Reddit Stocks: What meme stocks are trending today? – August 10, 2023

Josh Warner
By :  ,  Former Market Analyst

US futures rise

  • Dow Jones Industrial Average is up 0.2%
  • S&P 500 is up 0.3%
  • Nasdaq 100 is up 0.8%


US CPI: Inflation data welcomed by markets

US futures are pushing higher following the release of the latest US inflation data, which offered few surprises this morning.

Monthly inflation rose 0.2% in July compared to June and the core figure rose by the same amount, with both coming in as expected. However, both metrics came in slightly lower than expected on an annual basis, rising 3.2% with the core up 4.7%, coming in 0.1% below forecasts.

Economists had pencilled-in an 84.5% chance of a rate hike pause in September before the data was released. That has now risen to 86.5% as we see an early reaction following the data.

Notably, we have speeches due from the Federal Reserve’s Patrick Harker and Raphael Bostic pencilled-in for this evening, marking the first members to speak following the latest inflation data.

We also got some jobs data out today, with initial jobless claims coming at 248,000 in the week to August 5, higher than the 230,000 pencilled-in by analysts and accelerating from the last reading from the week before of 227,000.


China revokes travel bans

We discovered that China has lifted a travel ban on group travel from an array of countries including the US, UK, Australia, South Korea and Japan. The change is effective immediately and means group of tourists will once again be able to travel to these countries, prompting hopes that this will provide a welcome jolt to their tourism industries., the largest travel agency in China, is trading up 3.1% on the Nasdaq this morning after saying it had seen a spike in interest in Chinese tourists travelling to Australia and Japan in wake of the announcement.


Most discussed Reddit stocks

Below is a list of the top 10 most mentioned US stocks on the WallStreetBets thread on Reddit over the last 24 hours, according to data from Quiver Quantitative. Exchange-Traded Funds (ETFs) and other instruments have been excluded:

  1. Disney
  3. Visa
  4. Rivian
  6. Palantir
  7. Upstart Holdings
  8. Tesla
  9. Apple
  10. Alibaba


Most active US stocks before the bell

Below are the most active stocks with a valuation of at least $500 million before the bell, based on trading data taken from Bloomberg:

  1. Capri Holdings
  2. Nikola
  3. Plug Power
  4. Tapestry
  5. Palantir
  6. Origin Materials
  7. Tango Therapeutics
  8. Rivian
  9. Tilray
  10. Lucid Group


US premarket winners and losers

Here are the stocks worth at least $500 million experiencing the sharpest movements in premarket trade, according to data from Bloomberg:





Capri Holdings


Origin Materials




Wolverine World Wide


Harrow Health




YETI Holdings




Fluence Energy




Allurion Technologies




Lions Gate Entertainment


Plug Power


CyberArk Software


ProFrac Holding Co






UroGen Pharma





Top US stocks to watch

Let’s have a look at the top stocks to watch today.


Alibaba stock: Fastest growth in almost 2 years

Alibaba shares are up 3.7% and at August-highs after the company comfortably beat expectations in the first quarter of its financial year.

Revenue was up 14% from last year at RMB234,156 million – marking the fastest growth in almost two years - while adjusted earnings per ADS jumped 48% to RMB2.17. That was ahead of the RMB223,241 million in sales and earnings of RMB14.09 forecast by analysts. Its core ecommerce operations in China reported sales growth of 10%, the first positive report in two years. That was a much faster rebound than anticipated. Its cloud computing arm posted tepid sales growth of just 4%, largely put down to AI demand, and we heard reports this morning that it is looking to cut its workforce by around 7% to improve profitability ahead of a potential IPO as part of Alibaba’s plan to break itself up into six different businesses.

The Chinese giant also sped-up the pace of buybacks, which at over $3 billion was more than 1.5 times what we saw in the previous one, signalling that we could see an acceleration in returns going forward.


Disney stock: Cost-cutting welcomed by markets

Disney shares are up 2.3% and at its highest level in almost a month after management outlined new cost-cutting plans and addressed the challenging environment that will see it improve its films, reposition sports brand ESPN, get its streaming operations profitable and sort out the strike ripping through Hollywood.

The House of Mouse beat expectations in the latest quarter after reporting adjusted EPS of $1.03, ahead of the $0.99 forecast, despite sales coming in short of estimates. Streaming losses of $512 million were smaller than anticipated, providing hopes it is on its way to becoming profitable in 2024, despite the fact Disney+ continues to lose subscribers. Notably, the company said it is raising the price of some of its streaming services to boost income, even at the risk of tempering demand further.

Disney said cut its capital expenditure budget and said it now expects to exceed its target to deliver $5.5 billion in savings and that its streaming operations should become profitable sooner than previously expected.

