Here’s Why These Five Stocks Are Trading Higher Today

Despite lower-than-expected non-farm payroll data, Wall Street is once again in bull-mode on Friday as all three indexes are gaining ground on hopes that jobs data will lower the prospects of an interest rate hike in the next couple of months.

Among the stocks leading the charge higher are Accuride Corporation (NYSE:ACW), Verisign, Inc. (NASDAQ:VRSN), Oasis Petroleum Inc. (NYSE:OAS), Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), and Chesapeake Energy Corporation (NYSE:CHK). Let’s find out why traders have sent these stocks higher today and see what smart money investors think about them.

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Accuride Sells Itself, Shares Rise 55%

Accuride Corporation (NYSE:ACW) is leading the pack among Friday gainers after the company agreed to sell itself to Crestview Partners for $2.58 per share in cash. The deal, which is expected to close in the fourth quarter of 2016, has been unanimously approved by Accuride’s board of directors. Of the around 750 elite funds we track, 11 owned shares of Accuride Corporation (NYSE:ACW) at the end of June, unchanged from the previous quarter.

Verisign Rises on Analyst Comments, Technicals

Verisign, Inc. (NASDAQ:VRSN) is trading 9% higher on the back of positive comments from the analysts at Cowen Research, according to Breifing.com. Technical traders could also have something to do with today’s buying as shares of Verisign recently cross through some key simple moving averages. In addition, the U.S. government’s plan to end some of its oversight over the Internet Corporation for Assigned Names and Numbers starting October 1 will likely provide more business for Verisign. A total of 30 funds from our database were long Verisign, Inc. (NASDAQ:VRSN) at the end of the second quarter, down by two funds from the previous quarter.

On the next page, we find out why traders are bidding up Oasis Petroleum, Petroleo Brasileiro SA Petrobras, and Chesapeake Energy Corporation.

E&Ps Surge on Putin Comments, Oil

Oasis Petroleum Inc. (NYSE:OAS), Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), and Chesapeake Energy Corporation (NYSE:CHK) are trading higher today following comments by Russian President Vladimir Putin.

“From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise. I am confident that everyone understands that. We believe that this is the right decision for world energy… I would very much like to hope that every participant of this market that’s interested in maintaining stable and fair global energy prices will in the end make the necessary decision,” Putin said.

Given that Russia and many OPEC countries’ finances have been sorely strained by the low crude prices, many investors believe that OPEC will sooner or later relent and cut/freeze production. With Putin’s recent comments, many bulls believe the time for an OPEC freeze could occur as soon as later this month, when several OPEC producers and major non-OPEC producers gather at an energy conference in Algeria. Although Iran and Saudi Arabia are still at odds with each other, oil bulls hope that Russia has enough influence over Iran to persuade it to play a constructive role in the language that comes out from the meeting. Due to Putin’s comments, WTI and Brent prices are each 2.7% higher, and, not surprisingly, many oil companies are also well in the green.

Among the funds in our database, Oasis is the most popular, with 33 funds owning shares of the Bakken producer as of the end of the second quarter. Beaten-down Chesapeake Energy was second in terms of hedge fund ownership, with 31 funds reporting stakes and rounding up the rear is Brazil’s national champion, with 23 investors maintaining a bullish position in the stock at the end of June.

Disclosure: none