Trump-Linked Phunware, Apple, SoFi, Crowdstrike, Alibaba — Why These Stocks Are On Investors' Radars Today

On Tuesday, major U.S. stock indices closed lower, with the Dow Jones Industrial Average decreasing by 1.04% to 38,585.19 and the S&P 500 falling by 1.02% to 5,078.65. The Nasdaq also finished the day down by 1.65% at 15,939.59.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

Apple Inc (NASDAQ:AAPL) saw its shares decline by 2.84% to close at $170.12. The stock fluctuated between $172.04 and $169.62 throughout the day, with its 52-week range being $199.62 to $147.61. Apple’s iPhone sales in China dropped 24%, pushing the company to fourth place among smartphone vendors in the country. This decline comes amidst a general market downturn and increased competition from companies like Vivo and Huawei, which have capitalized on nationalistic purchasing trends. Despite these challenges, Apple has attempted to stimulate demand with discounts and promotions.

SoFi Technologies Inc (NASDAQ:SOFI) experienced a significant drop of 15.27% to close at $7.27. The stock’s performance today comes after the company announced a proposed convertible senior notes offering, aiming to raise $750 million. SoFi plans to use the proceeds for various corporate purposes, including repaying higher-cost indebtedness. This move has sparked interest among investors, despite the stock’s recent decline.

Phunware, Inc (NASDAQ:PHUN) surged 18.61% to close at $14.72. The company’s shares rallied following the announcement of its financial results for the fourth quarter and full year. Phunware, known for its mobile app development for Donald Trump’s 2020 re-election campaign, has seen a positive market response amid Trump-related stock turbulence. The company also announced a 1-for-50 reverse stock split and a public offering of 40.0 million shares, alongside a multi-year partnership with Escapades Memphrémagog.

CrowdStrike Holdings Inc (NASDAQ:CRWD) dropped 5.18% to close at $297.56. Despite the decline, CrowdStrike reported a strong fourth-quarter performance, with revenue up 33% year-over-year and earnings beating analyst estimates. The company’s success is attributed to its comprehensive cybersecurity platform and strategic acquisitions, such as the recent agreement to acquire Flow Security. CrowdStrike’s outlook remains positive, with expectations for continued revenue growth and earnings above analyst estimates.

Alibaba Group Holding Ltd (NYSE:BABA) slightly increased by 0.10% to close at $72.07. Alibaba is leading a financing round for AI startup MiniMax, marking a significant investment in the AI sector. This move is part of Alibaba’s strategy to focus on growth and innovation, amidst restructuring efforts and competition in the tech industry. The company’s investments in AI and cloud computing are aimed at maintaining its leadership in the digital era.

Photo by Jirapong Manustrong on Shutterstock

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