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

Crude futures have rallied back over $48 per barrel after yesterday’s bearish API build data. Traders hope that today’s EIA release will show a draw and allow the monster rally in the commodity to continue. Among the stocks on the move today are Scorpio Bulkers Inc (NYSE:SALT), Rex Energy Corporation (NASDAQ:REXX), Hi-Crush Partners LP (NYSE:HCLP), Stone Energy Corporation (NYSE:SGY), and Arctic Cat Inc (NASDAQ:ACAT). Let’s take a closer look at these news surrounding these stocks and see how the smart money is positioned towards them.

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Scorpio Falls on Offering

Scorpio Bulkers Inc (NYSE:SALT) shares are lower after the company announced its intention to sell 20 million common shares in a public offering and also grant underwriters a 30 day option to buy an additional 3 million common shares. The dry bulk shipping company plans to use the net proceeds for general corporate purposes. Scorpio Services Holding Limited has expressed interest to buy $15 million or more at the public offering price. The exact pricing of the offering has not been released. A total of 11 funds in our database were long Scorpio Bulkers Inc (NYSE:SALT) at the end of the first quarter, compared to 12 funds a quarter earlier.

Rex Energy Rises on Energy Sale

Rex Energy Corporation (NASDAQ:REXX) is in the green after the company agreed to sell its assets in the Illinois Basin to Campbell Development Group for around $40 million. The deal includes additional proceeds payable to Rex of up to $10 million over the next three years if commodity prices rise to a certain level. Rex plans to use the proceeds to pay down its line of credit and for general corporate purposes. 4 top funds had a bullish position in Rex Energy Corporation (NASDAQ:REXX) at the end of March.

On the next page, we examine Hi-Crush Partners, Stone Energy Corporation, and Arctic Cat.