Carvana, ARM, Ford, MGM Resorts, Tesla: Why These Five Stocks Are Trending Today

U.S. stocks ended Thursday in the green. The Dow Jones rose by over 330 points or 0.96% to 34,907.11. The NASDAQ and the S&P 500 also witnessed a rise, with the former increasing by 0.81% to 13,926.05 and the latter gaining 0.84% to 4,505.10. These are the top stocks that gained the attention of retail traders and investors throughout the day:

Carvana Co CVNA
Carvana shares surged by 13.47%, closing at $55.86. The stock’s intraday high and low were $56.8 and $49.44, respectively, with a 52-week range of $57.19 to $3.55. Amid the looming UAW strike deadline, a potential disruption in new vehicle production could lead consumers to the used car market, benefiting Carvana. Evercore ISI analyst Chris McNally highlighted the high probability of a UAW strike, emphasizing the potential impact on vehicle prices and the broader economy.

ARM Holdings plc ARM
ARM Holdings witnessed a significant rise of 24.69%, closing at $63.59. The stock’s intraday high and low stood at $66.28 and $55.54, respectively, with both figures also representing its 52-week range. The company’s U.S. stock market debut came after the anticipated Nvidia Corp acquisition faced regulatory challenges. CEO Rene Haas envisions a vast AI opportunity, projecting potential revenue of $28 billion in cloud computing by 2025.

Ford Motor Company F
Ford’s stock performance was relatively stable, witnessing a slight decrease of 0.16%, closing at $12.62. The stock’s intraday high and low were $12.7 and $12.41, respectively, with a 52-week range of $15.42 to $10.9. The looming UAW strike, with a 90% probability as stated by Evercore ISI analyst McNally, poses significant challenges for major automakers, including Ford. The potential strike could severely impact the U.S. economy and further strain relations between automakers and the union.

MGM Resorts International MGM
MGM Resorts saw a minor increase of 0.27%, closing at $41.58. The stock’s intraday high and low were $41.99 and $41.17, respectively, with a 52-week range of $51.35 to $29.2. The company, through a statement, recently confirmed a massive cyberattack, leading to shutdowns at multiple properties. While the extent of the breach remains uncertain, the incident has raised concerns about the potential exposure of sensitive data of guests and employees. MGM Resorts is actively working to address the situation and ensure the security of its systems.

Tesla, Inc. TSLA
Tesla’s stock rose by 1.75%, closing at $276.04. The stock’s intraday high and low were $276.71 and $270.42, respectively, with a 52-week range of $313.8 to $101.81. Ark Invest, founded by Cathie Wood, resumed selling Tesla shares amid the stock’s resurgence. Despite the recent sales, Tesla remains the top holding of Ark’s flagship ETF, the Ark Innovation ETF.

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Prepare for the day's trading with top premarket movers and news by Benzinga.