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Here’s Why These 4 Stocks Made Big Moves Thursday

It’s been a great Thursday for CARBO Ceramics Inc. (NYSE:CRR) shareholders, as the value of their shares has jumped by 20% so far. Although analysts at SunTrust cut their price target on the company to $15 from $19 a share yesterday, traders are buying CARBO Ceramics Inc. (NYSE:CRR) because the stock recently pierced through some key technical moving averages and because the price of crude WTI futures is up by around 2.5% in late afternoon trading. Given that 42% of the float is short, short covering could also have something to do with today’s rally.

The number of smart money funds with a stake in CARBO Ceramics Inc fell by 50% during the third quarter, to 7.

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Last but not least, Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM) is 10% lower after Spruce Point Capital published a bearish report on the company. In the report, Spruce Point suggested that Tower Semiconductor had 50%-to-75% downside due to its ‘unproven and questionable business strategy of acquiring old semi foundries with unused capacity’ and due to the fact that the company was using potential accounting gimmicks ‘to bolster Tower’s appearance of profitability, margin and free cash flow enhancement’.

18 elite funds in our database owned 15% of Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM) at the end of the third quarter.

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Disclosure: None