Reddit Stocks: What meme stocks are trending today? – August 21, 2023

Josh Warner
By :  ,  Former Market Analyst

US futures

  • Dow Jones Industrial Average is up 0.4%
  • S&P 500 is up 0.5%
  • Nasdaq 100 is up 0.7%


US futures are on the rise at the start of a new week, with the S&P 500 and Nasdaq 100 looking to regain ground following a three-week selloff that pushed both indices to their lowest level since late June on Friday. The Dow Jones Industrial Average is also rebounding after hitting one-month lows during the selloff we saw last week.

The most significant event in the economic calendar today happened overnight, when the People’s Bank of China lowered its loan prime rate by 10 basis points, which was a milder cut than anticipated.

“Traders hoping for bold stimulus measures from Chinese policymakers have been left disappointed again, amplifying concerns regarding the trajectory for the Chinese economy. And that makes it difficult to get excited about a meaningful recovery in mainland stocks or the Chinese yuan,” said our analyst David Scutt.


The Week Ahead

The economic calendar for the rest of today is quiet, but there are some potential market-moving events pencilled-in over the coming days. This includes the annual Jackson Hole symposium, where Federal Reserve chair Jerome Powell will be the highlight of the event. Last year his speech marked the beginning of a 20% decline for the S&P 500 (which was already in a bear market), so his words clearly packed a punch. We also have retail sales data for the UK, Canada and the US.

Find out what to expect in The Week Ahead.


Earnings This Week: NVIDIA, Baidu & Snowflake

We are approaching the end of the US earnings season but the best may have been saved for last as markets brace for results out from Wall Street’s favourite stock of 2023, NVIDIA, when we will discover whether the chipmaker can meet the hype around AI.

Other big names to look out for include cloud computing outfit Snowflake, Chinese search engine Baidu, software giant Workday and semiconductor firm Marvell. Retailers will remain in focus too, with updates due out from Lowe’s, Macy’s, Kohls, Nordstrom, Gap, Dick’s and several other chains.

Find the full calendar and our previews on the top results to watch in Earnings This Week.



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:

  3. Tesla
  4. Eni
  5. US Steel
  6. Advanced Micro Devices
  7. Grupo Televisa
  8. Apple
  9. Eversource Energy
  10. Palo Alto Networks


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. Nikola
  2. Kenvue
  3. Tesla
  4. Farfetch
  5. Johnson & Johnson
  7. AMC Entertainment
  8. Palantir
  9. Lucid Group
  10. IonQ


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:





Palo Alto Networks


Napco Securities


Earthstone Energy




Mitek Systems




FREYR Battery


Hecla Mining






Krystal Biotech


AMC Entertainment




MiMedx Group


Geron Corp




Lightwave Logic


Adantive Biotechnologies


Sculptor Capital Management


Freedom Holding



Top US stocks to watch

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


NVIDIA stock: Hype builds ahead of earnings

NVIDIA shares are up 2.5% at $443.92 this morning as bullish notes continue to flood-in from brokers ahead of the company’s second-quarter results due out on Wednesday.

KeyBanc analyst John Vinh reiterated his Overweight rating on NVIDIA today and lifted his target price to $620, while HSBC hiked its view to $780 – marking the second highest rating behind Rosenblatt, which lifted its target on NVIDIA to $800 last week! The average target price among the 51 brokers that cover the chipmaker has soared to $515 today from less than $300 just three months ago – and all of that is down to the value added from AI.

NVIDIA is forecast to report revenue of $11 billion, which would mark a new quarterly record! That would be up 65% from the year before and, more significantly, mark a big jump from the $7.2 billion in sales we saw in the previous quarter to demonstrate the huge surge in AI-driven sales over recent months. Selling more advanced chips is also boding well for NVIDIA’s margins, helping earnings grow at an even faster rate than the blistering pace we are seeing in sales. Adjusted EPS is seen coming in at $2.07, more than quadruple the $0.51 reported the year before.

However, with those lofty valuation expectations comes a high bar. Wall Street, generally speaking, is extremely bullish ahead of the results and see scope for NVIDIA to deliver a beat and potentially upgrade its outlook for the rest of the year once again. High expectations, plus its huge valuation premium over its rivals, suggests the bar is high ahead of the results but markets are confident it can clear it. It does, however, suggest meeting expectations may not be enough to impress and that it wouldn’t take a lot to disappoint.

Keep an eye out for our in-depth NVIDIA earnings preview that will be published later today.


Palo Alto stock: Fears of a slowdown averted

Palo Alto Networks is up 12.5% at $235.82 and at its highest level in over two weeks as markets get their first opportunity to react to its results that were released after the closing bell on Friday, when the cybersecurity firm allayed fears of a slowdown by posting a stronger outlook for billings than anticipated.

The company said it is expecting annual billings to be between $10.9 billion to $11.0 billion, slightly above the $10.8 billion forecast by analysts. While only mildly better than expected, Palo Alto shares had slumped over 17% since the start of August, setting a low bar for the stock as slowdown fears spooked markets after rival Fortinet triggered a selloff in the sector with its outlook.

