Top 20 U.S. stocks by trading volume on July 12: Wells Fargo says it cannot cut costs as expected

On Friday, Tesla, the No. 1 U.S. stock market by trading volume, closed up 3.03%. It partially recovered yesterday\’s loss of more than 8.4%. The transaction volume was US$38.306 billion.
Tesla had previously planned to postpone the release of Robotaxi from August to October, causing its stock price to plummet.
The European Commission on Friday accused Musk\’s X social media platform of deceiving users and violating digital content rules, putting the social media giant at risk of huge fines.
The commissioner began investigating last year whether Platform X violated the Digital Services Act (DSA), a law that requires big tech companies to better regulate content on their platforms.
The European Commission\’s preliminary investigation conclusion announced on Friday was that the .X platform violated relevant regulations on dark mode, advertising transparency and researcher data access.
So-called dark mode is a deceptive tactic designed to push users toward certain products and services.
UBS downgraded Tesla to sell from neutral.
Citigroup raised its price target on Tesla to $274 from $182.
Second-place Nvidia closed up 1.47%, partially reversing Thursday\’s decline of about 5.6%.
The transaction volume was US$32.224 billion.
The stock gained 2.7% this week.
Third-place Apple closed up 1.31%, with a transaction volume of US$12.175 billion.
An investigation by India\’s antitrust agency, the Competition Commission of India, has found that Apple used its dominant position in the iOS operating system app store market to engage in abusive acts and practices.
Since 2021, the Competition Commission of India has been investigating Apple for possible abuse of its dominant position in the app market by forcing developers to use its proprietary in-app purchase system.
But Apple has always denied wrongdoing, saying it is a small company in India, where phones using Google\’s Android system dominate.
The investigation arm of the Competition Commission of India said in the 142-page report that Apple has significant influence on how digital products and services reach consumers, especially through its iOS platform and App Store.
Currently, this report has not been made public.
No. 4 Meta Platforms closed down 2.7%. Transaction volume was US$9.833 billion.
A Meta Platforms employee said that the company plans to release the largest version of the open source Llama 3 model on July 23 (Tuesday).
The latest version has 405 billion parameters. It can understand and generate images and text.
Former U.S. President Trump posted on his self-created social platform Truth Social this week that if he wins the U.S. presidential election in November this year, some election fraudsters will be sent to prison.
The post specifically mentioned Mark Zuckerberg, CEO of American social media giant Meta.
Trump’s post read: They have no shame! All I can say is, if I\’m elected president, we\’re going to go after election fraudsters like never before. They\’re going to be sent to jail. And for a long time.
We already know who you are.
Don\’t do this! ZUCKERBUCKS. Be careful! According to reports, Meta Corporation on Friday lifted restrictions on former U.S. President Trump’s social media accounts.
After the Capitol Hill riots broke out in the United States on January 6, 2021, Trump\’s Facebook and Instagram accounts were banned.
Zuckerberg said in a statement at the time that the company believes the risks of allowing the president to continue using our services during this period are simply too great.
No. 6 Microsoft closed down 0.25%, with a turnover of US$7.355 billion.
OpenAI\’s API ban took effect on Thursday (July 11, 2024). But Microsoft Azure made it clear in a public statement that its artificial intelligence models are available to Chinese customers.
As long as you register for Microsoft\’s Azure cloud service, domestic companies can still use OpenAI\’s model.
In addition, there are reports that as the largest investor, Microsoft gave up its observer seat on the OpenAI board of directors this week. In a letter from the company to OpenAI, it stated that its withdrawal from the board of directors will be effective immediately.
Bank of Montreal raised its target price on Microsoft from $465 to $500.
No. 9 Super Micro Computer closed up 2.33%, with a transaction volume of US$4.674 billion.
No. 11 TSMC closed up 1.54%, with a transaction volume of US$3.374 billion.
TSMC recently announced that it will benefit from the strong growth of industry-leading 3-nanometer technology and strong AI-related demand this year. 2024 will be a year of healthy growth.
As the order visibility of the 3nm family continues to grow, it is rumored that it will be after 2026. And as automotive customers are expected to introduce and adopt it, the customer base and corresponding product lines will be diversified, which will be conducive to the steady growth of TSMC\’s operations.
No. 12 JPMorgan Chase closed down 1.21%. Transaction volume was US$3.137 billion.
JPMorgan Chase’s second-quarter revenue was US$50.2 billion, a year-on-year increase of 21.5%. It was US$4.54 billion higher than market expectations.
Non-GAAP earnings per share were $4.4. Above market expectations.
Net profit was US$18.1 billion, a year-on-year increase of 25%. It set a historical record and exceeded expectations of US$17.3 billion.
The company\’s second-quarter earnings fell short of Wall Street expectations as it increased provisions for credit losses.
The bank has set aside its highest loan loss provisions since the early days of the pandemic.
Provisions for credit losses in the second quarter were $3.05 billion, exceeding Visible Alpha\’s forecast of $2.88 billion, compared with $1.88 billion in the first quarter and $2.99 ​​billion in the same period a year ago.
Wells Fargo, No. 13, closed down 6.02%. Transaction volume was US$2.98 billion.
Wells Fargo\’s second-quarter revenue was US$20.69 billion, a year-on-year increase of 1%. Better than market expectations.
Net profit was US$4.910 billion, down 1% year-on-year; earnings per share were US$1.33, better than market expectations of US$1.29.
Net interest income was US$11.923 billion, down 9% year-on-year. Less than expected.
Provisions for the second quarter were US$1.24 billion. Although this was an increase from the first three months of this year, it was still better than analysts\’ expectations of US$1.28 billion.
After reporting higher-than-expected second-quarter spending, Wells Fargo warned it would not be able to cut costs at the pace previously expected.
Data show that the company\’s second-quarter expenses increased 2% to $13.3 billion.
By comparison, analysts had expected growth of 0.2%.
No. 16 Micron closed up 2.55%, with a transaction volume of US$2.617 billion.
Investment bank Keybanc raised its target price for Micron Technology to $165 this week.
No. 17 Intel closed up 2.96%, with a transaction volume of US$2.156 billion.
Intel CTO Greg Lavender said on Friday that the company\’s push into the software market is going well.
By the end of 2027, cumulative sales will reach US$1 billion.
2021. Intel’s software revenue exceeds US$100 million.
In June of that year, Intel CEO Pat Gelsinger hired Lavender to guide the company\’s software strategy.
Since then, Intel has acquired three software companies.
Lavender said on Friday: My goal is to obtain $1 billion in software and developer cloud subscription revenue.
I think we\’re on track to achieve that by the end of 2027. Maybe even earlier.
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