Shares of Nvidia (NVDA) were hammered in trading today as traders began to question the likelihood of continued strong sales for the company. NVDA and other similar companies have done well due partially to increased sales of graphics cards which are being used in Bitcoin mining computers. However on a variety factors appear to be converging to cause analysts to have rather wide dispersion of EPS estimates. Also, the proposed GOP tax bill has catalyzed rotation out of tech stocks into banking stocks as traders anticipate better potential returns from the financial sector. Keep an eye on NVDA as more volatility is likely due to the overall uncertainties mentioned. NVDA closed down -6.78% to settle at 196.37.
Shares of Roku Inc. (ROKU) were volatile in trading on Tuesday after the short selling newsletter Citron Research tweeted that the company is a “total joke”. Citron stated that ROKU’s current valuation should be much lower, but did not elaborate as to why. Citron CEO Andrew Left will appear on CNBC on Wednesday to explain his reasoning. Shares of ROKU dropped as low as 44.76 after the tweet, but ultimately settled at 46.43, down only -0.19% for the day. Keep an eye on ROKU today to see if Citron has a good case or not. Either way, expect volatility in the stock.
Shares of First Solar (FSLR) rose in trading on Monday after it was revealed that the fund Scott & Selber Inc. acquired a new position in the stock. The firm purchased 32,080 shares of the stock in the 3rd quarter of this year according to the company’s 13F filing. FSLR shares closed up +1.72% to settle at 61.65. Keep an eye on the stock for further developments.
Shares of Amazon (AMZN) rallied again, as expected, on Friday as traders continued to anticipate increased sales on the online retailer’s website on Black Friday and Cyber Monday. While figures have yet to be realized, it seems reasonably likely that the company will indeed exceed last year’s performance, particularly given the increasing market share the company has steered its way over the last year. AMZN shares closed up +2.58% to settle at 1186.00. Keep an eye on the stock going into next week as movement is likely.
Shares of Akorn Inc (AKRX) were hammered in trading on Tuesday after it was reported that the CEO of Fresenius expects review of the AKRX deal by the US FTC is not likely to be completed by year end. AKRX rose earlier this month after Fresenius defended the proposed buyout, but now that completion timing cannot be confirmed traders have become more unsettled. AKRX shares traded down as low as 31.77 before settling at $32.30, down -3.29%. Keep an eye on AKRX as this story is still developing.
Shares of AT&T were volatile in trading on Monday after it was announced that the Department of Justice will pursue an antitrust lawsuit against the company over its proposed merger with Time Warner. The merger was agreed upon over a year ago by the two companies, but observers expected it to be subject to antitrust legislation. Shares of T closed up +0.38% to settle at 34.64. Keep an eye on the stock and Time Warner (TWX) for further developments.
Shares of Tesla (TSLA) spiked in early trading on Friday after it was reported that Walmart had pre-ordered 15 of Tesla’s electric tractor trailers. However, since the ultimate production of these vehicles is still to be solidified, the stock gradually shed most of its early gains for the session. Tesla is still dealing with production issues for its Model 3, so any expectations that the semi truck will reach the production stage in the near future seems a bit optimistic to the traders. TSLA shares closed up +0.82 to settle at 315.05.
Shares of Meredith Corporation (MDP) rose strongly in trading on Thursday due to a report that the Koch brothers were backing a proposed deal between Time Inc. and MDP. The deal would potentially have Time taken over by MDP, but a formal bid has not yet been submitted. Keep an eye on MDP as this story is developing. MDP shares closed up +10.51% to settle at 59.95.
Mattel (MAT) was approached by rival company Hasbro for a potential merger. However, MAT has rejected the proposal so far, stating that Hasbro did not offer a high enough buyout price. MAT has continued to rebuff merger attempts from Hasbro, and this suggests that the company is seeking to drive a hard bargain despite the fact the MAT shares have performed so poorly over the last 12 months. Keep an eye on MAT as a potential deal might be reached if Hasbro or another potential buyer offers the right price. MAT shares closed at 18.32, down -1.19%.
Shares of Archer Daniels Midland (ADM) were volatile in trading on Tuesday as rumors circulated that the company is a potential takeover target. The stock has not been mentioned as a potential buyout target recently, so this represents a relatively new development. However, after trading as high as 40.66 shortly after the rumor hit, the stock gradually gave up all its gains. ADM shares closed at 39.79, up +0.13%. Keep an eye on ADM for further news.