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Why Bonanza, Quality Systems, Qualcomm, and More Are Making Headlines

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While the markets ended the week on a quiet note, as both the S&P and Nasdaq were relatively unchanged, Bonanza Creek Energy Inc (NYSE:BCEI), Quality Systems, Inc. (NASDAQ:QSII), QUALCOMM, Inc. (NASDAQ:QCOM), Baker Hughes Incorporated (NYSE:BHI), and Sprint Corp (NYSE:Sare attracting substantial attention this weekend.

In this article, we’ll examine the news that has propelled these stocks into the spotlight and check in with the smart money to see what some of the world’s most successful money managers think of each stock.

At Insider Monkey, we track over 750 hedge funds, whose quarterly 13F filings we analyze and determine their collective sentiment towards several thousand stocks. However, our research has shown that the best strategy is to follow hedge funds into their small-cap picks. This approach can allow monthly returns of nearly 95 basis points above the market, as we determined through extensive backtests covering the period between 1999 and 2012 (see the details here).

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Bonanza Creek Energy Inc (NYSE:BCEI) shares fell in after-hours trading on Friday after the company disclosed that it won’t make the interest payment due on October 15, 2016 with respect to its $500 million 6.75% senior notes due 2021. By not making the payment, Bonanza will enter into a 30-day grace period during which it retains the right to pay the interest. Bonanza experienced a similar situation before which culminated with the company making its interest payment during the grace period. In a regulatory filing, Bonanza also said that it has enough cash on hand to make the interest rate payment. It is unclear whether Bonanza is just buying time again, or if it actually wants to default after the grace period. Of the 749 hedge funds that we track which filed 13Fs for the June quarter, 12 owned shares of Bonanza Creek Energy Inc (NYSE:BCEI) at the end of June.

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Quality Systems, Inc. (NASDAQ:QSII) shares surged in extended-market trading after Dealreporter revealed that sources say Quality Systems has hired investment bank UBS to explore a possible sale. The same sources said that Quality Systems’ management presented slideshows on the company’s specs for various potential strategic buyers and financiers. 13 funds in our system were long $27.24 million in Quality Systems, Inc. (NASDAQ:QSII) holdings at the end of June, which accounted for 3.80% of the float.

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On the next page we’ll analyze why QUALCOMM, Baker Hughes, and Sprint are garnering attention this weekend.

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