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Nasdaq Market Movers: Tesla, Autodesk, and Broadcom Help Index To New Highs

Analyst Team trader
Updated 18 Jun 2024

The Nasdaq 100 index gained 1.24% on the day, hitting new all time highs just a shade under the psychologically important level of 20,000. Amidst these major milestones for the index, there are some big names making moves on the day for differing reasons.

Tech has been outperforming on a YTD basis, and yesterday's session failed to buck that trend. Of the big movers on the day, ADSK, TSLA, and AVGO stand out as names to watch.


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Autodesk (NASDAQ: ADSK)

Autodesk, a renowned design-software maker, recently caught the attention of investors as Starboard Value LP, an activist investment firm, revealed a substantial $500 million stake in the company.

This strategic move by Starboard Value is not just a passive investment; the firm is actively pushing for operational changes within Autodesk. The result of this revelation was a surge in Autodesk's stock price, which rose over 6.48% yesterday, returning the stock green YTD, as shareholders reacted optimistically to the potential for improvements that can drive value.

Broadcom (NASDAQ: AVGO)

Focusing on the technology sector, Broadcom, a leading player in the semiconductor and software industry, has also been in the limelight. Broadcom stock price increased 5.41% on the day, to bring the last 5 trading days up a pretty astonishing 27.29%.

Market confidence might be attributable to the company's recent declaration of a 10-for-1 stock split— a corporate action typically perceived to enhance the liquidity of a stock, potentially making it more accessible to a broader range of investors.

Tesla (NASDAQ: TSLA)

Meanwhile, Tesla, the electronic vehicle pioneers, had another green day. With Tesla stock up 5.30%, the reaction to the shareholder approval of Elon Musk's pay deal has been resoundingly positive.

This possibly reflects the markets' view that Elon Musk will now be more inclined to focus his attentions on Tesla, and the potential AI developments at the company rather than some of his other projects.

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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY

The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.