$Microsoft Corp(MSFT.US)$ has joined $Alibaba Group Holding Ltd(BABA.US)$, $Advanced Micro Devices Inc(AMD.US)$ and $Apple Inc(AAPL.US)$ as the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum as of Tuesday night.
What Happened: Exchange-traded fund $SPDR S&P 500 ETF(SPY.US)$ remained the most-discussed stock on the forum with 832 mentions, while tech giant Apple was a distant second with 311 mentions during the last 24 hours, data from Quiver Quantitative showed.
Chinese e-commerce giant Alibaba and chipmaker Advanced Micro Devices are in the third and fourth positions, having attracted 278 and 258 mentions on the forum respectively.
In addition to Microsoft, the other stocks that are trending on the forum include electric vehicle maker $Tesla, Inc.(TSLA.US)$, exchange-traded fund $PowerShares QQQ Trust, Series 1(QQQ.US)$, Chinese electric vehicle maker $NIO Inc.(NIO.US)$, luxury electric vehicle maker $LUCID GROUP INC(LCID.US)$ and Chinese education company $TAL Education Group(TAL.US)$.
Why It Matters: Apple is seeing high interest from retail investors after the company reported third-quarter results above analysts' estimates, while Advanced Micro Devices announced better-than-expected second-quarter results and issued an upbeat forecast for the third quarter.
Microsoft reported fourth-quarter results that beat analysts’ expectations.
Shares of Chinese companies such as Alibaba and Nio experienced unusual options activity in Tuesday’s trading amid the Chinese government crackdown on the tech and for-profit education sectors.
It was reported that Alibaba Group is seeking to re-enter music streaming after announcing its decision to close down its Xiami Music streaming platform earlier this year.
Price Action: SPDR S&P 500 ETF Trust shares closed almost 0.5 lower in Tuesday’s trading at $439.01 and further edged down less than 0.1% in the after-hours session to $438.75.
Apple shares closed almost 1.5% lower in the regular trading session at $146.77 and further declined more than 2% in the after-hours session to $143.70.
Alibaba shares closed almost 3% lower in the regular trading session at $186.07 and further declined almost 0.3% in the after-hours session to $185.60.