October 22: Top 20 U.S. Stocks by Trading Volume – Meme Stock Beyond Meat Surges Nearly 600% in Three Days

Deep News
Oct 22

On Tuesday, Tesla led U.S. stocks in trading volume, closing down 1.08% with a volume of $23.925 billion. CEO Elon Musk threatened to leave Tesla or at least resign from his position if he does not receive substantial compensation.

Prominent investor Cathie Wood stated that Tesla could potentially grow 30 times within the next decade, to which Musk responded, “Indeed.”

NVIDIA ranked second, closing down 0.83% with a volume of $21.519 billion. Reports emerged on Tuesday that NVIDIA's competitor, Dutch AI chip startup Axelira, has launched the Europa chip.

Additionally, NVIDIA is reportedly discussing providing loan guarantees for OpenAI. The media revealed details of negotiations between OpenAI CEO Sam Altman and major tech companies, including NVIDIA, regarding significant investment transactions. The article indicated that Jensen Huang wanted to capitalize on the current AI infrastructure investment boom and proactively contacted Altman for AI investment discussions. Although negotiations became tense at one point, a $100 billion investment agreement was eventually reached.

Apple ranked third, closing up 0.20% with a volume of $12.225 billion. Despite the modest increase, the stock reached a new historical high. According to a Counterpoint Research report, sales of the Apple iPhone 17 have surpassed those of the iPhone 16 in the U.S. and China markets. The report indicates a 14% year-over-year increase in sales within the first ten days of the iPhone 17's launch in these markets; sales of the standard iPhone 17 rose by nearly one-third.

Wells Fargo maintained an “overweight” rating on Apple, predicting a fourth-quarter earnings per share (EPS) of $1.79 and revenue of $102.4 billion. Goldman Sachs also retained a “buy” rating for Apple, anticipating quarterly results to exceed expectations with an EPS of $1.81 and revenues of $103.5 billion, above market averages of $1.77 and $101.8 billion respectively.

Alphabet's Class A shares ranked fourth, closing down 2.37% with a trading volume of $11.459 billion. The CEO of cybersecurity and content delivery network provider Cloudflare stated on Tuesday that media organizations must stop providing content to Google, asserting that Google should acquire media content competitively for artificial intelligence purposes.

Amazon ranked sixth, closing up 2.56% with a trading volume of $10.683 billion. On Monday, Amazon Web Services (AWS) experienced a full-day outage, which was finally resolved. This incident affected companies and institutions globally, leading to the shutdown of millions of websites and applications.

Analysts noted that Amazon's reputation as a reliable cloud service provider has suffered, and the company might lose some market share as a result, although it is not likely to be severely impacted. Some analysts deemed this outage as Amazon's most serious incident since 2021, reminding the world of the significant risks posed by over-reliance on a few cloud service providers for critical computing and internet services.

According to Amazon, the outage originated from a data center located in Virginia, related to issues with the Domain Name System (DNS) and Amazon's DynamoDB database service.

Broadcom ranked eleventh, closing down 1.88% at $5.128 billion. Mizuho raised its price target for Broadcom from $430 to $435.

Beyond Meat ranked fourteenth, surging 146.26% with a trading volume of $4.952 billion and a turnover rate exceeding 130%. The plant-based meat alternative company has recently increased nearly 600% (596%) over the last three trading days after announcing a deal with Walmart to expand product availability in over 2,000 stores.

Analysts stated that Beyond Meat demonstrated what happens when low nominal stock prices, retail enthusiasm, active options trading, and relatively high short interest collide: this is the appearance of a meme stock surge. Analysts asserted that this rise does not require any fundamental news to drive it, yet some positive developments did occur: the management announced plans to expand product availability in over 2,000 Walmart stores across the U.S., further propelling the stock's gain.

Philip Morris ranked sixteenth, closing down 3.83% with a trading volume of $4.165 billion. The company released third-quarter results on Tuesday that exceeded expectations, driven by robust sales and steady demand for its smoke-free products.

Philip Morris reported an adjusted EPS of $2.24 this quarter, surpassing analyst expectations of $2.09, representing a 17.28% increase from the $1.91 reported in the same quarter last year.

Quarterly revenue reached $10.85 billion, above the market consensus estimate of $10.69 billion, marking a 9.42% increase from the $9.91 billion reported in the same period last year.

Ford Motor Company ranked seventeenth, closing up 4.75% with a trading volume of $3.706 billion.

RGTI ranked nineteenth, closing down 7.64% at $3.37 billion. The stock has now fallen for four consecutive trading days, with a total decline of 46.8%.

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