In this article, we will discuss some of the popular stocks trending on Tuesday.
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).
5. Plug Power Inc. (NASDAQ:PLUG) has rocketed 6.69% as of 11:04 AM ET after the Latham, New York-based developer of hydrogen fuel cells revealed a deal with Walmart Inc. (NYSE:WMT). The deal provides Plug Power Inc. (NASDAQ:PLUG) an option to deliver up to 20 tons per day of liquid green hydrogen to fuel material handling equipment across various distribution and fulfillment centers of Walmart Inc. (NYSE:WMT) in the US. The deal validates the company’s multi-year capital expenditure on the green hydrogen network. Walmart has been working with Plug Power Inc. (NASDAQ:PLUG) since 2012. It all started with a 50-fleet pilot and it has now increased to a size of 9,500 lifts and trucks.
Of the 924 hedge funds in Insider Monkey’s database, Plug Power Inc. (NASDAQ:PLUG) was held by 23 hedge funds as of Q4 2021.
4. DENTSPLY SIRONA Inc. (NASDAQ:XRAY) has declined 13.05% as of 11:05 AM ET after the Charlotte, North Carolina-based manufacturer and seller of dental products revealed that it had terminated its CEO, Don Casey, for reasons not disclosed to the public. Furthermore, Casey will also cease to serve his duties as a member of the Board of Directors. John Groetelaars will take over as the interim CEO of DENTSPLY SIRONA Inc. (NASDAQ:XRAY) until a suitable successor is found. The company also revealed that Mr. Barbara Bodem would take over as the interim CFO from Jorge Gomez, who will depart the company on May 6.
Moreover, DENTSPLY SIRONA Inc. (NASDAQ:XRAY) provided its preliminary results for Q1 2022. The company expects revenue to be around $965 million as opposed to the analysts’ estimates of $1.02 billion.
As of Q4 2021, DENTSPLY SIRONA Inc. (NASDAQ:XRAY) was held by 28 hedge funds.
3. American Campus Communities, Inc. (NYSE:ACC) has soared 12.78% as of 11:05 AM ET after private equity firm Blackstone Inc. announced that it would acquire the Austin, Texas-based provider of student housing for $12.8 billion, including debt. American Campus Communities, Inc. (NYSE:ACC) owns 166 properties in proximity to 71 universities across the US. This translates into a per-share value of $65.47, which reflects a premium of 14% from the last closing price. Following the deal, American Campus Communities, Inc. (NYSE:ACC) will go private and will become a part of Blackstone Real Estate Investment Trust (REIT) and Blackstone Property Partners. M&A activity in the real estate sector is on the rise due to access to cheap capital and the boom in the housing market.
American Campus Communities, Inc. (NYSE:ACC) is a constituent of 18 hedge fund portfolios as of Q4 2021.
2. Alibaba Group Holding Limited (NYSE:BABA) has fallen 1.38% as of 11:03 AM ET on the back of concerns related to more strict regulations from the Chinese regulatory authorities on the live streaming industry. The Central Cyberspace Administration of China announced that it would start a two-month action plan to stop illegal content on short video and streaming websites. Companies like Alibaba Group Holding Limited (NYSE:BABA) and Bilibili Inc. (NASDAQ:BILI) are expected to be impacted by the crackdown.
As of Q4 2021, 96 hedge funds held a stake in Alibaba Group Holding Limited (NYSE:BABA). Fisher Asset Management is the leading investor in Alibaba Group Holding Limited (NYSE:BABA), with a stake worth over $1.6 billion.
1. Delta Air Lines, Inc. (NYSE:DAL) has gained 3.25% as of 11:07 AM ET after the Atlanta, Georgia-based airliner became a beneficiary of the ruling that struck down the federal mandatory mask mandate on public transportation. This ruling was made by US District Judge Kathryn Kimball Mizelle. The White House has shown its disappointment in the ruling and said that the CDC still recommends wearing a mask in public transport. All major airlines like Delta Air Lines, Inc. (NYSE:DAL) have announced that wearing a mask will now be optional for all domestic and the majority of international flights.
Of the 924 hedge funds in Insider Monkey’s database, 47 funds held a stake in Delta Air Lines, Inc. (NYSE:DAL) as of Q4 2021. Lansdowne Partners is one of the leading investors in Delta Air Lines, Inc. (NYSE:DAL).
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Disclose. None. 10 Trending Stocks to Watch Today is originally published on Insider Monkey.
