- Some of the hottest tech stocks have “lost their shine” among millennials, according to data from the stock trading app Stockpile.
- AMD and Square slipped on the app’s ranking of most-traded stocks, falling to 13th from 10th place, and 21st from 15th, respectively.
- Tech stocks have had a mixed earnings season.
The lukewarm earnings season seems to have tempered millennials’ enthusiasm for some of the hottest tech stocks.
After the market selloff, shares of some of the biggest tech names have fallen out of favour with young investors, according to data from stock trading app Stockpile, which is popular with millennials. This comes on the heels of lacklustre earnings data and a jobs report that showed the fastest rise in hourly wages since 2008 and hinted at inflationary pressures ahead.
AMD and Square seem to “have lost their shine” with investors, according to a Stockpile spokesperson. AMD is now the 13th most traded stock on the app – which allows users to trade in fractional shares – down from 10th place. Square moved lower to the 21st place from 15th.
AMD reported an earnings beat across the board, though investors showed some signs of disappointment over its handling of the Spectre CPU flaw. The subsequent patches to fix the issue affected its chips’ performance by as much as 30%. Meanwhile, Square, which is set to report earnings on Feb. 27, announced it would allow bitcoin trading on its platform though critics question how CEO Jack Dorsey could manage to run both Square and Twitter.
Facebook beat Wall Street estimates, though it said that users were spending fewer hours a day on its platform.Amazon enjoyed a blockbuster quarter while Apple disappointed investors because of its slower iPhone sales.Netflix posted a good earnings quarter, reporting a healthy pace of subscriber growth despite already being in most US homes. But Alphabet’s Google missed estimates over higher traffic acquisition costs and higher expenses to reach smartphone users.
Notably, Stockpile data revealed that shares of Snap,Tesla, and Ford were rising in popularity in the trading app in the past seven days. Snap reported an explosive first quarter, Tesla showed stronger-than-expected earnings results, and Ford missed on earnings, though investors saw positive signals in its joint venture with Chinese firm Zotye and autonomous driving partnerships with Lyft and Domino’s Pizza.
Here’s a list of millennials’ top 15 most-traded stocks on Stockpile:
- Bitcoin Investment Trust (GBTC)
- Alphabet Class A (GOOGL)
- iShares Core Growth Allocation ETF (AOR)
- Berkshire Hathaway (BRK.A)