Why Are These Five Stocks Advancing Today?

Next on our list of morning gainers is Patriot National Inc (NYSE:PN), whose shares are up by 25% after closing an agreement with various institutional investors. The agreement allows the company to buy back up to 1,666,666 common shares for $20 million. Also, it will exchange existing warrants for new ones to purchase up to an aggregate of 3,250,000 shares of common stock. Hedge fund sentiment Patriot National Inc (NYSE:PN) remained stayed steady during the the third quarter, as the number of hedge funds long the stock (among those we track) remained unchanged at six. However, these funds amassed only 6.0% of the company’s outstanding stock heading into the fourth quarter.

Rovi Corporation (NASDAQ:ROVI) shares are up by 4% as investors become more optimistic following the license renewal with AT&T Inc. (NYSE:T) for seven years. It is not only a renewal of the preexisting license, but it will also extend the previous agreements between them. Our data show that the smart money is fond of the company, with the number of funds long Rovi Corporation (NASDAQ:ROVI) having increased by two to 22 during the third quarter. Together they hold some 10.5% of the company’s common stock, while George Soros’ Soros Fund Management is the largest shareholder, owning 4.07 million shares valued at $42.66 million as of the end of September.

Finally, in our list of gaining stocks is MBIA Inc. (NYSE:MBI), whose shares surged by 9% following reports that the Puerto Rico’s electric utility has reached a restructuring agreement for its $8.2 billion of debt. One of the parties of the deal is MBIA. Among the funds we track, 30 funds reported holding $263.1 million worth of MBIA Inc. (NYSE:MBI) shares as of the end of the third quarter. Among the bulls is Jeffrey Tannenbaum’s Fir Tree, holding a stake of 5.59 million shares, and having upped his stake by 492% during the trimester.

Disclosure: none