Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
Most Traded Stocks by Saxo Singapore Clients
In December 2024, Saxo Singapore clients showed a strong interest in several key stocks. Among the most traded stocks you may see a lot of familiar names, like NVIDIA Corp., Tesla Inc., Palantir Technologies Inc., and Advanced Micro Devices Inc.
Among them, the standout performers are Rigetti Computing, Inc. and SoundHound AI. Both of these two stocks have large increases in the number of trades, number of trading clients and trading volumes.
Rigetti has been actively involved in the quantum computing sector and recently launched its 84-qubit Ankaa-3 quantum computer, which has captured significant investor attention. The company says the machine is now accessible through Rigetti Quantum Cloud Services and will debut on platforms like Amazon Braket and Microsoft Azure in early 2025. This launch has contributed to a 400% increase in Rigetti's stock over the past month.
SoundHound AI Inc. saw a significant increase in its stock price, up more than 860% in 2024 especially after reporting better-than-expected quarterly results. Soundhound said demand was driven by “incredible market enthusiasm” for conversational AI tools. and its stock price continued to trend higher after Nvidia reported investments in it.
Name of the stock | Ticker | Dec 2024 performance | % MoM change of trades |
Tesla Inc. | TSLA | 17.0% | -9.13% |
NVIDIA Corp. | NVDA | -2.9% | -9.80% |
Palantir Technologies Inc | PLTR | 12.7% | -13.85% |
Advanced Micro Devices Inc. | AMD | -11.9% | 46.61% |
SoundHound AI Inc | SOUN | 113.1% | 257.47% |
Rigetti Computing, Inc. | RGTI | 400.3% | 909.30% |
Alphabet Inc. - A Share | GOOGL | 12.0% | 7.07% |
MicroStrategy | MSTR | -25.3% | -12.28% |
Microsoft Corp. | MSFT | -0.5% | -11.98% |
Amazon.com Inc. | AMZN | 5.5% | -15.01% |
Hot Stocks Picked by Saxo Singapore Clients
We looked at the most traded stocks, which had more than 100 trades, and ranked them. Then we compared the ranks for this month to last month. This helped us find which popular stocks had the biggest changes in the number of trades. These stocks indicate our clients’ shifting interests, momentum and their read of the markets.
Name of the stock | Ticker | Dec 2024 performance | % MoM change of trades | Sector- business nature |
Quantum Computing Inc | QUBT | 134.4% | 360% | Technology – Computer Hardware |
D-Wave Quantum Inc | QBTS | 178.1% | 175% | Technology – Computer Hardware |
SoundHound AI Inc | SOUN
| 113.1% | 257% | Technology- Software Application |
Lululemon Athletica Inc. | LULU | 19.3% | 27% | Consumer Cyclical- Apparel Retail |
Novo Nordisk A/S - ADR | NVO | -19.5% | 20% | Healthcare- Drug Manufacturer |
Broadcom Inc. | AVGO | 43.0% | 162% | Technology- Semiconductor |
Walmart Inc. | WMT | -2.3% | 16% | Consumer Defensive- Discount stores |
EHang Holdings Ltd ADS | EH | 1.4% | 12% | Industrial – Aerospace & Defense |
PayPal Holdings Inc. | PYPL | -1.6% | 0% | Financial services- Credit services |
Micron Technology Inc. | MU | -14.1% | 72% | Technology- Semiconductor |
Here is a quick recap of the market news of Dec 2024 for these hot stocks:
Shares of quantum computing companies are trading higher and the sector has recently seen increased interest. Quantum Computing Inc saw a 102% increase in revenues compared to the same period last year, driven by its contract with Johns Hopkins University to deliver a customized quantum LiDAR prototype. Additionally, Quantum Computing Inc. was awarded a prime contract by NASA to support phase unwrapping using its Dirac-3 photonic optimization solver.
D-Wave Quantum Inc, a player in the quantum computing industry, appeared to be benefiting from investor optimism surrounding Google Willow's release. The company's stock movement reflects broader investor interest in quantum computing, particularly in light of developments like Willow that highlight the potential for quantum tech to accelerate commercial applications.
Lululemon Athletica Inc. announced its third-quarter fiscal 2024 results, showing a 9% increase in net revenue to $2.4 billion. The company also repurchased 1.6 million shares of its common stock for $408.5 million. Several analysts downgraded Lululemon Athletica Inc. following the earnings announcement and weaker than expected forecast for the first quarter of 2025.
Novo Nordisk's stock experienced a significant decline after reporting disappointing clinical trial results for its CagriSema weight loss drug, achieving only 22.7% average weight loss compared to the targeted 25%. The buy and sell trade data indicates that Saxo Singapore clients took the share price drop as a buying opportunity.
Broadcom Inc. reported its fourth-quarter and fiscal year 2024 financial results, with a 51% increase in revenue to $14.05 billion for the fourth quarter. The company also announced an 11% increase in its quarterly common stock dividend11. Broadcom's fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion12.
Walmart Inc. achieved record revenue and marked 51 years of consecutive dividend growth.
EHang Holdings Ltd. announced that it expects to report record fourth-quarter 2024 results, beating revenue guidance by 20%. The company's total revenues for the fourth quarter are expected to reach RMB162 million, representing a 187% year-over-year increase.
PayPal Holdings Inc. reported strong growth in payment volume and revenue for the third quarter of 2024. The company saw a 9% increase in total payment volume to $423 billion and a 22% rise in non-GAAP earnings per share. However, the buy and sell trades placed by Saxo Singapore clients shows some bearish sentiment. PayPal's stock has already seen a significant rally last year, which has led some investors to believe that the stock is overvalued and due for correction.
Micron Technology Inc. reported its first-quarter fiscal 2025 results, with an 84.3% year-over-year increase in revenue to $8.71 billion. The company also declared a quarterly dividend of $0.115 per share.