Strong quarterly results from Netflix, UnitedHealth and J&J, among others have boosted the US stock market today, with all three indexes trading in the green.
Among the stocks that are in the spotlight today on reasons not connected with financial releases are General Motors Company (NYSE:GM), Basic Energy Services Inc. (NYSE:BAS), FedEx Corporation (NYSE:FDX), Cae Inc. (USA) (NYSE:CAE) and Amaya Inc. (NASDAQ:AYA). Let’s take a closer look at the developments surrounding these stocks and assess the hedge fund sentiment towards them.
Out of thousands of stocks that are trading on the market every day, it can be difficult sometimes to pick the right investment that can deliver market-beating returns. Here’s where our research comes in. By analyzing the equity portfolios of around 750 hedge funds and other institutional investors, we can see what stocks they are collectively bullish on and use this data to compile a portfolio that can outperform the market (see more details).
General Motors Company (NYSE:GM) stock has inched down amid news of LG Chem providing optimistic forecast for the company’s Bolt EVs. The company said that it expects 30,000 Bolt vehicles to be sold in the next year. South Korea’s LG Chem supplies batteries to General Motor for its upcoming Bolt electric vehicles. Chevrolet Bolt cars are expected to have an average driving range of 238 miles on a full charge. Among the funds we track, 65 funds held $3.29 billion worth of eneral Motors Company (NYSE:GM)’s stock at the end of June, versus 67 investors that held $3.71 billion worth of stock a quarter earlier.
Basic Energy Services Inc. (NYSE:BAS) has inched up by over 2% as the company announced receiving an extension of waiver from asset-based lenders. The new extension of seven days will last through October 24 and the company expects to have adequate liquidity for its operations in the ordinary course of the business. It also expects to meet all of its obligations to suppliers, customers and employees. The number of funds from our database long Basic Energy declined by one to five during the second quarter.
On the next page, we are going to discuss the latest news involving the other three stocks.