Despite lower-than-expected non-farm payroll data, Wall Street is once again in bull-mode on Friday as all three indexes are gaining ground on hopes that jobs data will lower the prospects of an interest rate hike in the next couple of months.
Among the stocks leading the charge higher are Accuride Corporation (NYSE:ACW), Verisign, Inc. (NASDAQ:VRSN), Oasis Petroleum Inc. (NYSE:OAS), Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), and Chesapeake Energy Corporation (NYSE:CHK). Let’s find out why traders have sent these stocks higher today and see what smart money investors think about them.
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Accuride Sells Itself, Shares Rise 55%
Accuride Corporation (NYSE:ACW) is leading the pack among Friday gainers after the company agreed to sell itself to Crestview Partners for $2.58 per share in cash. The deal, which is expected to close in the fourth quarter of 2016, has been unanimously approved by Accuride’s board of directors. Of the around 750 elite funds we track, 11 owned shares of Accuride Corporation (NYSE:ACW) at the end of June, unchanged from the previous quarter.
Verisign Rises on Analyst Comments, Technicals
Verisign, Inc. (NASDAQ:VRSN) is trading 9% higher on the back of positive comments from the analysts at Cowen Research, according to Breifing.com. Technical traders could also have something to do with today’s buying as shares of Verisign recently cross through some key simple moving averages. In addition, the U.S. government’s plan to end some of its oversight over the Internet Corporation for Assigned Names and Numbers starting October 1 will likely provide more business for Verisign. A total of 30 funds from our database were long Verisign, Inc. (NASDAQ:VRSN) at the end of the second quarter, down by two funds from the previous quarter.
On the next page, we find out why traders are bidding up Oasis Petroleum, Petroleo Brasileiro SA Petrobras, and Chesapeake Energy Corporation.