A Closer Look at Five Stocks Gaining Ground on Thursday

The US stock market is mixed on Thursday amid data of a reduction in weekly jobless claims and growth registered by oil and gas prices, after EIA data showed lower-than-expected increase in the US natural gas supplies.

Five stocks that are trading higher on Thursday on the back of different news are Wal-Mart Stores, Inc. (NYSE:WMT), Sunedison Semiconductor Ltd (NASDAQ:SEMI), Canadian Solar Inc. (NASDAQ:CSIQ), NetApp Inc. (NASDAQ:NTAP) and Cobalt International Energy, Inc. (NYSE:CIE). Let’s take a closer look at the stocks in question and assess the hedge fund sentiment towards them.

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Wal-Mart Stores Beats Estimates

Wal-Mart Stores, Inc. (NYSE:WMT)’s shares have inched up today after the retail giant surprised traders with better-than-expected results for the second quarter of fiscal 2017, which included US comparable sales growth of 1.6% as more shoppers are coming to the company’s  stores, thanks to its Neighborhood Market grocery stores and online growth. Overall, Walmart earned $1.07 per share, above analysts’ forecasts of $1.02, while revenue of $120.9 billion also beat the estimated $120.16 billion. For the full fiscal 2017, Wal-Mart expects adjusted EPS between $4.15 and $4.35, versus the prior guidance of $4.00 to $4.30 and the consensus estimate of $4.27. Warren Buffett’s Berkshire Hathaway owns 40.23 million shares of Wal-Mart as of the end of June.

GlobalWafers to Acquire Sunedison Semiconductor

Sunedison Semiconductor Ltd (NASDAQ:SEMI) shares have shot up by around 39% after the company agreed to be acquired by Taiwan-based GlobalWafers for $683 million including debt. The deal was unanimously approved by the boards of directors of both companies. The companies have a combined 17% market share in silicon-wafer industry. SunEdison Semiconductor’s CEO Shaker Sadasivam said in a statement that the merger is in the best interest of shareholders, and both companies expect a “smooth” and efficient closing of the deal before the end of the year. Among the investors we track, Seth Klarman’s Baupost Group holds 8.37 million shares of Sunedison Semiconductor, according to its last 13F filing.

Move on to the next page to see why shares of Canadian Solar, NetApp and Cobalt Energy are advancing today.

Canadian Solar Crushes Analysts Estimates

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock has skyrocketed by over 19% on the back of stronger-than-expected results for the second quarter. The solar power systems company earned $0.68 per share, higher than estimates of $0.37, while revenue stood at $805.9 million, versus the consensus estimate of $717.47 million. Module shipments during the quarter increased to 1,290 MW, compared to 809 MW in the same period last year. For the third quarter, Canadian solar expects revenue between $660 million and $710 million, compared to the average analyst estimate of $788.2 million. For the full year, the revenue is expected between $3.0 billion and $3.2 billion, versus the consensus estimate of $3.16 billion. With ownership of 1.03 million shares as of the end of June,  Ken Hahn’s Quentec Asset Management is one of the funds from our database bullish on Canadian Solar.

NetApp Reports Strong Quarter

Shares of NetApp Inc. (NASDAQ:NTAP) have gained around 15% so far today after the company reported fiscal first quarter EPS of $0.46 and revenue of $1.29 billion, above the consensus estimates of $0.36 and $1.26 billion, respectively. The California-based storage and data company expects EPS between $0.51 and $0.56 in the second quarter of fiscal 2017, versus the consensus estimate of $0.55, whereas revenue guidance stands in the range of $1.265 billion to $1.415 billion, versus analyst estimates of $1.33 billion. NetApp’s CEO George Kurian said in a statement that the company continues its “disciplined execution” of the strategy which is changing the trajectory of its business. John Brennan’s Sirios Capital Management owns 2.49 million shares of NetApp Inc. (NASDAQ:NTAP) as of the end of the second quarter.

Cobalt International Going Through the Roof

Cobalt International Energy, Inc. (NYSE:CIE)’s stock has soared by over 32% today, boosted by significant insider buying activity. On Wednesday, Cobalt International’s CFO David Powell reported purchase of 100,000 shares of the company’s common stock at an average price of $0.99 per share. In addition, the Texas-based oil exploration company was upgraded to ‘Buy’ from ‘Hold’ by analysts at Tudor Pickering, in a note issued on Thursday. At the end of June, Jim Simons’ Renaissance Technologies held 4.74 million shares of Cobalt International Energy, according to its last 13F filing.

Disclosure: None