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Why Weatherford International, Freeport-McMoRan and Three Others Stocks are Gaining Ground Today?

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Stocks fell sharply on Friday after a dismal May jobs report, marking the second consecutive month of weak jobs growth. This puts the much expected rate hike into question. However, some stocks are gaining ground today. They include Weatherford International Plc (NYSE:WFT), Eleven Biotherapeutics Inc (NASDAQ:EBIO), Vale SA (ADR) (NYSE:VALE), Freeport-McMoRan Inc (NYSE:FCX) and Coffee Holding Co., Inc. (NASDAQ:JVA). Let’s unravel the reasons behind these big gains and also see what elite funds think of these companies.

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Weatherford International Offering Notes

Shares of Weatherford International Plc (NYSE:WFT) have appreciated by more than 4% today after an announcement by the company on Wednesday that it is offering $1.1 billion of exchangeable senior notes due 2021 with a 5.875% interest rate. Proceeds from the note offering are expected to fund a separate cash tender offering, which is for notes coming due between 2017 and 2020, with greater priority given to the 2017 and 2018 notes. The notes will help the Texas based oil and gas company to pay its debt. The offering is slated to close on June 7. Hedge funds showed an increased interest in Weatherford International Plc (NYSE:WFT) during the first quarter. Our system shows that 37 funds were long the stock at the end of March, up from 28 a quarter earlier. Anand Parekh’s Alyeska Investment Group is the biggest shareholder of the company among these funds with more than 10.6 million shares.

Eleven Biotherapeutics Regains Minimum Bid NASDAQ Compliance  

Eleven Biotherapeutics Inc (NASDAQ:EBIO)’s stock has skyrocketed more than 27% so far today after the company announced that it has regained the compliance with NASDAQ Listing Rule 5450(a)(1), which requires the Company to maintain the minimum bid price of $1.00 per share. NASDAQ Listing Qualifications Department notified the Massachusetts based pharmaceutical company that its common stock closing bid price was $1.00 per share or greater for 10 consecutive business days, from May 16, 2016 to May 27, 2016. As a result, the company is in compliance with the listing requirement. Just two hedge funds from our database held shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) as of the end of the first quarter.

Check out the next page to see why Vale SA, Freeport-McMoRan and Coffee Holding are gaining ground today. 

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