Traders are eagerly watching crude today after yesterday’s API inventory report showed another surprise draw, this time by 7.6 million barrels for last week. Analysts were expecting a build of around 1.5 million barrels instead.
In addition to watching crude, investors are also eagerly watching the price action Micron Technology, Inc. (NASDAQ:MU), TeamHealth Holdings Inc (NYSE:TMH), Wells Fargo & Co (NYSE:WFC), Endurance Specialty Holdings Ltd. (NYSE:ENH), and Universal Logistics Holdings Inc (NASDAQ:ULH). In this article, we’ll take a closer look at each stock and use the latest 13F data to see what the smart money thinks of the five equities.
We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details here).
Micron Technology, Inc. (NASDAQ:MU) is in the red after the company reported an adjusted loss of $0.05 per share for its fiscal 2016 fourth quarter, beating the Street’s estimate by $0.05. Revenue for the period was $3.22 billion, down by 10.6% year-over-year, and $90 million ahead of estimates. For the full fiscal year, Micron earned an adjusted $0.06 per diluted share on revenue of $12.4 billion. Although the company’s fiscal fourth quarter headline numbers were better-than-expected, some traders may not have liked that DRAM average selling prices inched lower by 6% during the quarter. As for guidance, Micron is anticipating fiscal 2017 first quarter earnings of $0.13-to-$0.21 per share, firmly above the consensus of $0.12 per share, on revenue of $3.55 billion-to-$3.85 billion. John Hurley‘s Cavalry Asset Management established a new stake of 715,150 shares in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, with the position accounting for 10.66% of the value of the fund’s public equity portfolio at the end of June.
TeamHealth Holdings Inc (NYSE:TMH) is in the spotlight today after the company surged by over 16% in late trading on Tuesday on the back of a Dow Jones report that said the company is considering a potential sale and is in talks with various private equity firms. TeamHealth shares haven’t done well in 2016, being down by around 13% year-to-date. Of the 749 hedge funds that we track which filed 13Fs for the June quarter, 25 of them were long roughly 22.3% of TeamHealth Holdings Inc (NYSE:TMH)’s float at the end of the second quarter.
On the next page, we’ll find out why Wells Fargo, Endurance Specialty Holdings, and Universal Logistics Holdings are trending.