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Here’s Why AMD, InvenSense, Amazon, and More Are Trending

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Despite the spate of major earnings releases this week, the markets have been rather calm — the S&P 500 fell by just 0.6% during the week, while the Dow Jones inched up by 0.09%.

Among the stocks capturing attention this weekend are several tech stocks, as well as two other equities. In this article, we’ll put Advanced Micro Devices, Inc. (NASDAQ:AMD), InvenSense Inc (NYSE:INVN), General Electric Company (NYSE:GE), Baker Hughes Incorporated (NYSE:BHI), and Amazon.com, Inc. (NASDAQ:AMZN) under the microscope to see why each stock is trending. We’ll also analyze how hedge funds have been trading each stock using the latest 13F data.

We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details).

Amazon.com, Inc. (NASDAQ:AMZN), boxes, packages,isolated, delivery, shipping,

Joe Ravi / Shutterstock.com

Advanced Micro Devices, Inc. (NASDAQ:AMD) experienced some volatility on Friday after a contributor to Zero Hedge, Cincarious Research, published an article entitled ‘Sources Say Oracle In Final Stages Of Advanced Micro Devices Buyout, Seeks Hardware Play On VR/AR.’ The article likely caused AMD sentiment among algorithmic trading systems to improve a bit. AMD shares later retreated, however, after Paul Murphy of FT Alphaville wrote that the Cincarious Research story was likely a “hoax operation” and questioned the outfit’s internet presence. Given the price action in AMD, it seems that most of the market agrees with Murphy and doesn’t believe Oracle is close to buying AMD. 25 funds that we track owned $223.23 million worth of Advanced Micro Devices, Inc. (NASDAQ:AMD) shares on June 30, a huge increase from 13 funds with $25.3 million in AMD holdings on March 31.

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InvenSense Inc (NYSE:INVN) shares surged by 8.88% in late-afternoon trading on Friday after Reuters reported that its sources said the company is considering strategic alternatives, include a potential sale. Given the spate of M&A deals in the semiconductor industry recently, it wouldn’t be surprising that InvenSense is looking to potentially merge with another semiconductor firm. 14 funds in our system were long InvenSense Inc (NYSE:INVN) at the end of the second quarter, down by four funds from the end of the first quarter.

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On the next page we’ll find out why investors are buzzing about General Electric, Baker Hughes, and Amazon.

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