Which Stocks are Trending on Tuesday 16 November?

By Duncan Ferris

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EV companies dominate Tuesday's trending stocks following a subdued start to the week for equities, with investors focusing on rising bond yields.

trending-stocks.

Cryptocurrency miners and EV manufacturers are among the trending stocks ahead of the market’s open today.

Trading was a little muted on Monday as investors were distracted by rising Treasury Bond yields, but the Biden administration’s signing of a $1trn bipartisan infrastructure bill has created opportunity in certain sectors.

Among equities, electric vehicle companies were the big winners on Monday and many look set to keep marching onwards. The NASDAQ and NYSE edged lower on the week’s first day of trading, but that could all change if US retail sales data beats expectations.

Investors are likely to await the release of the data before making any big moves. Forecasts suggest it will show an increase in retail sales of 1.5% in October, with retailers having been buoyed by the start of the festive season.

Here are some of the stocks generating a buzz this morning:

  • San Francisco-based software outfit Splunk (NASDAQ: SPLK) saw its shares tumble after CEO Doug Merritt stepped down. Graham Smith, chair of the board of directors, has taken on the role in the interim, but investors seem to have been spooked by the sudden and largely unexplained exit of the man who led Splunk for six years.

  • Marathon Digital Holdings (NASDAQ: MARA) tumbled on Monday and looks set to fall further if pre-market trading is anything to go by. The crypto-miner slid after announcing plans to raise $650m through a convertible note offering.

  • CrowdStrike Holdings (NASDAQ: CRWD) shares dipped after the cybersecurity firm was dealt with a rating of ‘Underweight’ from analysts at Morgan Stanley. The price target set by analysts stood at $247, just under its current price of $254.

  • Lucid Group (NASDAQ: LCID) was prime among a slew of EV stocks generating chatter on Tuesday. The carmaker’s shares were in the green after its first set of quarterly results since IPO showed it had netted more than 17,000 reservations for its Air sedan.

  • Battery maker QuantumScape (NYSE: QS) and electric vehicle manufacturer Rivian (NASDAQ: RIVN) were among those generating excitement. The stocks appeared to climb due to the prospect of new federal infrastructure funding for the electrification of public transport and the expansion of EV charging networks.

  • Electric vehicle charging specialists Blink Charging (NASDAQ: BLNK) has also appeared to benefit from the news. The stock’s price leapt by over 17% on Monday, but dropped back down by around 5% in premarket trading.

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Author: Duncan Ferris

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Duncan Ferris does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Duncan Ferris has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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