Westmoreland Coal Company (WLB), Corrections Corp Of America (CXW): Here’s Why Traders Are Piling Into These Stocks

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Like many other biotech companies, Clovis Oncology Inc (NASDAQ:CLVS) shares are in the green (by 19%) on hopes that Trump will give drug companies more freedom to price their products. If Clovis can charge a price that optimizes its revenue for its future drugs if approved, the company can deliver more value to shareholders. The number of elite funds with holdings in Clovis Oncology Inc (NASDAQ:CLVS) fell by 3 quarter-over-quarter to 21 at the end of June.

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Shares of United States Steel Corporation (NYSE:X) and Cliffs Natural Resources Inc (NYSE:CLF) are up 18% and 16%, respectively, as a result of the sentiment that a Trump administration will be favorable to domestic steel prices, which could in turn stimulate iron ore demand. Given that the Rust Belt is the region that handed Trump the Presidency, and seeing as labor union workers are a vital part of the Trump coalition, many traders hope that both shareholders and workers of heavy industry will benefit. According to our records, 26 elite funds were long United States Steel Corporation (NYSE:X) at the end of June, down 2 funds from the previous quarter.

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Meanwhile, 21 funds tracked by Insider Monkey were long $250.32 million of Cliffs Natural Resources Inc (NYSE:CLF) and accounted for 24.30% of the float on June 30, versus 14 funds and $74.82 million respectively on March 31.

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Disclosure:None


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