Yahoo Finance Trending tickers: GameStop | Nvidia | Ericsson | Barclays
The latest investor updates on stocks that are trending on Tuesday
GameStop (GME)
Shares of GameStop were trending in after hours trading, ahead of the company’s third quarter results scheduled for Wednesday after the bell.
Analysts predict a loss per share between eight and 12 cents and revenues of $1.18bn (£934m) for this quarter.
GameStop has long been a favourite of the WallStreetBets crowd, who notoriously pushed the shares up 2,700% within a few weeks back in January 2021.
Ahead of its results, GameStop’s shares jumped 10% on Monday, taking gains for the past five sessions to almost 45%.
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Analysts quoted by Reuters suggested that a spike in investor optimism this month has helped infuse more confidence into retail traders, although they told the news service that this could be a sign that the market is "overstretched."
Nvidia (NVDA)
Nvidia was in the red in after hours trading as the US government and the chipmaker clash over China.
US commerce secretary Gina Raimondo called out Nvidia for planning to downgrade products for China in order to get around the US chip export controls.
“Every day, China wakes up trying to figure out how to do an end run around our export controls … which means every minute of every day, we have to wake up tightening those controls and being more serious about enforcement with our allies,” Raimondo said in a warning to Nvidia.
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“If you redesign a chip around a particular cut line that enables them to do AI, I’m going to control it the very next day,” she added.
After more than tripling in 2023, Nvidia shares have turned sluggish. The stock has fallen in the past two weeks by almost 10% to around $455.
Ericsson (ERIC)
Ericsson has jumped to the top of the Stoxx 600 (^STOXX) after striking a deal with AT&T (T) to build a major telecom network using open-radio-access (ORAN) technology.
The network will cover 70% of its wireless traffic in the United States by late 2026, marking a milestone for the new technology. The contract could be worth almost $14bn over five years.
In a statement, Ericsson chief executive officer Borje Ekholm called the deal a “strategic industry shift” adding that it will create “new ways for operators to monetise the network.”
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ORAN or open radio access network allows cloud-based software and gear from different suppliers to work together, making it cheaper for telecom operators. Current networks operating 4G or 5G use proprietary equipment, so they do not work with each other.
Barclays (BARC.L)
Shares in Barclays fell after news that Qatar’s wealth fund has sold nearly half the shares it holds in the lender.
Qatar Holding launched the sale of almost 362 million shares, worth about £510m. The deal is set to price at 141 pence per share, or a discount of about 1.4% to Barclays' closing share price on Monday.
The wealth fund is Barclays’ second-biggest shareholder, according to Bloomberg data, and the stock sale is expected to reduce its stake from 5.3% to 2.9%.
The UK bank is coming under pressure from investors to overhaul its strategy and improve its performance. It has announced it was cutting 900 jobs and axing less profitable clients in its investment banking arm.
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