Today’s Hottest Stocks: Fitbit, Glu Mobile, GameStop, and 2 More

Traders Sell Qorvo Due to Soft Guidance 

Qorvo Inc (NASDAQ:QRVO) is down by almost 8% in the pre-market on after the semiconductor company reported soft guidance. Despite the company beating both top- and bottom-line expectations with fiscal first quarter revenue of $698.53 million (up by 3.7% year-over-year) and EPS of $1.08, traders focused on management’s guidance estimate of EPS of only $1.35-to-$1.45 and revenue of $820 million-to-$850 million for the second quarter of its 2017 fiscal year. Given the massive run-up since mid-April, the market was evidently expecting higher numbers. Of the funds in our database, the number with holdings in Qorvo Inc (NASDAQ:QRVO) fell by four quarter-over-quarter to 21 as of the end of March.

GameStop Diversifies

Videogame retailer GameStop Corp. (NYSE:GME) further diversified itself after announcing that it had completed the acquisition of three national AT&T Inc. (NYSE:T) authorized retailers: Red Skye Wireless, Cellular World, and Midwest Cellular. The acquisitions add 507 stores to GameStop’s technology brands business and make the company AT&T’s largest physical retailer with 1,421 AT&T mobility stores. The purchase helps put Gamestop on track to generate $200 million in operating earnings from the mobility segment by the end of 2019. Cliff Asness‘ AQR Capital Management owned almost 2.1 million shares of GameStop Corp. (NYSE:GME) at the end of the first quarter.

Fracking Sand Producer Earnings Ahead of Estimates

U.S. Silica Holdings Inc (NYSE:SLCA) is in the spotlight today after the fracking sand maker reported a second quarter loss of $0.17 per share on sales of $117 million. Although revenue fell by 20.7% year-over-year due to the low crude prices, U.S. Silica’s top-line still beat estimates by $2.06 million. The company’s net income was also ahead of estimates by $0.05 per share. Total tons sold increased by 9% year-over-year to 1.3 million and the company generated $5.1 million in operating cash flow for the time period. Due to the uncertain direction of crude prices, management has refrained from giving out EPS guidance for the full year. Hedge funds have been relatively bullish on the fracking sand maker of late, as 35 funds that we track were long U.S. Silica Holdings Inc (NYSE:SLCA) at the end of March, up by 13 funds from the end of December.

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