This is What’s Driving The Gains in Cisco, Morgan Stanley, Sprint, and More Today

Sprint Corp (NYSE:S) is also up on Friday, having gained 12.8% after management announced that it would be moving up the date of its next earnings call, calming investors’ concerns around the company’s turnaround.

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Those concerns were seen during the third quarter, when the number of hedge funds in our database long the stock fell by roughly 30%, to 16. One of the most bearish firms during that time was William B. Gray’s Orbis Investment Management, which stood as the largest investor of the stock in our system as of the end of the second quarter, but which trimmed its exposure to the carrier by 89% to 7.76 million shares in the third quarter.

8×8, Inc. (NASDAQ:EGHT) announced its third quarter of fiscal year 2016 financial results after the market closed on Thursday. Earnings of $0.05 per share came in 66.6% above consensus estimates. Revenue of $53.17 million also beat estimates by roughly $1 million. Based on the results, shares of the small cap SaaS company have risen by more than 9% on Friday.

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Over the third quarter, the number of hedge funds in our database with long stakes in 8×8, Inc. (NASDAQ:EGHT) increased by 1 to 12. The largest new stake was the one initiated by Brian Ashford-Russell and Tim Woolley’s Polar Capital, which comprised 548,608 shares, worth about $4.5 million.

Finally, there’s Golar LNG Limited (USA) (NASDAQ:GLNG), up by almost 45% on Friday afternoon. It seems like the surge was triggered by a memorandum that the company signed with Schlumberger Limited. (NYSE:SLB). As per the memorandum, both companies will jointly develop greenfield, brownfield and stranded gas reserves globally. The aim of this venture is to reduce the time the companies take to bring proven gas reserves into production.

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Golar LNG Limited (USA) (NASDAQ:GLNG) saw hedge fund interest decline by 11% over the latest reported quarter. As of September 30, 39 funds in our database were long the stock. Having said this, it should be noted that in the fourth quarter, Christian Leone’s Luxor Capital Group more than quadrupled its position to 5.04 million shares, or about 5.4% of the company’s total shares.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.