Revenue was up 26% year-on-year in the fourth quarter at $2.0 billion as billings grew 18% to $3.2 billion. Adjusted EPS came in at $1.44. That meant it delivered 25% growth in annual revenue, a 23% rise in full year billings and turned to an annual profit from the loss we saw the year before.

A string of brokers raised their target price on the company this morning, including Raymond James to $250, JPMorgan to $268, Wells Fargo to $270, RBC to $281, Piper Sandler to $285, BofA Global Research to $290 and TD Cowen to $295.

The rosy outlook is also supporting other cybersecurity stocks, with CrowdStrike, Fortinet and SentinelOne trading 1.9% to 3.6% higher before the bell.


Apple stock: Have we reached the bottom?

Apple shares are up 0.5% this morning. The company has now lost ground for three consecutive weeks, making this the most challenging period for the iPhone maker of 2023. The company has seen around $340 billion wiped-off its valuation since it released its last set of results, causing it to lose its $3 trillion valuation.

The stock hit a three-month low on Friday before recovering to close up for the day, with buyers appearing to re-enter the market after the RSI slipped into oversold territory for the first time in almost a year!


Meta stock: Threads to webs

Meta is up 0.8% today and rebounding from its lowest level since late June as it prepares to launch its newest social media platform named Threads on the web, which is expected to heat-up rivalry between the platform and X (formerly Twitter).

The head of Instagram, Adam Modderi, confirmed the company is working to bring a web-based version of Threads and the Wall Street Journal reported it could launch as soon as this week.

Threads was the fastest-growing app of all-time after it attracted 100 million users within just five days from being launched as an app on July 5, thanks to its leverage over existing Instagram users. However, growth has been slowing and it currently has 125 million users, according to a tracker run by Quiver Quantitative.


Tesla stock: Set to snap 6-day losing streak

Tesla shares are up 3.2% at $222.55 ahead of the market open and looking snap a six-day losing streak and rebound from an 11-week low. The electric vehicle maker has been losing ground for over a month now, which has seen the RSI slip into oversold territory for the first time in 2023.

The electric vehicle maker is finding support today after Baird outlined a number of potential catalysts coming up in the second half, including the launch of the Cybertruck, broader adoption of its full-self driving software, growth from its energy business, expansion into new markets and a possible AI event. The broker has an Outperform rating on Tesla and a price target of $300.


Citigroup stock: Will it split-up ICG?

Citigroup shares are up 0.6% today and rebounding from 2023-lows amid reports it is planning to split its largest division, Institutional Client Group, into three separate divisions, according to unnamed sources speaking to the Financial Times.

The bank is considering breaking up ICG, which accounts for about half of its revenue, into its three primary segments: investment and corporate banking, global markets, and transaction services. The move comes ahead of Paco Ybarra, the CEO of ICG, leaving in the first half of 2024, according to an internal memo that was reported by Reuters.


Kenvue stock: J&J exchange offer oversubscribed

Kenvue shares are up 2.2% after Johnson & Johnson said it will have a 9.5% stake in the consumer healthcare business following its share exchange offer that expired on Friday. J&J retained a large stake of almost 90% in Kenvue after it spun the business off but launched the share exchange offer last month, which allowed J&J shareholders to trade in their shares for stock in Kenvue.

J&J said the exchange offer was oversubscribed, suggesting there was strong demand for Kenvue shares. J&J shares are down 1.2% today.


DuPont stock: To sell majority stake in Delrin

Chemicals giant DuPont is up 0.8% amid reports it plans to sell a majority stake of 80.1% in Delrin to a private equity firm named The Jordan Company for $1.8 billion, according to Bloomberg.

Delrin makes acetal plastic, which is used to make parts that can replace metal. DuPont’s executive chairman confirmed there is a transaction happening that will raise ‘significant cash proceeds’ that will see it retain a stake in the company.


US Steel stock: Takeover talks continue

US Steel is up 0.4% at $31.10, giving it a valuation of around $6.9 billion, as markets continue to discuss what will happen to the steelmaker after becoming a takeover target.

Cleveland-Cliffs had a $7.3 billion cash-and-stock deal turned down. However, the company is still pushing for a takeover and believes the support of the US Steelworkers’ union gives it an edge. Currently, the highest bidder has been tabled by a private company named Esmark, which is offering $7.8 billion all in cash.

We heard reports this week that other parties may be interested, leaving scope for another bidder to emerge. Luxembourg-based ArcelorMittal is rumoured to be weighing a possible bid


Eni stock: Milan shares hit 6-month high

Eni shares in Milan have climbed to a six-month high today. The Italian oil giant’s shares on the NYSE are up 2.3% in premarket trade. The rise today is being driven by oil prices, which are rising for a third straight day.


Farfetch stock: Licking its wounds

Farfetch shares are up 2.7% at $2.66 after plunging 45% on Friday, crashing to an all-time low after reporting disappointing results and lowering its full year outlook. The online luxury goods seller is suffering from weaker demand in the US and China. Farfetch has marked 2023 as a year of execution, but the challenging environment and limited visibility over the outlook is making it all the more difficult.

Citigroup cut its price target on Farfetch to $3.00 this morning.


How to trade US stocks

You can trade US stocks and indices with City Index in just four easy steps:

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

Or you can practice trading risk-free by signing up for our Demo Trading Account.

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar