The Dow is up by more than 200 points on the first day of the week as Brexit fears attenuate. Various polls canvassed on Friday and over the weekend showed the ‘remain’ side gaining strength over the ‘leave’ side. If Britain remains in the EU, there will be more certainty and corporate profits will be more visible.
Among the stocks trending today are Kinross Gold Corporation (USA) (NYSE:KGC), Inovio Pharmaceuticals Inc (NASDAQ:INO), Spirit Airlines Incorporated (NASDAQ:SAVE), Kellogg Company (NYSE:K), and Chesapeake Energy Corporation (NYSE:CHK). Let’s find out why traders are talking about these stocks and see what the funds in our database think about them.
While there are many metrics that investors can assess in the investment process, the 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 to beat the S&P 500 by around 95 basis points per month (see the details here).
Kinross Gold Falls Amid British Polls
Kinross Gold Corporation (USA) (NYSE:KGC) shares have retreated by around 3% today after several polls showed that slightly more British citizens favor remaining inside the EU than leaving for the upcoming ‘Brexit’ vote on Thursday. Before today, gold spot prices had rallied in part due to speculators buying in anticipation that a ‘Brexit’ would create a potential “black swan” event that causes an economic recession in the EU. Due to the unfavorable polls for a ‘Brexit’, that outcome is less likely and gold spot prices are now below the key 1,300 level. A total of 28 funds from our database owned shares of Kinross Gold Corporation (USA) (NYSE:KGC) at the end of the first quarter, up by six funds from the previous quarter.
Inovio Up on Early Stage Approval
Inovio Pharmaceuticals Inc (NASDAQ:INO) received some good news today after the US FDA gave the go-ahead for the company to begin a Phase 1 trial over a potential Zika DNA vaccine. The trial will test whether the vaccine candidate, GLS-5700, offers enough safety and efficacy to move on to the next stage of trials. Inovio is working with Korean firm, GeneOne Life Science, on the study. The number of funds tracked by Insider Monkey with holdings in Inovio Pharmaceuticals Inc (NASDAQ:INO) fell by five quarter-over-quarter to six at the end of March.
On the next page, we examine Spirit Airlines Incorporated, Kellogg Company, and Chesapeake Energy Corporation.