Tesla, Amazon, Lucid, Wayfair, Sumo Logic: Trending Stocks – Benzinga

Major Wall Street indices closed in the green on Monday as investors and traders began considering the possibility of a slowdown in the pace of the Federal Reserve’s rate hikes. A report in The Wall Street Journal indicated central bank officials are preparing to slow the rate hike pace for a second straight meeting in early February on growing hopes of easing inflation. Comments by Fed Governor Christopher Waller on Friday that indicated a favor toward a quarter-percentage-point rate hike at the next meeting boosted investor sentiments, according to CNBC. The following stocks drew heavy investors’ attention:
1. Tesla Inc TSLA: Shares of Tesla closed 7.74% higher on Monday. The stock movement could be attributed to overall market strength, recent reaction to the company's price cuts, and CEO Elon Musk's ongoing trial over his 2018 'funding secured' comments. Elon Musk told jurors on Monday he was sure he had secured financial support from Saudi investors in 2018 to take Tesla private and could even have utilized his stake in SpaceX to fund a buyout, reported Reuters.
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2. Amazon.com, Inc. AMZN: Shares of Amazon closed 0.28% higher on Monday. The company announced the launch of Amazon Air in India to further enhance its transportation network.
3. Lucid Group Inc LCID: Shares of Lucid closed 12.79% higher on Monday. Citi analyst Itay Michaeli resumed coverage of Lucid with a ‘Buy’ rating and a $12 price target which is about 50% higher than the current stock price.
4. Wayfair Inc W: Shares of Wayfair closed 26.8% higher on Monday. Multiple analysts have upgraded the stock in the wake of the company's cost-efficiency plan and business performance update. JPMorgan analyst Christopher Horvers upgraded the stock from ‘Underweight’ to ‘Overweight’ and raised the price target from $35 to $63.

5. Sumo Logic Inc SUMO: Shares of the company closed 28.68% higher on Monday. Reports indicated that multiple private equity firms have expressed interest in a potential acquisition. Firms including Thoma Bravo, Vista Equity Partners and Francisco Partners have approached Sumo Logic showing interest in a potential acquisition, according to a report by The Information.
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