The markets have opened lower today, probably affected by disappointing results shown by Alcoa. Major indices are likely to remain jittery during the earnings season.
Among the stocks that are trending in Tuesday intraday session are Organovo Holdings Inc. (NASDAQ:ONVO), Seagate Technology PLC (NASDAQ:STX), Horizon Pharma PLC (NASDAQ:HZNP), St. Jude Medical Inc. (NYSE:STJ), and Staffing 360 Solutions Inc. (NASDAQ:STAF). Let’s take a look at the latest news involving these companies and also discuss what the smart money investors from our database think about them.
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Organovo Holdings Inc. (NASDAQ:ONVO)’s stock inched up following the release of the company’s preliminary results for the second quarter of fiscal 2017 and updated outlook for the full fiscal year. Organovo Holdings expects second-quarter revenue at $1.4 million, which is up by 357% on the year. The company expects its full fiscal year revenue to be in the range of $4.5 million to $6.2 million, up from its previous estimate of $4 million to $6 million. The number of funds tracked by us long Organovo Holdings Inc. (NASDAQ:ONVO) remained unchanged at seven during the second quarter, while the total value of their holdings went up to $2.75 million from $1.25 million.
On the other hand, shares of Seagate Technology PLC (NASDAQ:STX) are over 5% in the red, after the company announced the revenue outlook for its fiscal first quarter. Seagate Technology now expects revenue of $2.8 billion, up from its previous estimate of “at least” $2.7 billion. The company also expects its gross margin to be 29%, up from its earlier outlook of “at least” 27%. Following the news, Seagate Technology’s stock was upgraded by JPMorgan Chase & Co. to ‘Neutral’ from ‘Underweight’; the analysts also raised their price target to $38 from $20. The number of funds from our database long Seagate Technology PLC (NASDAQ:STX) amounted to 23 at the end of June, while the total value of their holdings stood at $563 million, down from $759 million held by 24 funds a quarter earlier.
On the next page, we are going to discuss the developments surrounding Horizon Pharma, St. Jude Medical, and Staffing 360 Solutions.