Alibaba Group Holding Ltd (BABA) & Chemours Co (CC) Among Stocks that Just Hit 52-Week Highs

Given that many traders think of Apple iPhone when they hear the name Cirrus Logic, Inc. (NASDAQ:CRUS), it’s not surprising that the stock of this Apple supplier hit a 52-week high this week. The demand for Apple Inc. (NASDAQ:AAPL)’s new iPhone 7 and 7 Plus seem to be lights-out from all the reports, and the price action in Apple’s stock indicates that demand will remain strong for the coming quarters too. That’s good news for Cirrus because it means demand for Cirrus’ products will likely be strong as well. Shares of the stock have surged by 13.15% in the last five trading sessions, versus Apple’s 11.42% rise and the NASDAQ’s comparatively tame 2.31% gain. According to our data, 27 funds owned $155.17 million worth of Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock, which accounted for 6.40% of the float on June 30, versus 33 funds and $211.78 million, respectively, on March 31.

Macau-related stocks Las Vegas Sands Corp. (NYSE:LVS) and MGM Resorts International (NYSE:MGM) continued to rally this week, rising by 4.8% and 2.7% to both hit 52-week highs on Friday. The main reason for the rally in both stocks is the increasing belief that gambling revenues in Macau have turned the corner. Total gaming revenues in the city recently rose for the first month in over two years, and the government there has shown signs of being more accommodative to casino-related businesses. Throw in momentum-buying/trend-following and the fact that Las Vegas Sands shares remain attractive from a dividend yield standpoint (the stock yields almost 5% at current prices), and it’s not surprising that both stocks have done very well in 2016.

Some hedge funds missed out on the big rally in Macau related stocks. Among the funds we track, 23 investors owned shares of Las Vegas Sands Corp. (NYSE:LVS) at the end of the second quarter, down by seven from the previous quarter. Meanwhile, the smart money was a big fan of MGM between April 1 and June 30, as 59 funds from our database owned shares of MGM Resorts International (NYSE:MGM) at the end of the second quarter, up by four from the previous quarter.

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