It’s another quiet day on Wall Street as all three index futures are in the red, but very modestly so.
Among the stocks making more waves than the broader market are Amazon.com, Inc. (NASDAQ:AMZN), Under Armour Inc (NYSE:UA), Chico’s FAS, Inc. (NYSE:CHS), Bob Evans Farms Inc (NASDAQ:BOBE), and Alphabet Inc (NASDAQ:GOOGL). Let’s take a closer look at each company and see how elite funds are positioned towards them.
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Amazon Beefs Up Prime Now in Houston
Everything store Amazon.com, Inc. (NASDAQ:AMZN) is in the spotlight after launching no-charge one-hour restaurant deliveries in Houston. The service offers deliveries from popular restaurants, including Carrabba’s, El Tiempo Cantina, Max’s Wine Dive, P.F. Chang’s, Thai Gourmet, The Hay Merchant and others. Although some customers will tip, Amazon has assured customers that there will be no hidden fees or menu markups. Due to its novelty and uncertain business model, Amazon’s feature will only be available for its Prime customers in Houston for now. Andreas Halvorsen’s Viking Global reported a stake of over 3.2 million shares in Amazon.com, Inc. (NASDAQ:AMZN) at the end of June.
Analyst Downgrade at Under Armour
Analysts at Argus lowered their rating on Under Armour Inc (NYSE:UA) to ‘Hold’ from ‘Buy’, stating the company will increasingly need large investments in the future to expand. The large investments could potentially weigh on Under Armour’s earnings growth and increase the company’s interest expense and debt. Due to those factors, the Argus analysts lowered their EPS for full year 2016 to $0.56 from $0.60. They have a $41.56 price target. Hedge funds were pretty bullish on Under Armour in the second quarter. The number of funds from our database with holdings in Under Armour Inc (NYSE:UA) rose by 10 quarter-over-quarter to 31 at the end of June.
On the next page, we examine Chico’s FAS, Bob Evans Farms, and Alphabet.