Tuesday, 02 January 2024 12:17 GMT

Alphabet, Apple, Bank Of America, AT&T, Nvidia: What Sparked Heavy After-Hours Trading In These 5 Stocks?


(MENAFN- AsiaNet News)

U.S. stocks fell on Tuesday as fears concerning the U.S. having to pay back tariff revenue received so far dented sentiment after an appellate court ruled Trump's tariffs illegal. The major averages have entered a seasonally weak September near their all-time highs.

The next significant catalysts are likely to be Friday's non-farm payrolls report and the September 16-17 rate-setting meeting of the Federal Reserve.

In the after-hours trading on Tuesday, the following stocks saw significant trading volume:

Alphabet, Inc. (GOOGL)

After-hours move: +7.07%

Trading volume: 13.39 million

Alphabet's Class C stock, trading on the Nasdaq under the ticker symbol“GOOG,” was the second-most actively traded, with 8.47 million shares exchanging hands. The Class C shares ended Tuesday's after-hours session up 6.76%.

The buoyancy in Alphabet stock can be traced back to an antitrust ruling by a federal court that permitted the search giant to keep its Chrome browser and Android mobile operating system. Judge  Amit Mehta of the U.S. District Court for the District of Columbia also allowed Alphabet to pay other companies for placement and preloading Google apps.

But Google was prohibited from entering into exclusive contracts for its Google services and was also required to share some search index and user interaction data.

On Stocktwits, retail sentiment toward Alphabet stock turned to 'extremely bullish' (85/100) by late Tuesday, from 'bullish' a day ago. The message volume turned to 'extremely high' levels.

GOOGL sentiment and message volume as of 12:40 a.m., Sept. 3 | source: Stocktwits

Alphabet stock has gained about 12% year-to-date (YTD).

Apple, Inc. (AAPL)

After-hours move: +3.08%

Trading volume: 8.06 million

Apple stock benefited from the Google antitrust ruling, as the tech giant can continue to receive $20 billion per year for keeping Google as its default search across iOS devices. Deepwater Asset Management Managing Partner Gene Munster noted that this would account for 15% of Apple's operating income. 

Retail sentiment toward Apple stock remained 'bearish' (39/100), although moving slightly less bearish from a day ago, and the message volume ticked up but remained at 'low' levels.

AAPL sentiment and message volume as of 12:40 a.m., Sept. 3 | source: Stocktwits

The stock has declined by approximately 8% this year.

Bank of America Corp. (BAC)

After-hours move: -0.10%

Trading volume: 6.06 million

Shares of BofA fell 0.63% in Tuesday's regular session before dipping further in the after-hours. The stock, however, trades just shy of the multi-year high of $50.92 (highest since late 2007) reached last Friday.

The increased activity came amid a Reuters report, citing industry executives, that stated that the Office of the Comptroller of the Currency, the Federal Reserve, and the Consumer Financial Protection Bureau have postponed, scaled back, or canceled bank exams.

The reduced scrutiny is especially applicable to non-core banking issues, such as reputational risk, climate change risk, and diversity and inclusion.

BofA stock elicited 'bearish' sentiment (40/100), accompanied by 'normal' levels of chatter.

BAC sentiment and message volume as of 12:40 a.m., Sept. 3 | source: Stocktwits

The stock has gained 16% this year.

AT & T Corp. (T)

After-hours move: -0.14%

Trading volume: 5.59 million

AT & T stock also trades just shy of its all-time high of $29.65 (reached on Aug. 22). Also, Goldman Sachs assumed coverage of the stock with a 'Buy' rating and a $32 price target. The firm expects 2026 to be a pivotal year for the U.S. telecom and cable sectors, amid heightened competition in consumer connectivity services.

The firm sees the companies generating attractive financial returns as they reap the benefits of investments in network modernization, spectrum, and brand.

On Stocktwits, retail sentiment toward the stock remained 'neutral' (48/100), with 'normal' message volumes. 

 T sentiment and message volume as of 12:40 a.m., Sept. 3 | source: Stocktwits

AT & T has soared 32% thus far in 2025.

Nvidia Corp. (NVDA)

After-hours move: -0.65%

Trading volume: 5.53 million

Nvidia's stock fell for a fourth consecutive session on Tuesday, dragged down by macroeconomic concerns and worries about the fate of its artificial intelligence (AI) chips in China. The stock also took a hit from rumors that the company was facing supply issues. 

Later, Nvidia clarified regarding the same.“We've seen erroneous chatter in the media claiming that NVIDIA is supply-constrained and 'sold out' of H100/H200,” the company said. 

“We have more than enough H100/H200 to satisfy every order without delay.”

As Nvidia's stock trades in neutral territory following its recent string of losses, retail sentiment toward the stock remained 'extremely bullish' (75/100). The message volume on the stream also remained at 'extremely high' levels.

 NVDA sentiment and message volume as of 12:40 a.m., Sept. 3 | source: Stocktwits

The stock has gained about 27.2% this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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