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Electric car makers dominate Yahoo Finance Canada’s most popular stocks in November

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·2 min read
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An electric car is charged at a roadside EV charge point, London, October 19, 2021. REUTERS/Toby Melville
An electric car is charged at a roadside EV charge point, London, October 19, 2021. REUTERS/Toby Melville

Just when it looked like it was smooth sailing for stocks, fears of inflation and the new Omicron variant took hold.

A handful of stocks continued to drive the major North American stock benchmarks; banks and energy in Canada and big tech in the United States. But Yahoo Finance Canada readers were less interested in the stalwarts and more interested in emerging technology. Here are the top 10 most popular tickers on Yahoo Finance Canada in November

1 Tesla TSLA

2 Air Canada AC.TO

3 Lightspeed Commerce LSPD.TO

4 Lucid LCID

5 AMC AMC

6 Suncor SU.TO

7 GameStop GME

8 Rivian RIVN

9 NVIDIA NVDA

10 NIO NIO

Electric car makers dominate

Tesla was the most popular stock for the second month in a row, but for a very different reason. After shares topped $1,000 for the first time, CEO Elon Musk asked his Twitter followers if he should sell some stock and in a Twitter poll they said he should. The stock fell after he made good on his promise.

A new rival joined the scene in November. Ford and Amazon-backed Rivian soared in its stock market debut before crashing. China's NIO has also struggled since going public. But rival upstart Lucid Group has been on quite a run.

Matt Maley, Miller Tabak chief markets strategist appeared on Yahoo Finance Live to discuss the mania around electric vehicles.

"It's just a sign of an unhealthy stock market," said Maley.

Omicron-sensitive Canadian stocks

Few stock market sectors move on COVID news as much as energy and airlines. Until now, supply chain gluts amid rising demand boosted oil prices, after briefly going negative at the height of the pandemic. But OPEC and uncertainty around the Omicron variant helped push prices lower, which isn’t good news for Suncor although the stock has held relatively steady.

Air Canada is particularly sensitive to the prospects of international travel taking a hit when COVID fears rise. Omicron’s discovery took a deep bite out of the stock when the federal government announced travel restrictions from southern Africa. The stock was already far from pre-pandemic levels.

Stock market darlings past and present

Before Lightspeed Commerce was able to shake off a short-seller report, a broader tech sell-off sent shares tumbling.

NVIDIA, on the other hand, remains a stock market darling as supply chain shortages have done little to stop the stock's momentum. Chris Rolland, Susquehanna senior equity analyst appeared on Yahoo Finance Live after NVIDA's earnings and said it "puts the final nail in the ARM coffin."

Meanwhile, meme stocks AMC and GameStop have been relatively stable despite steep selloffs in other hyped-up names.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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