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Cinema stocks jump, China’s crowded EV space, crypto stocks slide after Walmart-Litecoin hoax

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Yahoo Finance’s Jared Blikre reports on the day's trending tickers.

Video Transcript

ALEXIS CHRISTOFOUROS: Want to check in though now with Jared Blikre for a closer look at some of our trending stocks today. And Jared, I know cinema stocks jumping after Disney promises some more theatrical releases. What can you tell us about that?

JARED BLIKRE: That's right. This news broke late, late Friday afternoon. Disney has six big films it's going to release during the remainder of 2021. And they're going to give all of them a 30-day head start in the movies. And guess what, that's coming off of the best weekend ever for Labor Day for AMC in the US that we were talking about last week.

And let's take a look at the Y-Fi interactive to see our movies heatmap for the day. Now, we can see a lot of green there. AMC, also a meme stock as we know, that's up 4 and 1/2 percent. I'm going to sort by performance here. In the upper left though, guess what, IMAX, which doesn't own any theaters, only licenses its theaters, that stock is up 8%. But it's still underwater about 7 and 1/2 percent year to date.

But the movie theaters might be turning a corner here. Here's Cinemark Holdings, that stock is just barely green, up 5% year to date, so clawing back some of those losses. And of course, we know AMC up to 2,373% year to date, so nice gains, tacking on 4 and 1/2 percent today for those theaters.

And in the same vein as the reopening trade, might as well hit to travel sector because we're seeing some nice gains there too. Royal Caribbean up 2%, Live Nation up 2%, Southwest up 1%. And only a few standouts, Airbnb and Trip.com trading to the downside, Alexis.

ALEXIS CHRISTOFOUROS: All right, I know you also have your eye on some of those EV stocks today, both Chinese and here at home. Tesla, looks like the stock nearly reversing its largest drop in about a month.

JARED BLIKRE: That's right. And we were just talking about some of the weakness in Chinese stocks. Over the weekend, also going after some of the auto manufacturers in the EV space. Check this out. They have 300 companies selling these cars, a lot of them probably still in the concept stage, not going to get beyond the pre-revenue stage. And Chinese authorities saying there has to be consolidation.

So the initial knee-jerk reaction was for Li Auto, stocks like NIO, XPeng, they took a dip. But for the most part in the green now. Li Auto at the bottom. That stock is down 1 and 1/2 percent, fairing much better than a lot of its Chinese counterparts.

I do have some analyst commentary, or actually a quote from the Ministry for Industry and Information. This is what they're saying about this. Looking forward, EV companies should grow bigger and stronger. We have too many EV firms on the market right now. Firms are mostly small and scattered. The role of the market should be fully utilized. And we encourage merger and restructuring efforts in the EV sector to increase market concentration.

You have to think this is going to benefit some of the larger players like the ones I was just mentioning, NIO in particular. But in general, we're seeing this space off to a nice start today.

And you did mention Tesla. This is a pretty big deal for Tesla. Just want to highlight the price action. I'm going to put a candlestick chart here. Hard to see, but it's in a pretty firmly entrenched uptrend here. We just tested the bottom end of this channel. So with all the technical considerations still in solid short and intermediate-term uptrend for Tesla. But want to see 700 hold, should we trade to the downside.

ALEXIS CHRISTOFOUROS: All right. And finally, it looks like Walmart is throwing some cold water on reports that it had come to some sort of a deal with Litecoin. And I know those cryptocurrency-related stocks are taking a hit because of it.

JARED BLIKRE: Yeah. Let's take a look at the YFi Interactive once again. And I'm going to show you Litecoin here. The announcement was that Litecoin and Walmart had entered a partnership. Walmart was going to take Litecoin as payment for its goods. That is not happening.

And I can show you what happened on an intraday basis. We got a huge spike up, 33% at the top there. Gave all of those gains back and more.

You take a look at Bitcoin, very similar story. In fact, it came down even below the original price there but has managed to kind of find some equilibrium at about 44 and 1/2 thousand. And then those crypto stocks that we're tracking, most of those underwater as well as. Some of the bigger ones, we have NXT-ID, that's down about 8%. And we'll take a look at another one here, DPW Holdings, that's down 4%, Alexis.

ALEXIS CHRISTOFOUROS: All right. Thanks so much.