Why Are These Five Stocks on the Move Today?

Page 2 of 2

Cypress Semiconductor Rebounds As Investors Accept New CEO

Shares of Cypress Semiconductor Corporation (NASDAQ:CY) are trading up by 1.1% on Friday afternoon, as investors digested news about the company’s new CEO. After almost 34 years of service, T.J. Rodgers was replaced by a much younger exec, Hassane El-Khoury, who’s been with the company for almost a decade. In addition, 70-year-old Chairman Ray Bingham, was appointed as executive chairman, a staff position that implies a day-to-day work with the CEO. At the end of March, 13 funds among those we track owned $254.46 million worth of Cypress Semiconductor Corporation (NASDAQ:CY) shares. This implied a substantial decline from the 24 funds that held shares a quarter earlier.

Follow Cypress Semiconductor Corp (NASDAQ:CY)

Rio Tinto Hurt By Declining Metal Prices, Proposed Tax

Back to decliners, we’ve got Rio Tinto plc (ADR) (NYSE:RIO), which inched down by 4.3% today, as metals traded mostly lower on Friday. Likely to be hurting the stock as well is the tax plan that an Australian lawmaker has proposed – a tax that would only affect Rio Tinto and BHP Billiton Limited (ADR) (NYSE:BHP). “This new discriminatory mining tax would have a devastating impact on our business at the worst possible time in the commodity cycle,” said Rio Tinto’s Iron Ore group chief executive Chris Salisbury earlier today. A total of 24 funds in our database were long Rio Tinto plc (ADR) (NYSE:RIO) at the end of March.

Follow Rio Tinto Plc (NYSE:RIO)

PBF Logistics Falls After Pipeline Acquisition, Equity Offering

Finally, there’s PBF Logistics LP (NYSE:PBFX), which is down by 3.7% on Friday trading, driven by the announcement that it will acquire a 50% stake in Torrance Valley Pipeline for approximately $175 million. In order to fund the transaction, the company decided to conduct a public offering of 4 million common units representing limited partner interests. The pipeline in question is currently owned by an affiliate of PBF Energy Inc (NYSE:PBF). PBF Logistics LP (NYSE:PBFX) saw the number of funds in our database long its stock jump to seven from two during the first quarter.

Follow Pbf Logistics Lp (NYSE:PBFX)

 Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

Page 2 of 2