The markets are flattish on Tuesday, although energy stocks are surging on the back of higher oil prices and the dollar is falling on weaker-than-expected U.S economic data, which has raised expectations of interest rates remaining low for some time. However, as usual, a few stocks are still posting big upward moves today. Among them, we can count Sanmina Corp (NASDAQ:SANM), Invivo Therapeutics Holdings Corp (NASDAQ:NVIV), Knowles Corp (NYSE:KN), Container Store Group Inc (NYSE:TCS), and NXP Semiconductors NV (NASDAQ:NXPI), all of which are trading considerably up on Tuesday afternoon. Let’s take a look into the events driving these spikes, and also see what the hedge funds in our database think about these companies.
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Sanmina Spikes on Strong Results and Guidance
Let’s start with Sanmina Corp (NASDAQ:SANM), which is roughly 10.5% in the green in Tuesday trading, triggered by the announcement of the company’s second quarter of fiscal year 2016 financial results after the market closed on Monday. The small-cap tech firm posted EPS of $0.63, beating the Street’s consensus by $0.06. Revenue of $1.61 billion also came in ahead of expectations, by $10 million. Guidance for the ongoing quarter also helped the stock, as management now expects EPS of $0.61-to-$0.65 on revenue of $1.625 billion-to-$1.675 billion, which stand above the Street’s consensus estimates of $0.60 and $1.623 billion respectively.
As of the end of the fourth quarter of 2015, Sanmina Corp (NASDAQ:SANM) counted 15 hedge fund supporters among those we track. Among them, we could highlight Joel Greenblatt’s Gotham Asset Management, which ownership of 1.02 million shares of the company worth almost $22 million by December 31.
Significant Advance in Spinal Injury Treatment
Next in line is Invivo Therapeutics Holdings Corp (NASDAQ:NVIV), which is up by approximately 16.9% on more than double its average trading volume by early Tuesday afternoon. The stock is reacting to the announcement of positive results from the company’s Phase 3 INSPIRE study assessing its Neuro-Spinal Scaffold in patients with complete (AIS A) thoracic spinal cord injuries at the time of registration. A fourth patient, out of a total of six, has transitioned from AIS A status (complete spinal cord injury) to AIS B status (incomplete spinal cord injury). This implies a response rate of 67%.
On February 12, Hal Mintz’s Sabby Management disclosed a new stake in Invivo Therapeutics Holdings Corp (NASDAQ:NVIV), comprising 507,100 shares. That position makes it one of the top five institutional investors of record to date.
We take a look at three more trending stocks on the next page.