Markets opened strong today and remained in the green as the Fed’s FOMC said that it is not going to increase the interest rates this month.
Meanwhile, a number of stocks, including Apple Inc. (NASDAQ:AAPL), Mylan NV (NASDAQ:MYL), Novavax Inc. (NASDAQ:NVAX), AK Steel Holding Corporation (NYSE:AKS) and ENSCO PLC (NYSE:ESV), are in the spotlight today and are registering significant moves. Let’s take a closer look at the events that put these stocks on investors radars and see what the funds from our database think about them.
While there are many metrics that investors can assess in the investment process, hedge fund sentiment is something that is often overlooked. However, hedge funds and other institutional investors allocate significant resources while making their bets and their long-term focus makes them the perfect investors to emulate. This is supported by our research, which determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor beat the S&P 500 by around 95 basis points per month (see more details here).
Apple Inc. (NASDAQ:AAPL) is one of the most popular and most-followed stocks and it is in the spotlight today amid news that it might acquire the British Luxury car maker McLaren. This news follows the previous news of Apple stalling its in-house development of autonomous cars. A report by the Financial Times claims that Apple “is considering a full takeover of McLaren or a strategic investment.” Among the funds we track, 116 funds held $10.67 billion worth of Apple’s stock at the end of June, having amassed 2% of its outstanding stock, compared to 152 investors that held $14.82 million worth of shares a quarter earlier.
Mylan NV (NASDAQ:MYL) is showing a little downcast trend as its CEO Heather Bresch is on Capitol Hill today to testify before the House Oversight Committee. The company’s policy of drastically increasing the price of its EpiPen allergic reaction treatment – and its resulting controversy – has caused negative impact on its stock price. The number of funds from our database long Mylan declined to 44 from 51 during the second quarter, while the total value of their holdings declined to $1.96 billion from $2.05 billion.
Novavax Inc. (NASDAQ:NVAX)’s stock has surged by more than 24% as it continues to recover from a drop registered last week on the back of disappointing study results (see articles). Among the funds we track, 16 funds held $70 million worth of Novavax Inc. (NASDAQ:NVAX)’s stock in aggregate at the end of June, having amassed 3.60% of its outstanding stock, compared to 18 investors that held $59 million worth of shares a quarter earlier.