In this article we take a look at the some of notable stocks that are trending today.
It’s a quiet day on Wall Street with the Dow Jones up just 0.2%, the S&P up 0.05%, and the NASDAQ 100 down 0.08%. Some stocks trending today include Caterpillar Inc. (NYSE:CAT), Live Nation Entertainment, Inc. (NYSE:LYV), Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), Ford Motor Company (NYSE:F), NIO Inc. (NYSE:NIO), and XPeng Inc. (NYSE:XPEV). Let’s find out why each stock is trending and how elite funds are positioned among them.
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10. Tesla, Inc. is down 2.8% after Elon Musk tweeted, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.” Musk faces a tax bill of over $15 billion in the coming months given his stock options and he will likely need to sell shares to pay the taxes. Musk later took a Twitter poll on whether he should sell 10% of his Tesla shares and said he would “abide by the results of this poll, whichever way it goes.” 57.9% of the poll’s voters said they supported Musk selling 10% of his Tesla, Inc. stock. ARK Investment Management owned more than 5.4 million shares of Tesla, Inc. at the end of June.
9. Amazon.com, Inc. is in the spotlight due to the Tesla news and the upcoming Rivian IPO. Rivian is expected to raise around $10 billion when it goes public on November 10. Amazon.com, Inc. owns around 20% of Rivian and could benefit if the company’s value increases. If Musk’s selling weighs on Tesla shares in the future, however, Rivian’s valuation may not be as strong as it could have been. Billionaire Jeff Bezos owns substantial shares in Amazon.com, Inc..
8. Ford Motor Company is also trending due to the Tesla and the upcoming Rivian IPO. Through past investments, Ford Motor Company owns around 5% of Rivian and could benefit if the company’s value increases. If Tesla shares aren’t as strong, Rivian’s near term valuation may not be as strong as it could have been. Pzena Investment Management was among the elite fund holders of Ford at the end of September.
7. NIO Inc. is trending due to today’s Tesla news. If Tesla shares decrease or don’t rise as much in the near term due to Musk’s selling, NIO Inc.’s shares might also be partly affected due to relative valuation. NIO could also benefit from less competition if Tesla doesn’t have as many resources in terms of market cap. Renaissance Technologies was long 5,293,900 shares of NIO at the end of June.
6. XPeng Inc. is in the spotlight due to today’s Tesla news. Given that Tesla is the leader in the EV sector, stocks like
XPeng Inc. are partly affected by what happens to Tesla. Stocks like XPeng Inc. are also momentum plays that are highly dependent on sentiment. Coatue Management was long more than 10.3 million shares of XPeng Inc. at the end of Q2.
Like Tesla, Inc., Amazon.com, Inc., Ford Motor Company, NIO Inc., and XPeng Inc., Caterpillar Inc. and Live Nation Entertainment, Inc. are trending.
5. Caterpillar Inc. shares have surged 4% after Mircea Dobre of Baird made the stock a ‘fresh pick’ and reiterated an ‘outperform’ rating. Dobre has a $290 price target as Caterpillar Inc.’s earnings could potentially benefit from a newly passed infrastructure bill which could increase demand. Fisher Asset Management owned 6,836,104 shares of Caterpillar Inc. at the end of September.
4. Live Nation Entertainment, Inc. is down 4.7% after a crowd surge at a Travis Scott concert during the Astroworld music festival led to tragedies that should never have happened. Lawsuits have been filed given the potential negligence at the concert and Live Nation is the owner of the Astroworld music festival’s promoter. Melvin Capital Management was among the elite fund holders of Live Nation Entertainment, Inc. at the end of June.
3. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) shares are up 1.6% after the company said data indicates a single dose of REGEN-COV could reduce the risk of contracting Covid-19 by almost 82% in the two to eight month period after taking it. The monoclonal antibodies could be used for individuals whose immune systems aren’t shielded enough by existing vaccines. ARK Investment Management owned 713,048 shares of Regeneron Pharmaceuticals, Inc. at the end of Q2.
2. Autolus Therapeutics plc (NASDAQ:AUTL) shares have surged 26.5% after a fund managed by Blackstone, Blackstone Life Sciences, agreed to invest up to $250 million in the company. Of the total, up to $150 million will be used to help Autolus Therapeutics plc (NASDAQ:AUTL) develop and commercialize its leukemia therapy treatments. Blackstone Life Sciences has also agreed to purchase $100 million of Autolus Therapeutics plc (NASDAQ:AUTL)’s stock. Citadel Investment Group was long 2,762,754 shares of Autolus Therapeutics plc (NASDAQ:AUTL) at the end of June.
1. Blackstone Inc. (NYSE:BX) is in the spotlight today for Blackstone Life Sciences’s deal to invest in Autolus Therapeutics plc (NASDAQ:AUTL). Shares of Blackstone Inc. have rallied over 126% year to date due to the rally in the stock market and the strengthening U.S. economy. Billionaire Stephen Schwarzman owns substantial shares in Blackstone Inc. at the end of Q2.
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