Tesla (TSLA) topped the trading volume on Tuesday, dropping 6.15% with a turnover of $50.956 billion. This decline comes after a five-day rally where the stock gained over 30%. Recent reports highlighted Elon Musk's involvement in calls between U.S. President-elect Trump and foreign leaders, underlining Musk's significant influence on future governmental actions. Notably, Musk was present during a call between Trump and the President of Serbia over the weekend, as well as a previous call with Ukraine's President Zelensky.
NVIDIA (NVDA) rose 2.09% with a trading volume of $28.82 billion. The company plans to announce its third-quarter results on November 20. Wall Street analysts, including Morgan Stanley and UBS, have raised Nvidia's price target due to optimism surrounding the Blackwell Supercycle, which is expected to drive Nvidia's performance as AI applications are still in early stages. Morgan Stanley predicts that the Blackwell product line could boost Nvidia’s revenues by $5 to $6 billion in the January quarter.
MicroStrategy saw a 4.88% increase with $13.518 billion in turnover as Bitcoin briefly hit a new all-time high of $90,000.
Microsoft (MSFT) gained 1.20% with an $8.068 billion turnover. The company addressed an issue where some Windows Server 2019 and 2022 systems automatically upgraded to Windows Server 2025 due to a third-party patch management tool misclassifying an update.
Shopify (SHOP, Financial) soared 21.04%, trading $7.032 billion in shares after reporting third-quarter revenue that surpassed analyst estimates. Revenue grew approximately 26% to $2.16 billion, beating the expected $2.12 billion. This marks Shopify’s sixth consecutive quarter with over 25% revenue growth, excluding logistics. The company forecasts a 25-29% revenue increase for the fourth quarter, surpassing analyst expectations of 23%.
AMD dropped 2.52% with a turnover of $4.807 billion. A recent Bank of America report indicated that Intel is facing growing challenges, with AMD capturing a larger share of the market, particularly in microchips. The report outlined CPU trends for Q3 2024, noting a 3% quarter-over-quarter decline in Intel's PC shipments, whereas AMD's market share rose 15%.
Alphabet's Class A shares increased 0.70% with a $4.123 billion turnover. Eco-friendly search engine companies Ecosia and Qwant announced a partnership to create a European search index, challenging Google's dominance. The joint venture, named "European Search Perspective" (EUSP), is set to launch in early 2025 in France.
Honeywell climbed 3.85% with $2.591 billion in trades after activist investor Elliott Management revealed it holds over $5 billion in shares. Elliott is advocating for Honeywell to split into two separate entities: one for aerospace, focusing on engines and avionics, and another for industrial users, providing sensors and control systems. Elliott believes such a split could unlock up to 75% of Honeywell's earnings potential in the next two years.
Boeing shares fell 2.54% with $2.424 billion in trading. The company delivered 14 aircraft in October, the lowest since November 2020, due to a strike by factory workers that lasted nearly two months. Boeing stated that resuming full production will take time now that workers in Washington and Oregon are returning to their duties after accepting a new contract offer.
