Snap and Hertz stocks trend higher, C3 AI shares dip ahead of Monday’s close

Yahoo Finance’s Jared Blikre breaks down the latest movements in the markets Monday afternoon.

Video transcript

DAVE BRIGGS: All right, but first let's get you up to speed on what is happening with the market. And in particular, Snap shares are popping, in part on the growing effort to ban rival TikTok.

Jared Blikre here to break down the charts for us here. Not much market action to speak of, but this is--

JARED BLIKRE: We'll take this.

DAVE BRIGGS: --probably the biggest story that we've seen.

JARED BLIKRE: Yeah, one of the bigger ones. I think is TikTok going to be banned outright in the US? It seems unlikely now, but it's picking up steam.

So who would be one of the main beneficiaries? The obvious answer is Snap. So we see that stock up 12% today, and that is a big movement for a stock. But when you consider its overall volatility and where it's come from, it may be a different manner-- may be a different matter. Excuse me.

Now, I also want to point out where we had some activity right on the open there. It was right around the 200-day moving average. Not shown here on a two-day chart, but nevertheless. When we clear some of these technical indicators right here, these technical levels, a lot of times there's just a short-covering rally.

Now let me show you a longer-term chart of the stock here, and you can see it's really been consolidating for about the last six months. And when you take a look at the last three years, then you really get a sense of where this stock has been and where it is now. So we have gotten a little bit of lift off from very, very depressed levels, but let's not get too excited just yet because there's a lot of work to do to get back up to these highs, much less anything else.

Now, we're also taking a look at Hertz. Kind of in the same camp that I'm not-- well, I would say more technicals going on here probably than fundamentals, but even with Hertz, there is really not a fundamental story the way I was saying was Snap. Over the last three years, this is another stock that got a nice push up some time ago after it emerged from bankruptcy, by the way. This doesn't even show the full three years. So after it emerged from bankruptcy, it has now sunk to lower levels.

And I just want to show a three-month chart of Hertz versus Snap, and you're going to see a similarity here. So we can see we have this run up into about mid-February, and then we have this little handle, almost like a cup-and-handle situation here. Am I going to get excited about it? Not just yet, and I'll explain why. But you can see this chart for Snap pretty similar.

Why am I not getting too excited just yet? And that's because we are simply still camped out in the bottom end of this range.

And you want to see a stock which I can get a little bit more excited about? That's going to be C3 AI. Now, here's a one-year chart of that stock, and you can see it is busted to levels that exceed these current highs. And also I would mention the 200-day moving average, that is trending upward.

So a few different stocks here, a few different looks. The chart formations may look very similar, but under the hood, there's a little bit more going on, guys.

SEANA SMITH: Yeah, C3 AI one of the beneficiaries of all this recent hype around AI. Jared Blikre, thanks so much.