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Why Are These Four Stocks Surging Amid Today’s Falling Market?

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U.S. stocks have extended losses into the afternoon today, ahead of Federal Reserve’s highly anticipated interest rate decision next week. Although the main indices are sharply lower, there are several stocks that have not followed the herd and went north instead. Let’s find out why CenterPoint Energy, Inc. (NYSE:CNP), NCI Building Systems Inc (NYSE:NCS), Empire District Electric Co (NYSE:EDE), and Summit Midstream Partners LP (NYSE:SMLP) are trading higher this afternoon.

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CenterPoint Energy, Inc. (NYSE:CNP) is trending higher at noon, despite the fact that gas utility stocks are deep into red. The stock has staged a strong rally after the opening bell, advancing by as much as 8% before settling around the $17 level. So far this year, the stock has been a poor performer, falling by 27% year to date. Third quarter results were also disappointing, as CenterPoint Energy posted a loss of $0.91 per share on the back of $1.63 billion in revenues.

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Hedge fund sentiment towards CenterPoint Energy, Inc. (NYSE:CNP) remained intact by the end of the third quarter, as 25 hedge funds reported positions in the company. Jonathan Barrett and Paul Segal are very bullish on this stock, having increased their holding by 252% during the quarter. In its latest 13F filing, their fund, Luminus Management, reported ownership of 4.55 million shares worth $82.2 million.

Solid fourth quarter numbers have sent NCI Building Systems Inc (NYSE:NCS) up today, as the company beat market expectations. NCI posted revenues of $459.8 million, up by 17% year over year, and a profit of $0.31 per share when adjusted for one-time gains and costs, beating analysts expectations of $0.22 per share. Shares have opened 11% higher today and have fallen a bit before settling around the $12.20 level.

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NCI Building Systems Inc (NYSE:NCS)’s popularity among elite funds registered a significant boost, as the number of long positions increased to 25, from 17 at the end of June. Peter Schliemann‘s Rutabaga Capital Management is the largest holder of NCS shares among the funds we follow, having also reported a 6% increase in its holding over the quarter. According to its 13F filing, the fund holds 1.97 million shares valued at $20.8 million.

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