Here’s Why These Five Stocks Are on the Move Today

YY Rises On Buyback Announcement

YY Inc (ADR) (NASDAQ:YY) is 3% higher after the company’s board authorized a 12-month, $200 million buyback program to repurchase shares and convertible notes. Separately, YY has also confirmed the withdrawal of a buyer group’s going-private proposal for the company, citing recent unfavorable market conditions. The Chinese stock market hasn’t been as hot lately due to the slowing economy in the country. A total of 19 funds were long YY Inc (ADR) (NASDAQ:YY) as of the end of March.

Freeport-McMoRan Rises on Technical Buying

There never seems to be a dull day for Freeport-McMoRan Inc (NYSE:FCX) shareholders, as the value of the company is up by almost 10% on technical buying. Some traders evidently think around $10 per share is a good place to buy given current commodity prices. Also helping the bullish cause is today’s EIA report that showed inventories falling and U.S. production declining by 29,000 barrels per day last week. However, whether the $10 level holds in the long run is uncertain. The number of funds from our database with holdings in Freeport-McMoRan Inc (NYSE:FCX) fell by three quarter-over-quarter to 34 at the end of March.

J C Penney Bounces Back

Although there is no fundamental news concerning the company, some traders could be buying J C Penney Company Inc (NYSE:JCP) in anticipation of some potential bullish announcements during this month’s upcoming investor conferences for various retailers (although, there is no guarantee of any bullish news during those conferences). J C Penney has the potential to do better if consumers forgive the company’s no-coupon policy intalled several years ago. Shares are up by over 6% in afternoon trade. Overall, 32 investors were long J C Penney Company Inc (NYSE:JCP) at the end of the first quarter, up by five over the quarter.

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