Yahoo Finance Trending tickers: Nvidia, Alibaba, BP, Coinbase
The latest investor updates on stocks that are trending on Tuesday
Nvidia (NVDA)
Goldman Sachs analyst Toshiya Hari raised chip maker Nvidia's price target from $625 (£498) to $800 per share.
Hari cites optimism for the company's growth potential based on significant increase in the forecasted non-GAAP (Generally Accepted Accounting Principles) earnings per share.
Read more: FTSE 100 LIVE: European markets buoyant as BP stock surges
The stock beat the market on Monday, rising 4.8% in the session. It's continued that streak on Tuesday, trading 1.5% higher in premarket.
Alibaba (9988.HK)
Ecommerce company Alibaba's stock was trading more than 7.5% higher by the end of the session in Asia on Tuesday, despite analysts at Loop Capital reducing their price target on the stock from $115 to $111 per share.
It seems to have been carried by comments from China's securities regulator, which spurred on optimism that the Chinese government may look to step in with a support package for ailing markets.
BP (BP.L)
Leading the FTSE 100 (^FTSE) on Tuesday, was oil major BP with contradictory news. BP reported a sharp drop in profits after oil prices fell last year but is pushing ahead with further shareholder returns. Its stock surged in early trade in London
BP made underlying profits of $3bn (£2.4bn) in the final three months of the year, exceeding analyst estimates of $2.8bn, and taking earnings for 2023 to $13.8bn (£11bn). However, this is down by half from the record of $27.7bn set in 2022.
Read more: Stocks that are trending today
Despite the plunge, the energy firm will continue to pump money back to shareholders. It has announced a new $1.75bn share buyback — larger than the $1.5bn it executed in the last quarter — and is committed to $3.5bn worth of buybacks for the first half of this year. Overall, the plan is to buy back at least $14bn over 2024-25.
BP’s new chief executive Murray Auchincloss said: “Looking back, 2023 was a year of strong operational performance with real momentum in delivery right across the business.
“And as we look ahead, our destination remains unchanged... focused on growing the value of BP.”
Coinbase (COIN)
Crypto exchange Coinbase sank more than 9.2% in US trading hours on Monday, pulled down amid speculation that interest rates could stay higher for longer than previously thought. Crypto miners Marathon Digital (MARA) and Riot (RIOT) also fell.
The sector has seen a varied reaction since the approval of spot bitcoin (BTC-USD) ETFs in the US, which have become a double edged sword for incumbent crypto players.
The launch hasn't fuelled the predicted boom in trading, according to analysts, with average spot trading on Coinbase having fallen $1.9bn from $2.5bn in the 30 days preceding their launch, Mizuho analyst Dan Dolev said.
Coinbase stock looked set to recover slightly when US markets open later on.
Watch: BP bolsters shareholder payouts as annual profits halve
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