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Trending Stocks: Apple, Alphabet, Baker Hughes, GE, and More

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Crude futures are in the red to start off the week as OPEC continues to squabble on who is going to cut what, making the prospect of a deal seem less likely. Meanwhile, the broader index futures are in the green on the back of yet more M&A news.

In this article, let’s take a closer look at the events causing Apple Inc. (NASDAQ:AAPL), Goldman Sachs Group Inc (NYSE:GS), Alphabet Inc (NASDAQ:GOOG), Baker Hughes Incorporated (NYSE:BHI), and General Electric Company (NYSE:GE) to trend and let’s also examine relevant hedge fund sentiment toward the five stocks.

We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details here).

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It’s official. General Electric Company (NYSE:GE) has agreed to fold its oil and gas unit into Baker Hughes Incorporated (NYSE:BHI) to form a larger, more efficient oil service giant. According to the deal’s terms, Baker Hughes shareholders will get a special one-time dividend of $17.50 in cash per share after the deal closes, and will retain 37.5% ownership of the new combination. GE will retain the rest. Due to the synergies involved, both stocks are in the green today, with Baker Hughes up by 4% and GE rising by around 1%.

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44 funds that we track were long Baker Hughes Incorporated (NYSE:BHI) at the end of the second quarter, while 57 were long General Electric Company (NYSE:GE).

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Alphabet Inc (NASDAQ:GOOG) is in the spotlight today after Bloomberg reported that the internet giant has assigned Jonathan Rosenberg as a counselor to its Access segment, which is responsible for Google Fiber. Rosenberg is widely regarded as a ‘fixer’ who straightens out troubles in a division. Due to the move, some traders think Rosenberg will push for more fiscal efficiency in the segment, which would ultimately mean higher margins, but possibly lower top-line growth, for Google Fiber. The number of funds in our system with holdings in Alphabet Inc (NASDAQ:GOOG)’s Class C shares fell by 16 quarter-over-quarter to 126 at the end of June, while 135 funds were shareholders of its Class A shares, down by 20 quarter-over-quarter.

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On the next page we’ll examine why investors are buzzing about Apple and Goldman Sachs this morning.

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