All three indexes are in the green today as traders await today’s FOMC meeting announcement at 2:00 and the Fed Chair Press conference at 2:30 eastern time. The Dow is up by around 40 points, the S&P 500 is 0.25% in the green and the NASDAQ is almost 16 points higher. Among the stocks showing more volatility than the indexes are Intellicheck Mobilisa, Inc. (NYSEMKT:IDN), EXACT Sciences Corporation (NASDAQ:EXAS), YY Inc (ADR) (NASDAQ:YY), Freeport-McMoRan Inc (NYSE:FCX), and J C Penney Company Inc (NYSE:JCP). Let’s find out why these stocks are on traders’ radars and see what smart money investors think about these stocks.
Through extensive research, we determined that imitating some of the picks of hedge funds and other institutional investors can help generate market-beating returns over the long run. The key is to focus on the small-cap picks of these investors, since they are usually less followed by the broader market and are less price-efficient. Our backtests that covered the period between 1999 and 2012, showed that following the 15 most popular small-caps among hedge funds can help a retail investor beat the market by an average of 95 basis points per month (see the details here).
Intellicheck Mobilisa Down on Offering
Nano-cap Intellicheck Mobilisa, Inc. (NYSEMKT:IDN) shares have retreated by almost 15% today after the company priced a public offering of 1.2 million shares at $1.75 per unit. In addition, the company also issued 600,000 five-year warrants to the offering buyers with an exercise price of $2.20 per share. Intellicheck will use a substantial portion of the funds raised for the development of various products based on patented photonics innovations for threat assessment and document authentication. The offering is expected to close on June 20. Two funds from our database were long Intellicheck Mobilisa, Inc. (NYSEMKT:IDN) at the end of the first quarter, unchanged from the previous quarter. As with all nano-caps, investors should do due-diligence before buying or selling.
EXACT Sciences Rallies on Updated Guideline Wording
EXACT Sciences Corporation (NASDAQ:EXAS) is 8% in the green this afternoon after the U.S. Preventative Services Task Force updated its colorectal cancer screening recommendations. The new recommendations put EXACT Science’s Cologuard as first-line position along with other tests rather than as an alternative. Among the funds we track, 16 funds owned $73.87 million worth of EXACT Sciences Corporation (NASDAQ:EXAS)’s stock, which accounted for 11.20% of the float on March 31, versus 20 funds and $140.38 million, respectively, on December 31.
On the next page, we examine YY Inc, Freeport-McMoRan, and J C Penney Company.