Why Are These Stocks Surging Today?

Cisco Systems Makes an Acquisition

Cisco Systems, Inc. (NASDAQ:CSCO)’s shares have inched up by 1% after the tech giant announced an agreement to purchase CloudLock for $293 million in equity and cash. CloudLock is a leading cloud security provider and the acquisition should help Cisco bolster its growth in that important sector. The deal should close by November of this year. At the end of March, 65 funds tracked by us had a bullish position in Cisco Systems, Inc. (NASDAQ:CSCO), up by five over the quarter.

Kinder Morgan Sells 50% Equity Interest in Utopia Pipeline

Kinder Morgan Inc (NYSE:KMI)’s stock is in the green this afternoon after the pipeline giant announced that Riverstone Investment Group LLC will buy a 50% interest in the Utopia Pipeline Project. According to the terms, Riverstone agreed to make an upfront cash payment provided at closing to Kinder Morgan, consisting of reimbursement to Kinder Morgan for its 50% share of prior capital expenditures related to the project and a payment in excess of capital expenditures to recognize the value created by Kinder Morgan in developing the project to its current stage. The total project cost is expected to be around half a billion dollars when all is said and done. Kinder Morgan shares have also rallied due to higher crude prices. The number of funds tracked by us with holdings in Kinder Morgan Inc (NYSE:KMI) fell by nine quarter-over-quarter to 58 at the end of March.

Technical Trading Detected at New Concept Energy

Although there is no fundamental news concerning the company, technical traders are likely buying nano-cap New Concept Energy, Inc. (NYSEMKT:GBR) for its momentum. Shares of the company have surged 63% on the day on no news and the price action is likely causing a short squeeze. Almost a quarter of the float is short, and the company only has a share float of 0.78 million according to FINVIZ. As with all low float nano-caps, traders buying and selling should do due-diligence. None of the funds tracked by us held shares of New Concept Energy, Inc. (NYSEMKT:GBR), according to the latest round of 13F filings.

Disclosure: none