LinkedIn, Primerica Among the Pre-Market’s Trending Stocks

U.S stocks closed at all-time highs on Monday following big U.S financial institutions posting better than expected quarterly results, which included Bank of America Corp (NYSE:BAC), diminishing fears about slowing economic growth. Among the stocks that made significant moves during the after-hours and pre-market trading sessions leading into today were Workday Inc (NYSE:WDAY), CST Brands Inc (NYSE:CST), Huntsman Corporation (NYSE:HUN), LinkedIn Corp (NYSE:LNKD), and Primerica, Inc. (NYSE:PRI). Let’s find out the details behind this heightened stock activity and see what hedge funds think of these companies.

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Workday Gives Back Gains

Workday Inc (NYSE:WDAY)’s stock had jumped by more than 8% after the market close on Monday, though it has since given up most of those gains and appears poised to open the morning trading session up only moderately. The Cloud-based human capital management company is currently valued at $15.3 billion and pulled in sales of $788 million last year. The company is expected to more than double its sales through 2017, according to analysts surveyed by S&P Global Market Intelligence. A total of 25 hedge funds in our database were bullish on  Workday Inc (NYSE:WDAY) at the end of the first quarter.

CST Brands Taking it on the Chin

Shares of CST Brands Inc (NYSE:CST) plunged by more than 37% during after-hours trading on Monday, though it’s unclear what led to the huge drop in the convenience store holding company’s shares. CST Brands recently finalized its sale of 79 stores in California and Wyoming to 7-Eleven for $408 million. The company is currently rated a ‘Hold’ by analysts at Jefferies, who have a $39 price target on the stock. CST Brands shares had gained a solid 12.90% this year prior to the after-hours blip. At the end of March, 28 funds in our database held stakes in CST Brands Inc (NYSE:CST), up from 23 funds with holdings a quarter earlier.

Huntsman’s Shares Get Battered

Huntsman Corporation (NYSE:HUN)’s stock was also battered in after-hours trading on Monday on no fundamental news, tanking by 19.3%. The stock has also been a strong performer this year, having gained 39.94% in value as of Monday’s close. Ray Carroll’s Breton Hill Capital was one of 26 funds in our system that owned stakes in Huntsman Corporation (NYSE:HUN) as of the end of the first quarter.

On the next page we’ll discuss the latest news concerning LinkedIn and Primerica.

Jefferies Reiterates ‘Hold’ Rating for LinkedIn

LinkedIn Corp (NYSE:LNKD)’s stock slipped surged into the after-hours on Monday, gaining over 3%, but has opened the morning in the red. The company, which recently agreed to be acquired by Microsoft Corporation (NASDAQ:MSFT), will release its quarterly financial results on July 28. The company was upgraded to ‘Buy’ from ‘Hold’ by Vetr on Monday, in anticipation of the closing of said deal. At the end of the first quarter, 41 hedge funds that we follow owned about $1.38 billion worth of stakes in LinkedIn Corp (NYSE:LNKD).

Primerica’s Stock Loses Value

Shares of Primerica, Inc. (NYSE:PRI) has opened 2.48% lower this morning. The company recently said it would announce its second quarter results on August 9. Last week, investment company Keefe, Bruyette & Woods, Inc. downgraded Primerica to ‘Market Perform’ from ‘Outperform’ but raised its price target on the stock to $60 from $58. Primerica touched its 52-week high of $59.34 last week. A total of 16 funds in our system were long Primerica, Inc. (NYSE:PRI) as of the end of March.

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