‘I returned to Disney in November, and I’ve agreed to stay on longer because there was more to accomplish before our transformation is complete,’ said CEO Bob Iger.


Novo Nordisk stock: Good news was already priced-in

Danish outfit Novo Nordisk is down 2% after it raised its full year outlook for a second time as its weight loss drug Wegovy proves highly popular in the US, although warned supplies will be restricted as it tries to ramp-up production. The company said it is now aiming to deliver operating profit growth by 31% to 37%, with sales to rise 28% to 34%. That was up from its previous goal to raise profits by 24% to 30%.

Wegovy supplies have been limited since rolling out in the US so Novo Nordisk can ensure exiting patients on the drug can continue to have access, and the company said it makes sense to ‘extend that in the coming quarters’. Notably, supplies of its other hit drug Ozempic has also been hit by supply constraints.

The stock is struggling today because revenue and profits both came in short of expectations in the second quarter, and much of the good news, including the improved outlook and traction being seen in Wegovy, had already been priced-in before the results.


J&J stock: US approves blood cancer drug

Johnson & Johnson shares are up 0.5% after the US Food & Drug Administration approved its antibody-based therapy to treat patients with blood cancer. The drug, branded as Talvey, can now be used to treat myeloma through weekly or bi-weekly injections.


Kenvue stock: To join S&P 500

Kenvue, the consumer healthcare company spun-out of J&J earlier this year, is up 1.8% after it was confirmed it will join the S&P 500. The owner of the index, S&P Dow Jones Indices, announced the news late yesterday and said a specific date for its admission will be made after J&J has completed an exchange offer as part of its plans to sell-off a large chunk of its stake in the company following its separation. We will also find out which company it will replace at a later date.


Tapestry stock: Puts Michael Kors in its basket

Tapestry shares are down 5.7% and at a three-month low after the company announced it has agreed to buy the parent company of Michael Kors, Capri Holdings, in an $8.5 billion deal. Tapestry will pay $57 per share for Capri, marking a premium of nearly 65% and sending the stock up 58% to $54.53 today, marking its highest level since February. That would add brands like Michael Kors, Jimmy Choo and Versace to Tapestry’s existing brands like Coach and Kate Spade.

Capri CEO John Idol said the combination will ‘deliver immediate value to our shareholders’ as the combination extends the pair’s reach and bolsters resources.


Roblox stock: Brokers slash price targets

Roblox shares are up 2.4% at $30.16 as the stock licks it wounds after plunging almost 22% yesterday, marking the steepest selloff in nine months after the gaming firm missed expectations in the latest quarter and revealed people are spending less time on its platform.

The stock hit its lowest level since early 2023 and is rebounding today. Revenue and bookings were both better than anticipated, but investors worried over the amount of hours users spent on the platform after coming in materially below forecasts.

Several brokers lowered their target price on Roblox today, including BTIG to $54, JPMorgan to $33, TD Cowen to $27, DA Davidson to $45, Daiwa Capital Markets to $33 and Barclays to $26. Wedbush went against the grain and upgraded Roblox to Outperform.


WeWork stock: Can it rebound from all-time lows?

WeWork shares are up 24.3% today looking to rebound from all-time lows today after taking a huge hit following its warnings there is ‘substantial doubt’ about its ability to survive and that it will need to significantly improve liquidity and profitability over the coming 12 months.

The flexible office provider has been under pressure due to the drop in demand for space, an excess supply, increasing competition and ‘macroeconomic volatility’. It said it now focused on reducing rent and tenancy costs, lowering customer churn, limiting expenses and plotting to raise fresh capital to get the business back on the right path. The warning marks a fall from grace for WeWork, which is now worth under $100 million after seeing its valuation slump since peaking over $8 billion soon after it listed in late 2021 – having once been touted to have a private valuation as high as $47 billion!


Tesla stock: Rebounding from 6-week low

Tesla shares are up 0.6% after closing down 3% yesterday, sending the electric vehicle maker to its lowest level in over six weeks, having been pushed lower since announcing the surprise resignation of its chief financial officer Zachary Kirkhorn earlier this week.


Rivian stock: Can it recover from 1-month low?

Rivian shares are up 0.4% at $22.44 as they try to recover after plunging almost 10% yesterday to end the day at its lowest level in over a month! Several brokers raised their target price on the electric vehicle maker yesterday, including Deutsche Bank to $29 and DA Davidson to $25.

The company raised its production goal and trimmed its projection for annual losses this week, but that failed to impress the markets that had set a high bar considering the stock had rallied over 87% in the six weeks before the results.


