Why Are Investors Piling Into These Surging Stocks?

Cliffs Natural Resources Inc (NYSE:CLF) shares have soared by over 31% after the company reported net income attributable to common shareholders of $108 million for the first quarter of 2016, or $0.62 per diluted share, versus a loss of $4.26 per diluted share in the first quarter of 2015. However, first quarter sales took a big hit, down to $306 million from $446 million in the year-ago quarter, due to lower commodity prices. A major reason for the earnings improvement was Cliffs recording a $179 million gain on restructuring or extinguishment of debt. First quarter adjusted EBITDA was $36 million. Jim Simons‘ Renaissance Technologies owned more than 6.8 million shares of Cliffs Natural Resources Inc (NYSE:CLF) at the end of December.

Sarepta Surges On TheStreet Article 

Adam Feuerstein appears to have given a boost to Sarepta Therapeutics Inc (NASDAQ:SRPT) on Thursday, as shares of the biotech company are 27% higher after Mr. Feuerstein published an article entitled, ‘Sarepta Can Win Speedy FDA Drug Approval’. In the article, Feuerstein noted that although the consensus is that the FDA will reject Sarepta’s eteplirsen for the treatment of Duchenne muscular dystrophy due to Monday’s negative advisory panel documents, senior FDA officials including Dr. Janet Woodcock, made supportive statements about the drug. The final decision to reject or approve eteplirsen lies with Dr. Woodcock. The FDA has until the 26th of next month to make a decision as to whether to approve or deny the treatment. Sarepta Therapeutics Inc (NASDAQ:SRPT) was held by 17 top funds in our database who held almost one-quarter of the biotech company’s float at the end of 2015.

Yandex Rises on Earnings

Yandex NV (NASDAQ:YNDX) is 8.5% higher and above the $20 per share mark after Russia’s leading search engine reported first quarter adjusted net income of RUB 3.2 billion ($46.9 million) on sales of RUB 16.5 billion ($243.7 million), up by 41% and 34% respectively year-over-year. Search queries in Russia inched up by 7% year-over-year, while the company’s share of the Russian search market averaged 57.6% in the quarter, an uptick from the 57.3% mark it held in the fourth quarter of 2015. Management expects revenue to grow by 15%-to-19% year-over-year in 2016. 22 funds in our system had Yandex NV (NASDAQ:YNDX) as a part of their portfolios as of the end of 2015, out of the 786 active funds that Insider Monkey tracks.

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