Although WTI futures fell by 1.7% on Friday, it was still a good week for many energy investors, as the price of the commodity moved up by another 3.6% during the past trading week.
In this article, we’ll turn our gaze onto five stocks currently commanding the spotlight, which are Duke Energy Corp (NYSE:DUK), Inotek Pharmaceuticals Corp (NASDAQ:ITEK), Twilio Inc (NYSE:TWLO), CBS Corporation (NYSE:CBS), and Viacom, Inc. (NASDAQ:VIAB). We’ll find out why each company is trending and use the latest SEC filing data to determine how the smart money was positioned among them at the end of the second quarter.
We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details here).
Duke Energy Corp (NYSE:DUK) is in the spotlight mainly due to Hurricane Matthew. On account of the storm, more than 160,000 of Duke Energy Florida’s customers were without power for a time on Friday. Some of Duke’s energy infrastructure in the state has also been damaged. Nevertheless, it could have been much worse than it was, and Duke Energy shares are little changed in extended-market trading after falling by just 0.6% on Friday. Jim Simons‘ Renaissance Technologies cut its stake in Duke Energy Corp (NYSE:DUK) by more than one-third during the second quarter, to just over 2.67 million shares as of June 30.
Inotek Pharmaceuticals Corp (NASDAQ:ITEK) shares fell substantially in after-hours trading on Friday after an SEC filing disclosed that the company has informed William McVicar Ph.D. that his employment will be ending. McVicar was previously the chief scientific officer at the company. Of the 749 hedge funds that we track which filed 13Fs for the June quarter, 12 funds were long $30.88 million worth of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) at the end of June, which accounted for 15.70% of the float.
On the next page we’ll find out why Twilio, CBS, and Viacom are in the spotlight.