Why SolarCity, Expedia, Petrobras, and Two Other Stocks Are on the Move Today

Petrobras Surges Due to Brent

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) shares have surged over 5% today on the back of higher Brent prices. Because the probability of a ‘Brexit’ is no longer as great as it once was, the front month Brent futures have rallied 2.6% to cross the pivotal $50 per barrel mark. The higher Brent prices go, the more cash flow Petrobras will have to finance/pay down its debt. Because Petrobras is leveraged, look for the stock to remain volatile in the coming months. Of the 766 elite funds we track, 23 funds owned $224.73 million worth of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) and accounted for 0.60% of the float on March 31, versus 24 funds and $165.89 million, respectively, on December 31.

Analyst Gives Thumbs Up to Expedia

Expedia Inc (NASDAQ:EXPE) is 4.40% in the green today after analysts at Atlantic Equities upgraded Expedia’s stock to ‘Overweight’ from ‘Neutral’, noting that the company’s diversification should support the multiple and that demand should increase in regards to the company’s non-core OTA assets. The analysts have a $130 price target, giving Expedia 20% upside from current levels. A total of 65 funds from our database were long Expedia Inc (NASDAQ:EXPE) at the end of March, down by eight funds from the previous quarter.

Avis Budget Announces National Hiring Day 

Avis Budget Group Inc. (NASDAQ:CAR)’s stock has advanced by almost 5% amid a ‘risk-on’ sentiment and following a press release in which Avis announced its intentions to hire 1,500 mostly part-time positions during a national day of hiring on June 22. Avis Budget Group currently has around 30,000 employees. Shares of the company are off by 11% year-to-date, but trade at less than 10 times forward earnings. At the end of March, 25 funds followed by Insider Monkey were long Avis Budget Group Inc. (NASDAQ:CAR).

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