In Thursday’s trending stocks news EV companies still seem to be going strong, but regulation and investigations have sent some stocks into the red. The NYSE and NASDAQ finished trading on Wednesday a smidgeon lower.
This drop came even as high-profile retailers TJX (NYSE: TJX), Lowe’s (NYSE: LOW) and Target (NYSE: TGT) reported solid earnings. Fellow retailers Macy’s (NYSE: M) and Kohl’s (NYSE: KSS) are among those releasing earnings on Thursday.
In terms of data releases, The Labor Department will report last week’s jobless claims on Thursday morning, with these estimated to have fallen from 267,000 to 260,000 according to Dow Jones polling.
Here are some of Thursday’s trending stocks:
Nvidia (NASDAQ: NVDA) was trending as its stock took a hit despite the company topping third quarter revenue expectations. The drop came on the news that UK competition regulators are examining the company’s $40bn takeover of chip designer Arm from SoftBank (OTCPK: SFTBY).
Sono Group (NASDAQ: SEV) was generating chatter after it rocketed by over 150% on Wednesday. It was the German electric vehicle manufacturer's first day of trading following its IPO. This can hardly have come at a better time, as EV stocks have been making great headway this week.
Visa (NYSE: V) was in the red after the news that Amazon (NASDAQ: AMZN) will not accept Visa credit cards in the UK, starting on 19 January. The online retail giant has made the move due to high fees and is even offering £20 to Prime customers who switch from using Visa to alternative payment methods.
Digital media player specialists Roku (NASDAQ: ROKU) was also down, dropping under the weight of analyst ratings. MoffettNathanson analyst Michael Nathanson downgraded the stock to a ‘sell’ rating and cut its target price from $330 to $220, spooking investors.
Shares of Cassava Sciences (NASDAQ: SAVA) slid by almost 25% on Wednesday on the news that the biotech firm is the subject of a Securities and Exchange Commission investigation. According to The Wall Street Journal, the investigation concerns suspicions that the company manipulated data in studies of its Alzheimer’s drug, Simufilam.
Cisco Systems (NASDAQ: CSCO) shares were down by nearly 7% in pre-market trading on Thursday after the company’s first-quarter earnings failed to satisfy investors’ expectations. Revenue missed analyst projections and the company guided for second-quarter revenue growth of between 4.5% and 6.5%, below estimates of 7.4%.
