Markets are on a tear this year! Let’s take a look at some of the hotter stocks in the S&P 500 that are outperforming the index.
Warner Bros. Discovery (WBD) is up 50% year-to-date even with a more than 3% decline today. Investors have rallied behind this stock after it was spun off due to upbeat guidance from the CFO Gunnar Wiedenfels. Let’s check back on this stock next month and see how it holds up.
Tesla (TSLA) is up 40% year-to-date. Tesla has had a rough go at it over the last few month with supply chain issues and rising interest rates that has caused the stock to plummet. Despite that Tesla reported record revenue last week. The company also cut its car prices which has sparked demand. CEO Elon Musk said during an analyst call, “Thus far in January we’ve seen the strongest orders year-to-date than ever in our history. We’re currently seeing orders of almost twice the rate of production.”
Let’s check back with Tesla in a month or so.
Western Digital (WDC) has gained 38% this year. Not too much in the news to back up this rally. I’m sure cooling inflation, less aggressive rate hike, and the China reopening is helping this stock rally. The only material news item found was a merger talk Bloomberg News reported. According to the report the companies were working out a spinoff deal of Western Digital’s flash business that would merge with Kioxia and listed in the U.S.
Let’s see what Western Digital has in store over the next month.
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