Mullen stock: Starts production of Mullen THREE

Mullen Automotive shares are up 5.7% after the company announced production of the Mullen THREE, its electric vehicle truck, at its factory in Tunica, Mississippi. That puts it on course to deliver the first ones to customers in August and September before ramping-up output for the rest of the year. It plans to be making 3,000 of them annually when it is at capacity.

Mullen has around 1,250 orders for the model worth about $79 million in sales from two different companies.


Plug Power stock: Losses swell

Plug Power shares are down 12.8% and at a six-week low of $9.46 after a sales beat in the latest quarter was overshadowed by wider losses.

The hydrogen fuel cell company said net revenue rose 72% from last year to $260.2 million, comfortably ahead of the $241.8 million pencilled-in by analysts. However, its loss per share swelled to $0.40 from $0.30 last year, coming in larger than the $0.26 loss forecast by Wall Street as margins disappointed.

The company said it expects electrolyzer revenue should increase ‘substantially’ in the second half, but reiterated its overall sales target, and that it has ‘clear short-term goal to improve profitability’.

Jefferies cut its target price on the stock this morning to $16.


AppLovin stock: Rosy outlook impresses

AppLovin shares are up 27.5% at $37.50 – marking a one-year high - after the company beat expectations in the latest quarter and raised its outlook above analyst estimates.

Revenue was down 3% in the second quarter at $750 million but this was still ahead of the $724 million forecast. Adjusted Ebitda was up 24% at $334 million thanks to an improved margin. Jefferies said the performance was driven by the rollout of its AI algorithm named AXON 2.0. The company said it is targeting $780 million to $800 million in revenue and adjusted Ebitda of $340 million to $360 million in the third quarter. Wall Street had forecast revenue of $741 million.

Several brokers raised their target price today, including JPMorgan to $36, BTIG to $40 and Credit Suisse to $57.


Apple stock: Under pressure at 2-month lows

Apple shares are up 0.5% before the bell after losing further ground yesterday, when the iPhone maker closed at its lowest level in over two months! The stock is now down 6.9% since releasing its latest set of results that failed to meet a high bar as it succumbed to the crunch in smartphone demand, wiping out over $300 billion in value and stripping the company of its $3 billion valuation.


NVIDIA stock: Chinese giants race for AI chips

NVIDIA shares are down 0.5% this morning. The stock took a tumble yesterday after Super Micro Computer provided a disappointing outlook as it struggles with supply constraints, prompting concerns that NVIDIA could also be struggling to keep up with demand for AI. However, Citigroup said today that this does not ‘fully reflect’ NVIDIA’s position.

Meanwhile, we discovered yesterday that Chinese internet giants are racing to buy NVIDIA chips for their AI systems after making orders worth over $5 billion, according to a report from the Financial Times. Firms such as Baidu, ByteDance, Tencent and Alibaba are thought to have made orders owrth $1 billion each to buy around 100,000 A800 processors with the hope of having them delivered this year, and the group is also thought to have ordered another $4 billion of GPUs to be delivered in 2024, the report said.

The A800 processor avoids the export restrictions imposed on exports to China that have been imposed by the US government.


Palantir stock: At 1-month lows

Palantir shares are up 0.3% as they look to rebound from one-month lows today, having lost ground after an earnings beat, raised outlook, a new $1 billion buyback and fresh hype around its AI prospects earlier this week failed to meet what was a high bar.

The stock had more than doubled in value in the three months before the results, meaning it was hard for Palantir to impress and prevent a pullback. This would be the seventh consecutive day of losses if it closes lower.


Upstart stock: Fresh 6-week lows

Upstart Holdings shares are down 2.1% and poised to open at fresh six-week lows as the rally we have seen over the past three months continues to unravel following its latest set of results this week that saw the firm, which uses AI to make lending decisions, warn banks are still ‘super cautious’ about lending. That led to a disappointing outlook.

That will be good news for short-sellers, with short interest standing at over 32% of its float, according to data from Fintel.


Virgin Galactic stock: Lift-off, we have a lift-off

Another big day for Virgin Galactic, which is up 2.1% ahead of its first space tourism flight that will be launched today. The company completed a milestone trip earlier this summer that took scientists up to complete studies, but this will be the first one that is purely a recreational trip. The flight will take off from Spaceport America in New Mexico.


DWAC stock: Extends TMTG merger deadline

Digital World Acquisition Corp, or DWAC, is up 4.9% after it agreed to extend the deadline to complete its merger with former president Donald Trump’s media company named Trump Media & Technology Group to the end of 2023.

The merger, which was first agreed way back in October 2021, has been delayed several times due to various headwinds.


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