Daily stock watch: Why Tesla, Opendoor, and Block are on investors' radars
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- Tesla, Block, Navitas Semiconductor, Incannex Healthcare, and Opendoor Technologies are all moving premarket.
- Opendoor Technologies rose over 25% after a social media boost by an investor.
- Eric Jackson's post predicted a strong turnaround, boosting the stock.
Opendoor Technologies, Tesla, Block, Navitas Semiconductor, and Incannex Healthcare are the most talked-about US stocks ahead of a fresh trading week.
This is where they were trading premarket as of 7 a.m. ET Monday —and what's driving the moves.
1. Opendoor Technologies
The move: The real-estate company jumped over 20% to $2.72 a share, having gained about 36% on Friday.
Why: Opendoor's surge has followed a social media post by investor and Carvana spotter Eric Jackson, who wrote that he predicted a strong turnaround for the online platform. The stock's retail trading activity is up 140% in the past 10 days, per stocks and ETF data provider VandaTrack.
2. Tesla
The move: Elon Musk's EV maker is up 1.4% to $334.29 per share, after rising about 3% on Friday.
Why: The company is set to report quarterly earnings on Wednesday. Tesla stock rose after the past two postings, despite weaker-than-expected results. This week's earnings will indicate the health of the EV manufacturer after Musk's return from his role at Doge.
3. Block
The move: The firm that operates Square and Cash App is up about 9% to $79.60 a share, bringing its increase to more than 15% in the past month.
Why: The jump came on the news that Block will be added to the S&P 500 on Wednesday, replacing energy company Hess Corporation.
4. Navitas Semiconductor
The move: Its stock is up 5.6% to $7.17 a share, extending its gain of 8.3% on Friday.
Why: The California-headquartered company has made several announcements regarding key innovations this year, including gains in GaN semiconductor production and the development of 800V HVDC architecture for AI data centers as part of a collaboration with Nvidia.
5. Incannex Healthcare
The move: Shares were up 44% before the opening bell to $0.88, following a leap of over 60% on Friday.
Why: The Nasdaq-listed company is due to release more data this month on its ongoing trials of an oral drug for sleep apnea patients.