In this article, we will discuss 10 market movers to watch on Thursday. To take a look at some more stocks that are trending, go to 5 Market Movers to Watch on Thursday.
As of 11:44 AM ET, the S&P 500 Index and the Dow 30 Index are down 0.33% and 0.63%, respectively. In contrast, the tech-heavy NASDAQ Composite Index is 0.23% in the green. The market is still being impacted by concerns related to inflation and the expectation that the actions taken by the Federal Reserve would be more aggressive than expected. Popular stocks moving the market today include Robinhood Markets, Inc. (NASDAQ:HOOD), Tesla, Inc. (NASDAQ:TSLA), and Warner Bros. Discovery, Inc. (NASDAQ:WBD).
Photo by Alexandr Bormotin on Unsplash
Let’s discuss why these stocks are trending today and see how hedge funds are positioned in them.
10. The Walt Disney Company (NYSE:DIS) has lost 1.11% of its value as of 11:40 AM ET after the Burbank, California-based mass media and entertainment conglomerate warned investors of a slowdown in subscriber growth. While The Walt Disney Company (NYSE:DIS) recorded an increase of 7.9 million subscribers for its Disney+ platform during the first three months of 2022, it anticipates the second half of the year to not be as strong as the first half. In Q1 2022, an operating loss of $887 million was posted by The Walt Disney Company (NYSE:DIS) in connection to its streaming services. The figure reflects a sharp increase from a loss of $290 million last year.
As of Q4 2021, The Walt Disney Company (NYSE:DIS) was held by 111 hedge funds.
9. Beyond Meat, Inc. (NASDAQ:BYND) is down 1.53% as of 2:16 PM ET after the Los Angeles, California-based producer of plant-based meat substitutes reported that inflation and supply chain issues ate into the company’s profit margins. Beyond Meat, Inc. (NASDAQ:BYND) gave higher discounts to offer economical prices to its international customers to expand its footprint. The marketing costs related to the company’s newly launched plant-based jerky with PepsiCo, Inc. (NYSE:PEP) heavily impacted margins adversely. Beyond Meat, Inc. (NASDAQ:BYND) reported Q1 revenue and loss per share of $109.5 million and $1.58 as compared to the consensus estimate of $112.3 million and $1.01, respectively.
Out of the 924 hedge funds covered by Insider Monkey, 19 funds held a stake in Beyond Meat, Inc. (NASDAQ:BYND) as of Q4 2021.
8. General Motors Company (NYSE:GM) has plummeted 3.46% as of 11:41 AM ET after the automaker was double downgraded from an Overweight to an Underweight rating by Colin Langan at Wells Fargo. The analyst also revised the target price on General Motors Company (NYSE:GM) from $74 to $33, reflecting a potential downside of 14.72% from the previous closing price. Langan thinks that the rising raw material costs and the broader macroeconomic factors lower the attractiveness of electric vehicles (EV). He also added that General Motors Company (NYSE:GM) would be forced to sell battery-powered electric vehicles (BEVs), regardless of profitability, to meet the Corporate Average Fuel Efficiency (CAFE) standards.
According to Insider Monkey’s proprietary data, General Motors Company (NYSE:GM) was held by 90 hedge funds as of Q4 2021.
7. Apple Inc. (NASDAQ:AAPL) has fallen 1.64% as of 11:42 AM ET after one of the biggest manufacturing partners for the Cupertino, California-based tech giant revealed that it anticipates revenue for the current quarter to fall. The decline in revenue is being attributed to multiple reasons like rising inflation, a slowdown in demand, and lockdowns in China due to COVID-19. Foxconn’s Chairman Liu Young-way said that although the lockdown did not significantly impact production, the demand levels have decreased. In other developments, Apple Inc. (NASDAQ:AAPL) was overtaken by Saudi Aramco as the biggest publicly listed company in the world due to the tech sell-off.
Fisher Asset Management was the leading investor in Apple Inc. (NASDAQ:AAPL) during Q1 2022. At the end of Q4 2021, Apple Inc. (NASDAQ:AAPL) was held by 134 hedge funds.
6. Lordstown Motors Corp. (NASDAQ:RIDE) has risen 48.01% as of 2:37 PM ET after the electric vehicle company closed a deal with Foxconn to sell its Ohio Factory to the Taiwanese contract manufacturer. The deal has been valued at $230 million and would significantly improve Lordstown Motors Corp.’s (NASDAQ:RIDE) cash flow situation. Lordstown Motors Corp. (NASDAQ:RIDE) would retain its assembly lines, hub motor, and intellectual property.
Of the 924 hedge funds in Insider Monkey’s database, 12 held a stake in Lordstown Motors Corp. (NASDAQ:RIDE) at the end of Q4 2021.
Along with Lordstown Motors Corp. (NASDAQ:RIDE), some major market movers today include Robinhood Markets, Inc. (NASDAQ:HOOD), Tesla, Inc. (NASDAQ:TSLA), and Warner Bros. Discovery, Inc. (NASDAQ:WBD).
Click to continue reading and see the 5 Market Movers to Watch on Thursday.
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Disclose. None. 10 Market Movers to Watch on Thursday is originally published on Insider Monkey.
