Most traded stocks of the week

Feature image of stock market figures and indices
Josh Warner
By :  ,  Market Analyst

What are the most traded stocks of the week?

Below is a list of the 20 most traded stocks among StoneX Retail clients during the five trading sessions to the end of play on Thursday August 4. Exchange-Traded Funds (ETFs) have been excluded.

1

Tesla

11

Newmont Mining

2

Meta

12

Rolls Royce

3

NVIDIA

13

AMD

4

Cowen

14

Lloyds Banking Group

5

AMC Entertainment

15

Exxon Mobil

6

Amazon

16

BP

7

Alphabet

17

Carmax

8

Apple

18

Valero Energy

9

DBS Group

19

A2 Milk

10

Barclays

20

Zip Co

 

Tesla has remained the most popular stock this week, when the electric carmaker held its Cyber Roundup event that saw shareholders back the board and support proposals for its upcoming 3-for-1 stock split. CEO Elon Musk said during a Q&A session with investors that Tesla could announce another new factory before the end of this year, having already launched two of them in 2022 alone. He said Tesla is ultimately looking to have 10 to 12 Gigafactories. Musk also said that he believes the global economy is ‘past peak inflation’.

Big Tech remains popular following the better-than-anticipated results released by most this earnings season. Apple has risen 2.7% over the past week and hit a three-month high, while Alphabet has risen 4.5% to hit its highest level in almost one month.

Meanwhile, Amazon shares have risen 5.8% this week and are now trading at their highest level in over three months despite workers at one of its warehouses in the UK walking out in protest over pay, and news that the Federal Trade Commission is probing its Prime subscription service, specifically on the way it signs members up and how the cancellation process works.

Meta, which had a much tougher earnings season compared to its Big Tech rivals, has experienced the biggest jump after rising over 8% this week. That comes after the company completed its first-ever corporate bond deal worth some $10 billion. The four-part bond sale is the first to be conducted by Meta, which is one of the few companies listed in the S&P 500 that boasts zero debt. Reports suggest demand was strong and reached $30 billion at its peak. That followed on from a similar four-part bond deal launched by Apple this week worth some $5.5 billion.

Chipmakers AMD and NVIDIA both found climbed this week and hit their highest level since early June. AMD released results this week that initially sparked a drop in its share price as record results were overshadowed by a weaker-than-expected outlook, but the stock has rebounded since then as investors digest multiple catalysts, from guidance that revenue will hit another all-time record in the third quarter to the progress made on the US CHIPS Act that is designed to provide up to $52 billion worth of subsidies for companies looking to build US chipmaking manufacturing sites.

Meme stock favourite AMC Entertainment released earnings late yesterday. Although revenue and adjusted Ebitda both came in better than anticipated as the film slate improved, shares plunged in extended hours trade after the company declared a special preferred stock dividend. AMC said this would work like a stock split, with investors getting one AMC Preferred Equity Unit for each AMC share held at the close of play on August 15. These preferred units will trade on the NYSE under the ticker ‘APE’ and could be converted into ordinary AMC shares in the future. CEO Adam Aron said more preferred units could be issued in the future if it needs to raise cash or pay down debt.

Carmax, the used vehicle seller, has remained volatile this week. Bloomberg Intelligence said the company could suffer the biggest squeeze due to a decline in leasing activity over the coming years.

Cowen remains in play after Toronto-Dominion Bank agreed to buy the US brokerage for $1.3 billion in cash, or $39 per share. That comes as Canadian lenders look south of the border for M&A opportunities, with domestic deals largely taken off the table by regulators. Cowen also reported quarterly results this week that showed a 31% drop in adjusted revenue and a 92% drop in adjusted EPS.

Newmont, the world’s largest gold miner, has attracted attention this week following a rise in gold prices that have climbed to their highest level in almost a month as recession fears continue to grip markets.

Oil and energy stocks remain popular after recently reporting record results thanks to higher prices and a spike in refining margins. BP was the latest to report and celebrated a solid quarter that saw an influx of cash allow it to pay down debt, raise its dividend and up its share buyback. BP said it expects oil and gas prices to remain elevated in the third quarter amid supply disruption from Russia and reduced levels of spare capacity, and anticipates refining margins will also remain elevated. That is a recipe that should continue to deliver bumper earnings for BP and other oil and gas giants.

Meanwhile, Exxon Mobil has been in play amid reports it is looking to offload its main Russian operation name Sakhalin-1 to a third party as part of its withdrawal from the country. The third party was not named, but Exxon Mobil said this will result in ‘minimal hydrocarbon sales and cashflows’. Once sold, the only Russian asset Exxon Mobil will have is a 7.5% stake in the Caspian Pipeline Consortium that takes oil from Kazakhstan through the country and to the Black Sea. Russian firm Rosneft said this week that Sakhalin-1 is not producing oil after output had dropped since western sanctions were imposed amid the invasion of Ukraine.

Fuel producer Valero Energy has had its target price hiked by several brokers this week following its forecast-smashing set of results last month that benefited from limited refining capacity. The average target price among the 21 brokers that cover the stock sits at $136, some 30% above the current share price.

Rolls Royce shares have lost ground since releasing results this week, when earnings underwhelmed markets. The engine maker said underlying operating profit more than halved to just £125 million from £307 million the year before, and that was a steeper drop than analysts had anticipated. It burnt through less cash and said demand should improve later this year as it reiterated its full year guidance.  Still, a number of brokers cut their view on the stock, although the 98p average target price implies over 19% potential upside from current levels.

UK banks have continued to grab attention following results last month, with Goldman Sachs stating the outlook is improving as lenders brace to benefit from higher interest rates. It raised Lloyds to Buy from Neutral after hiking its EPS estimates between 2022 and 2026 by 30% to 35%. It also kept its Buy rating on Barclays, while adding NatWest to its conviction list.

Meanwhile, Singaporean bank DBS Group released results this week that beat expectations thanks to a strong rise in net interest income offsetting a drop in fee and commission income from investment banking and wealth management. DBS shares have jumped over 10% since mid-July and currently trade at a three-month high.

Australian dairy company A2 Milk saw its shares suspended this week after soaring to its highest level in over four months on reports the US Food & Drug Administration would give it approval to sell baby formula in the US amid a shortage, but said there was no guarantee the application would be given the green light.

Buy now, pay later outfit Zip Co has continued to find higher ground after sinking to six-year lows in late June. It is on course to record its fifth consecutive week of gains after being hit hard by concerns over the amount of cash it is burning through and weaker demand, but has been focused on cutting costs and has also recently struck a deal to buy its peer Sezzle. Still, Citigroup downgraded the stock to Sell/High Risk from Neutral/High Risk this week and slashed its target price to AUD0.70 from AUD1.40.

 

How to trade stocks

You can trade a variety of stocks with Forex.com in just four steps:

  1. Open a Forex.com account, or log-in if you’re already a customer.
  2. Search for the stock you want to trade in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade

Or you can try out your trading strategy risk-free by signing up for our Demo Account.

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar