Here’s Why Shares of Ciena, ArcelorMittal, Valeant and Two Others Are Gaining Ground Today

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Markets slipped on Wednesday as investors await employment report due Friday morning. Declining oil prices also dented the market sentiment. However, some of the stocks are gaining ground today. They include Ciena Corporation (NYSE:CIEN), ArcelorMittal SA (ADR) (NYSE:MT), Achaogen Inc (NASDAQ:AKAO), Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Relypsa Inc (NASDAQ:RLYP). Let’s analyze the important factors which helped these stocks in getting boosts today and see what hedge funds from our system think of each of them.

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Ciena Corporation Beats Estimates

Ciena Corporation (NYSE:CIEN)’s stock soared by more than 12% today after the company posted better-than-expected fiscal second quarter results. The Hanover, Maryland-based networking and communications company earned $0.34 a share, better than the analysts’ estimates of $0.27, while revenue came in at $640.7 million, beating the expected $630.74 million. For the current quarter, Ciena expects its revenue in the range of $655 million to $685 million. Out of nearly 766 funds tracked by Insider Monkey, 26 funds held shares of Ciena Corporation (NYSE:CIEN) at the end of the first quarter of 2016, down from 29 a quarter earlier. Anand Parekh’s Alyeska Investment Group owns more than 3 million shares of the company.

ArcelorMittal Signs New Deal, Gets “Buy” Rating From Citigroup

ArcelorMittal SA (ADR) (NYSE:MT)’s stock has climbed by over 3% so far today after the after the company said it had signed a 10-year agreement with Cliffs Natural Resources Inc (NYSE:CLF) to buy iron-ore pellets The contract sets a limit of minimum tonnage of pellets at 7.0 million long tons. On Wednesday, Citigroup upgraded ArcelorMittal’s stock to “Buy” from “Neutral. As of the end of the first quarter, 21 funds were bullish on ArcelorMittal SA (ADR) (NYSE:MT), having amassed $235.2 million worth of stock. Jonathan Barrett and Paul Segal’s Luminus Management owns more than 11.8 million shares of the company.

Move on to the next page to see why Achaogen, Valeant and Relypsa are advancing today.

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