Why Netflix, Alphabet, Yahoo! and Two Other Stocks Are Trending Today

Oclaro, Inc. (NASDAQ:OCLR) is in the spotlight after the company priced its public offering of 15 million shares of common stock at $8.35 per share. In addition, the company has granted the underwriters a 30-day option to buy an additional 2.25 million shares. Oclaro intends to use the proceeds for general corporate purposes, including for working capital, capex, and acquisitions of complementary products (although it doesn’t have any agreements for any specific acquisition at the current time). According to our data, 29 funds owned $113.46 million worth of Oclaro, Inc. (NASDAQ:OCLR)’s stock, which accounted for 20.70% of the float on June 30, versus 33 funds and $149.32 million, respectively, on March 31.

In its quest to diversify its revenue streams, Alphabet Inc (NASDAQ:GOOG) is going beyond the cloud, and targeting the lucrative market of private data centers for banks and other institutions that need mission-critical safety. According to The Information, Alphabet’s Google is creating data storage software that companies can use for their own private data centers. This is the opposite of the broader trend of Alphabet and other cloud providers asking customers to transition from doing-it-themselves to doing-it-in-the-cloud-and-saving-money. The development shows that Alphabet is willing to be flexible in its quest to win business from enterprises. Alphabet Inc (NASDAQ:GOOG) was one of the most widely held stocks among the smart money set in the second quarter, as 126 funds tracked by Insider Monkey held Class C shares and 136 funds had positions in the Class A stock at the end of June.

Yahoo! Inc. (NASDAQ:YHOO) shareholders woke up to some disappointing news today after Recode reported that the company is expected to confirm that it has suffered a massive hack that may have exposed around 200 million user accounts or more. Recode added that there is a probability of legal actions and government investigations. Given the scale and scope of the hack, it is unclear at the moment whether the final sale price of Yahoo to Verizon Communications Inc. (NYSE:VZ) will be immune from any changes. A total of 81 funds from our database owned shares of Yahoo! Inc. (NASDAQ:YHOO) at the end of June, down by 16 funds from the previous quarter.

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