The Dow Jones is slightly in the red today as market sentiment dips on a more mixed batch of earnings results being released today. Origin Agritech Ltd. (NASDAQ:SEED), Corning Incorporated (NYSE:GLW), Exelixis, Inc. (NASDAQ:EXEL), Tenneco Inc (NYSE:TEN), and Cynosure, Inc. (NASDAQ:CYNO) are five stocks that are on the move amidst this backdrop, some on earnings, some on other catalysts. Let’s find out why traders are buying and selling these equities today and see what the collection of hedge funds in our database thinks of each stock.
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Origin Agritech Names New Boss
Origin Agritech Ltd. (NASDAQ:SEED) initially surged upon the ringing of the opening bell before fading into the red, with shares now trading down by 1.76%. Origin The volatile trading activity comes after Agritech’s board of directors named Dr. William S. Niebur as the company’s new President and CEO, according a press release. Dr. Niebur will replace Dr. Gengchen Han as the company’s head, with Dr. Han commenting on the hiring in the press release, saying:
“This announcement is the next step in our strategic plan to grow our worldwide presence in the biotechnology and seed industries. Dr. Niebur’s extensive experience, strategic vision, industry relationships and reputation – in Asia, North and South America and Europe – will help to further accelerate Origin’s emergence on the global stage.”
Dr. Niebur was recently a VP and General Manager of DuPont Pioneer. No funds that Insider Monkey tracks owned Origin Agritech Ltd. (NASDAQ:SEED) at the end of 2015.
Corning Lower on Soft Top Line
Corning Incorporated (NYSE:GLW) is 7% in the red after reporting first quarter earnings of $0.28 per share on sales of $2.17 billion. The results met EPS estimates but missed the top-line consensus by $60 million. Sales dropped by 10.7% year-over-year due to glass prices declining to a five-year low. Sales at the company’s display technologies unit fell by 17.2% year-over-year to $829 million, while Corning’s specialty materials segment saw its revenue fall by 16.5%. In better news, management expects the results for the rest of the year to be better than they were in the first quarter, with core earnings expected to be $50 million-to-$70 million for the second quarter, depending on the closing date of the company’s realignment of Dow Corning. Corning Incorporated (NYSE:GLW) was in the portfolio of 38 funds in our system at the end of the fourth quarter, out of the 786 active funds that Insider Monkey tracks.
On the next page we examine why Exelixis Inc, Tenneco Inc, and Cynosure Inc. are trading on high volume today.