U.S. stocks are trading higher ahead of manufacturing data along with new home sales data which is expected tomorrow. Meanwhile oil is trading lower after Goldman Sachs stated that the price of the commodity is expected to stay in the range of $45 to $50 through the next summer.
Meanwhile, among the stocks that are trending today are Cobalt International Energy, Inc. (NYSE:CIE), Stemline Therapeutics Inc (NASDAQ:STML), Mylan Inc. (NASDAQ:MYL), Mobileye NV (NYSE:MBLY), and Delphi Automotive PLC (NYSE:DLPH). In this article, let’s take a closer look at the latest developments and assess the smart money sentiment surrounding these stocks.
At Insider Monkey, we track around 770 hedge funds and institutional investors. Through extensive backrests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details about our small-cap strategy).
Cobalt International Energy, Inc. (NYSE:CIE)’s stock opened lower but has gained ground in Tuesday intraday trading. The company has announced that its deal to sell a 40% stake in two offshore oil blocks in Angola to state oil company Sonangol has been terminated. The $1.75 billion transaction was broken off after Cobalt International Energy and Sonagol did not obtain the required approvals from the Angolan government within one year from the execution date of the Purchase and Sale Agreement. Three weeks earlier Cobalt International Energy, Inc. (NYSE:CIE) had warned that the deal might not be completed. Among the funds we track, 17 funds held shares of Cobalt International Energy, Inc. (NYSE:CIE) at the end of June.
Stemline Therapeutics Inc (NASDAQ:STML)’s shares are trading higher after the company’s lead product candidate for the treatment of a rare blood cancer has received Breakthrough Therapy Designation for SL-401 from the US Food and Drug Administration. The product candidate, SL-401 has the Orphan Drug status in Europe. The Breakthrough Therapy designation will help the company to receive more guidance from the FDA and speed up the review of the New Drug Application. Eight investors from our database held shares of Stemline Therapeutics Inc (NASDAQ:STML) at the end of the second quarter, having amassed over 5% of the company’s outstanding stock.
On the next page, we are going to discuss Mylan Inc. (NASDAQ:MYL), Mobileye NV (NYSE:MBLY) and Delphi Automotive PLC (NYSE:DLPH).