks on Tuesday. If you want to check out some other trending stocks on the list, go directly to 5 Trending Stocks on Tuesday.
U.S. stock futures rose on Tuesday. The surge came after a smaller-than-expected rise in the producer price index for the month of October. The index inched up 0.2 percent during the last month versus the consensus forecast calling for a 0.4 percent rise. The report indicates a slight decline in inflation during the last month, raising hopes that the Fed might change the pace of its rate hikes in the near future.
Meanwhile, Walmart Inc. (NYSE:WMT), The Home Depot, Inc. (NYSE:HD) and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) made their way into the headlines this morning.
Walmart Inc. (NYSE:WMT) and The Home Depot, Inc. (NYSE:HD) were trending after releasing their earnings reports. On the other hand, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) caught investors’ attention following the news that Berkshire Hathaway has acquired about $4 billion worth of stock in the semiconductor company.
In addition, video-streaming giant Netflix, Inc. (NASDAQ:NFLX) and e-commerce behemoth Amazon.com, Inc. (NASDAQ:AMZN) were also on the list of 10 trending stocks on Tuesday. Check out the complete article to see why these stocks came into the limelight.
10. Tencent Music Entertainment Group (NYSE:TME)
Number of Hedge Fund Holders: 14
Shares of Tencent Music Entertainment Group (NYSE:TME) climbed to a nearly nine-month high after the opening bell today. The surge was driven by the company’s earnings beat for the third quarter.
Tencent Music Entertainment Group (NYSE:TME) reported adjusted earnings of 12 cents per share, topping expectations of 7 cents. Moreover, paying users jumped for the quarter 19.8 percent on a year-over-year basis to 85.3 million.
On the downside, Tencent Music Entertainment Group (NYSE:TME) missed sales expectations for the quarter due to the weak performance of its social entertainment segment. The Chinese music entertainment giant produced revenue of $1.04 billion, up 5.6 percent versus last year but below analysts’ average estimate of $1.23 billion.
Tencent Music Entertainment Group (NYSE:TME) also released its segment-wise sales results. Revenue from its online music services jumped 18.8 percent to $482 million, while revenue from its social entertainment services fell 20 percent to $553 million in the quarter.
9. Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Number of Hedge Fund Holders: 23
Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) soared more than 30 percent this morning after beating financial expectations for the third quarter and lifting its outlook for the full year.
Shoals Technologies Group, Inc. (NASDAQ:SHLS) earned 10 cents per share on an adjusted basis, up from 7 cents per share in the year-ago period and above expectations of 8 cents per share. Revenue for the quarter climbed 52 percent on a year-over-year basis to $90.8 million, beating estimates of $83.07 million
For fiscal 2022, Shoals Technologies Group, Inc. (NASDAQ:SHLS) now expects adjusted earnings in the range of $48 – $53 million and revenue between $310 – $325 million. Previously, it was looking to post adjusted earnings of $45 – $53 million and revenue of $300 – $325 million.
8. Berry Global Group, Inc. (NYSE:BERY)
Number of Hedge Fund Holders: 37
Berry Global Group, Inc. (NYSE:BERY) is next on the list of 10 trending stocks on Tuesday. The plastic packaging company came into focus after releasing the financial results for its fiscal fourth quarter.
The Indiana-based company reported adjusted earnings of $2.19 per share, while analysts were looking for $2.13 per share. In addition, Berry Global Group, Inc. (NYSE:BERY) posted revenue of $3.42 billion, down 6.7 percent on a year-over-year basis and below expectations of $3.63 billion.
Looking forward, Berry Global Group, Inc. (NYSE:BERY) guided for adjusted earnings in the range of $7.30 – $7.80 per share. The outlook compares to analysts’ average estimate for earnings of $7.80 per share.
7. The Estée Lauder Companies Inc. (NYSE:EL)
Number of Hedge Fund Holders: 46
Investors are closely watching The Estée Lauder Companies Inc. (NYSE:EL) today after multiple reports suggested that the New York-based cosmetics giant is nearing an agreement to acquire Tom Ford.
The deal will reportedly include eyewear and apparel segments of Tom Ford. The Estée Lauder Companies Inc. (NYSE:EL) could pay up to $2.8 billion for the transaction, making it its biggest deal ever.
Shares of The Estée Lauder Companies Inc. (NYSE:EL) rose nearly three percent on Tuesday morning following the reports.
Besides The Estée Lauder Companies Inc. (NYSE:EL), Walmart Inc. (NYSE:WMT), The Home Depot, Inc. (NYSE:HD) and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), were also trending on Tuesday.
6. Sea Limited (NYSE:SE)
Number of Hedge Fund Holders: 65
Shares of Sea Limited (NYSE:SE) skyrocketed over 30 percent this morning after posting a narrower-than-expected loss for the third quarter. The Singapore-based consumer Internet company reported a loss of 66 cents per share, compared to a loss of 84 cents per share in the year-ago period.
In addition, Sea Limited (NYSE:SE) posted revenue of $3.2 billion, representing a jump of 17.4 percent over the same period of 2021. The results were better than analysts’ average estimate for a loss of $1.09 per share on revenue of $3 billion.
Sea Limited (NYSE:SE) was able to surpass expectations primarily due to its cost-cutting efforts. The company slashed around 7,000 jobs over the past six months to steer through an uncertain economic environment. Meanwhile, it also shut down operations in certain countries to make up for the slow growth.
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Disclosure: None. 10 Trending Stocks on Tuesday is originally published on Insider Monkey.
