Why ConAgra Foods, Hertz Global, Shire PLC and Two Other Stocks Are on the Move Today

Shire’s Drug Meets Primary Endpoint

Shares of Shire PLC (ADR) (NASDAQ:SHPG) have gained approximately 1.8% since the opening bell after the company announced on Wednesday evening that a study to test its experimental drug, SHP465, for the treatment of Adult Attention Deficit Hyperactivity Disorder (ADHD) had met its primary endpoint. The Dublin, Ireland-based biotech company said both doses of SHP465 were better than placebo in treating patients with the disorder. Shire hopes to get the FDA approval for the drug in the second half of 2017. Among the funds tracked by Insider Monkey, 49 funds reported long positions in Shire PLC (ADR) (NASDAQ:SHPG) as of the end of the first quarter. Among them, John Paulson’s Paulson & Co holds 7.0 million shares of the company.

Constellation Brands Beats Estimates

Constellation Brands, Inc. (NYSE:STZ)’s stock is up by over 2% after the company reported its fiscal first quarter financial results, which topped analysts’ estimations. The New York-headquartered beverage company reported EPS of $1.55, better than estimates of $1.52, while sales in the quarter skyrocketed by 15% on the year to $1.87 billion, above the consensus estimates of $1.83 billion. For fiscal 2017, the company expects EPS of $6.05 to $6.35. Constellation Brands, Inc. (NYSE:STZ) is quite popular among the investors tracked tracked by us, as 71 funds owned shares of Constellation Brands at the end of the first quarter, versus 67 funds a quarter earlier.

Hertz Global Strikes Agreements with Uber and Lyft

Shares of Hertz Global Holdings Inc (NYSE:HTZ)  are trading higher today after the company said it had reached agreements with Uber and Lyft to provide them drivers with cars for rent. Hertz Global’s cars could be used both for personal and business use, according to the agreement. In a statement, John Tague, CEO of Hertz Global, said that the agreement is “largely complementary” to Hertz’ car business.  Carl Icahn’s Icahn Capital LP is one of the 47 funds that reported stakes in Hertz Global Holdings Inc (NYSE:HTZ) as of the end of the first quarter. It owns more than 63.7 million shares of the company.

Disclosure: none