Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

What’s Driving Oclaro, Gilead, Eaton, Boot Barn Holdings & Viavi Higher on Wednesday?

Page 1 of 2

Markets continued to tumble on Wednesday, with all major U.S. stock indexes trading down, even as commodities surged. However, a few stocks were moving in the same direction as commodities. Among today’s gainers, we can count Oclaro, Inc. (NASDAQ:OCLR), Gilead Sciences, Inc. (NASDAQ:GILD), Eaton Corporation, PLC Ordinary Shares (NYSE:ETN), Boot Barn Holdings Inc (NYSE:BOOT), and Viavi Solutions Inc (NASDAQ:VIAV). So, let’s take a look into the events driving the advances in these stocks, and into what the hedge funds in our database think about the companies.

While there are many metrics that investors can assess in the investment process, hedge fund sentiment is something that is often overlooked. However, hedge funds and other institutional investors allocate significant resources while making their bets and their long-term focus makes them the perfect investors to emulate. This is supported by our research, which determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor beat the S&P 500 by around 95 basis points per month (see more details here).

Back to Wednesday gainers, we’ve got Oclaro, Inc. (NASDAQ:OCLR), which is up by some 10% after the company beat estimates for its second quarter financial results on Tuesday afternoon. The small cap tech company reported earnings of $0.03 per share, $0.04 better than expected, on revenue of $94.13 million, up 8.4% year-over-year, and $2.64 million above the consensus estimate.

Follow Oclaro Inc. (NASDAQ:OCLR)
Trade (NASDAQ:OCLR) Now!

It seems like a few hedge funds saw the good times coming. Among those we track, 15 disclosed long stakes in the company as of the end of the third quarter of 2015, up by about 15% quarter-over-quarter. Just a few days ago, Alex Sacerdote’s Whale Rock Capital Management declared a large increase in its exposure to Oclaro, Inc. (NASDAQ:OCLR), from 3.83 million shares (disclosed in it last 13F) to more than 6.46 million shares.

Next up is Gilead Sciences, Inc. (NASDAQ:GILD), up by roughly 3% on the back of its fourth quarter fiscal 2015 results, which were announced on Tuesday evening. The biopharmaceutical company posted earnings of $3.32 per share on revenue of $8.506 billion, well above the Street’s consensus of $2.99 per share and $8.11 billion. However, the management provided 2016 revenue guidance that fell a little short of expectations and includes net sales in the range of $30 billion to $31 billion.

Follow Gilead Sciences Inc (NASDAQ:GILD)
Trade (NASDAQ:GILD) Now!

Similar to Mr. Market, hedge funds seem quite bullish on Gilead Sciences, Inc. (NASDAQ:GILD). During the third quarter of 2015, the number of funds in our database long the stock rose by 6.6% to 90. D. E. Shaw disclosed ownership of more than 6.15 million shares in its last 13F filing.

On the next page we will take a look at the news behind the surges at Eaton Corporation, Boot Barn Holdings, and Viavi Solutions.

Page 1 of 2

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!