In this article, we will discuss some of the popular stocks trending on Tuesday. To take a look at some more stocks that are moving, go to 5 Trending Stocks to Watch Today.
The US stock market is on the rise today as all the 11 major S&P Sectors are in the green. Bank of America revealed that out of the last five weeks, there were extreme outflows during the first four weeks, but the Consumer Discretionary sector observed an inflow during the previous week. This reflects the investors’ belief that the market has bottomed out and it’s their chance to invest and earn healthy returns. As of 10:58 AM ET, the S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index are all up 1.21%, 1.01%, and 1.62%, respectively. Some of the notable stocks on our watchlist today include Alibaba Group Holding Limited (NYSE:BABA), Plug Power Inc. (NASDAQ:PLUG), and Delta Air Lines, Inc. (NYSE:DAL).
Let’s look at why these stocks are trending today and discuss how elite funds are positioned in them.
10. Twitter, Inc. (NASDAQ:TWTR) is down 2.44% as of 11:01 AM ET after the Wall Street Journal (WSJ) reported that the California-based microblogging website would reject the $43.2 billion offer made by Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk. Apollo Global Management, Inc. (NYSE:APO) is also looking into the possibility of participating in the takeover bid for Twitter, Inc. (NASDAQ:TWTR) by the founder of rocket maker SpaceX. The New York-based alternative investment firm is willing to provide all possible suitors with equity or debt and become a part of the deal. Private equity firm Thoma Bravo is also looking into the possibility of acquiring Twitter, Inc. (NASDAQ:TWTR).
As of Q4 2021, 83 hedge funds had a stake in Twitter, Inc. (NASDAQ:TWTR), with a combined value of $3.12 billion.
9. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is 3.12% in the red as of 11:01 AM ET after the San Diego, California-based biotech company revealed that it has failed to meet the primary endpoint during the Phase-II trial for ACP-044, targeted towards the treatment of acute pain after bunion surgery. The trial was conducted on 239 patients, and it was designed to compare the total pain intensity scores after giving a 1,600 mg dose of ACP-044 daily, four doses of ACP-044 400 mg, and a placebo treatment. The results revealed a favor towards the 400 mg dosage, but the outcome was not statistically significant.
Out of the 924 hedge funds covered by Insider Monkey, 30 funds held a stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) as of Q4 2021. Baker Bros. Advisors was the leading hedge fund investor in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), with a cumulative stake of $978 million.
8. Tesla, Inc. (NASDAQ:TSLA) has risen 2.35% as of 11:02 AM ET after the Austin, Texas-based manufacturer and seller of electric vehicles (EVs) revealed that its production facility in Shanghai is resuming operations. Reports have emerged that the staff will live on the premises of the Gigafactory, where they will be provided with food, a small daily stipend, entertainment options, and access to toilets and showers. The employees living in the facility would be required to take a COVID-19 test daily for the first three days and have their temperatures checked twice. Tesla, Inc.’s (NASDAQ:TSLA) Shanghai Gigafactory has the potential to produce 3,400 vehicles daily at full capacity.
According to Insider Monkey’s proprietary research, 91 hedge funds held Tesla, Inc. (NASDAQ:TSLA) stock at the end of Q4 2021. ARK Investment Management was long over 1.5 million shares of Tesla, Inc. (NASDAQ:TSLA).
7. Halliburton Company (NYSE:HAL) has gained 0.65% as of 11:03 AM ET due to the positive earnings results. The Houston, Texas-based oilfield equipment and services company saw its profit nearly double from last year during Q1 2022 due to rising crude oil prices, resulting in increased drilling activity. Halliburton Company (NYSE:HAL) reported an adjusted EPS of 35 cents compared to 19 cents during the same period last year and outperformed the consensus estimate of 34 cents. Moreover, Halliburton Company (NYSE:HAL) reported revenue at $4.28 billion, increasing by 24.1% YoY and outperforming the consensus estimate of $4.20 billion.
Overall, Halliburton Company (NYSE:HAL) was held by 43 hedge funds as of Q4 2021.
6. Signature Bank (NASDAQ:SBNY) has jumped 5.75% as of 11:05 AM ET after the New York-based bank reported its Q1 2022 results earlier today. The bank reported a net income of $338.5 million or $5.30 per share, outperforming the EPS consensus estimate of $4.31. Signature Bank (NASDAQ:SBNY) reported a top line of $676.6 million, which was also higher than the analysts’ estimates of $606.9 million. The bank also declared a quarterly dividend of 56 cents. Moreover, Signature Bank (NASDAQ:SBNY) slashed its provision for credit losses from $28.2 million in Q1 2021 to only $2.7 million.
As of Q4 2021, 41 hedge funds held a position in Signature Bank (NASDAQ:SBNY).
Along with Signature Bank (NASDAQ:SBNY), some other notable stocks that are in the news today are Plug Power Inc. (NASDAQ:PLUG), Alibaba Group Holding Limited (NYSE:BABA), and Delta Air Lines, Inc. (NYSE:DAL).
Click to continue reading and see the 5 Trending Stocks to Watch Today.
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Disclose. None. 10 Trending Stocks to Watch Today is originally published on Insider Monkey.