Why Alibaba, Canadian Solar, Synacor and Two Other Stocks are Gaining Ground Today?

Market sentiment took a blow on Wednesday following dismal earnings reports from major companies. However, some stocks are gaining ground today. They include Alibaba Group Holding Ltd (NYSE:BABA), Canadian Solar Inc. (NASDAQ:CSIQ), Synacor Inc (NASDAQ:SYNC), Freeport-McMoRan Inc (NYSE:FCX) and SolarCity Corp (NASDAQ:SCTY). Let’s find out the reasons behind the movement in these stocks and see what hedge funds think about them.

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Alibaba Expands Its MarketSafe Program

Alibaba Group Holding Ltd (NYSE:BABA) inched up by 0.77% in the green today after the company announced the creation of the IACC MarketSafe® Expansion Program with collaboration of International AntiCounterfeiting Coalition (IACC). The MarketSafe program was first started by Alibaba in 2013 to take down infringing listings on Alibaba’s China retail marketplaces using an expedited removal procedure. The expansion program promises to take small and large businesses and companies on board in this anticounterfiet project, free of charge. Last week, the eCommerce giant reported its fiscal fourth quarter results, beating the estimates on revenue.

Out of the 786 active funds that we track, 77 held positions in Alibaba Group Holding Ltd (NYSE:BABA) at the end of last year, with a total value of approximately $6.7 billion. Ken Fisher‘s Fisher Asset Management is one of the biggest stakeholders in Alibaba Group Holding Ltd (NYSE:BABA) as of March 31, with ownership of more than 3.08 million shares.

Canadian Beats Estimates

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock surged by more than 14% today after the company reported first quarter EPS of $0.39, better than the expected $0.14. Revenue for the quarter came in at $721.4 million, up from the analysts’ estimate of $663.74 million. The solar power company raised its full year revenue guidance to the range of $3.0 billion to $3.2 billion, up from the previous guidance of $2.9 billion to $3.1 billion. The company says that it expects strong module shipments in the year.

At the end of last year, 15 hedge funds had long positions in Canadian Solar Inc. (NASDAQ:CSIQ), worth approximately $147 million. As of March, Clifford Fox’s Columbus Circle Investors owns 824,761 shares of the company.

We will discuss Synacor, Freeport-McMoRan and SolarCity on the next page.