Stocks

Today’s Stocks to Watch: Alphabet, Reddit, and Snap

October 30, 2024 OnEquity

Key points:

  • Alphabet reports revenue surge driven by artificial intelligence; shares rise
  • Reddit posts its first quarterly profit; stock soars
  • Snap sees growth in AI-assisted advertising; shares climb

Alphabet Gains from AI Expansion (GOOGL)

Alphabet, Google’s parent company, reported a 15% revenue growth last quarter, with AI fueling substantial growth in its cloud computing segment. Shares rose by over 6% in pre-market trading.

AMD Declines on Lower Revenue Outlook (AMD)

Advanced Micro Devices saw its shares drop by 8% in pre-market trading after its quarterly revenue forecast came in slightly below expectations.

Reddit’s First Quarterly Profit Drives Gains (RDDT)

Reddit announced its first quarterly profit since going public, with revenue boosted by higher ad sales and data licensing. Shares surged over 20% before the market opened.

Trump Media Extends Volatile Streak (DJT)

Trump Media, the parent company of Truth Social, saw its shares drop by 5% in pre-market trading, continuing a volatile pattern. Trading was halted several times on Tuesday after the stock soared amid speculation on Trump’s potential election win.

Snap Increases Revenue with AI-Driven Ads (SNAP)

Snap reported a 15% increase in quarterly revenue, slightly surpassing forecasts, with AI playing a key role in boosting ad sales. Shares climbed by 10% in pre-market trading.

Visa Beats Expectations, Plans Workforce Reductions (V)

Visa posted higher-than-expected revenue and earnings, pushing shares up in pre-market trading. The Wall Street Journal reported that Visa plans to cut around 1,400 employees and contractors.

Chipotle Falls on Disappointing Sales Growth (CMG)

Chipotle reported quarterly sales growth that fell short of analyst expectations, leading to a drop of more than 4% in its stock price before the close.

UBS Outperforms Following Credit Suisse Integration (UBS)

UBS saw shares rise nearly 2% in Zurich after its quarterly report exceeded forecasts, supported by increased activity in trading and mergers, as well as lower costs related to the Credit Suisse integration.

Chewy Declines as Prominent Investor Exits (CHWY)

Chewy shares fell after meme stock icon Keith Gill, known as “Roaring Kitty,” disclosed in a securities filing that he no longer holds a stake in the company.

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