Here’s Why These Five Stocks Are in the Spotlight Today

Page 2 of 2

Traders are keeping an eye out on Michaels Companies Inc (NASDAQ:MIK) after Bank of America analyst Denise Chai downgraded the stock to ‘Neutral’ from ‘Buy’ and trimmed her price target to $25 from $33 per share. Chai downgraded the stock due to her research that showed peers becoming increasingly aggressive with promotions and new store openings. Due to that research, Chai doesn’t think Michaels will deliver great comp growth. There are apparently some traders out there that don’t share Chai’s views, as the stock is 1% in the green. A total of 22 funds tracked by us had a bullish position in Michaels Companies Inc (NASDAQ:MIK) at the end of the second quarter, down by nine funds from the previous quarter.

Follow Michaels Companies Inc. (NASDAQ:MIK)

SolarCity Corp (NASDAQ:SCTY) and Tesla Motors Inc (NASDAQ:TSLA) are trending after Tesla reported in its blog that Institutional Shareholder Services (ISS) recommends shareholders vote in favor of the merger between the two companies. Given that the early voting on the merger is rather positive and now ISS recommends the deal, many traders are pricing in a thumbs up vote at the November 17 meeting, shares of SolarCity are up 9.22% on the day to trade around $20.26 per share. If Tesla stock remains around $190.69 per share and the merger is approved, SolarCity would theoretically be worth around $21 per share.  Of the 749 funds that we track, 36 funds were long Tesla Motors Inc (NASDAQ:TSLA) and 26 funds held shares of SolarCity Corp (NASDAQ:SCTY).

Follow Tesla Inc. (NASDAQ:TSLA)

Follow Solarcity Corp (NASDAQ:SCTY)

Disclosure: None

Page 2 of 2