With oil sliding again, U.S. stocks found it hard to enter the green territory today. Energy stocks have dragged the market lower in the first hours of trading, but could not keep them in the red for long, as the indices have recovered and are trying for gains. In this article we’ll talk about Harmony Gold Mining Co. (ADR) (NYSE:HMY), Spirit Airlines Incorporated (NASDAQ:SAVE), Nielsen N.V. Ordinary Shares (NYSE:NLSN), General Steel Holdings Inc (NYSE:GSI) and Akers Biosciences Inc (NASDAQ:AKER), and see why these stocks shot up after the opening bell.
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First up is Harmony Gold Mining Co. (ADR) (NYSE:HMY), whose shares are currently up by 5.6% as gold prices increased as well. The stock has been on a roll since the U.S. Federal Reserve raised the interest rates about a month ago. The weakness stemming from China and increased tensions in the Middle East are pushing gold prices higher, with mining stocks following suit.
Harmony Gold Mining Co. (ADR) (NYSE:HMY) is not among the hedge funds’ favorites, with only eight funds among those we track reporting a long position in the stock at the end of 2015 third quarter, down from 10 at the end of June. Israel Englander is very bullish on this particular stock, having made a huge play during the quarter. In its latest 13F filing, Millennium Management has reported a massive increase in its holding to 3.95 million shares, the second largest position among those 8 funds.
Shares of Spirit Airlines Incorporated (NASDAQ:SAVE) shot up after the introduction of its new Chief Executive Officer emerged. Robert L. Fornaro, the former CEO of AirTran Holdings and a member of Spirit Airlines’ board of directors since 2014, is taking over from Ben Baldanza, who managed the company since 2006. With the stock having plunged by 46% last year, today’s rally is a sign that investors take this appointment as a fresh start for the ultra low-cost carrier.
During the third quarter of 2015, Spirit Airlines Incorporated (NASDAQ:SAVE) gained a vote of confidence from hedge fund managers, with the number of funds invested reaching 39, up from 31 a quarter earlier. Ken Griffin is betting on a turnaround, having boosted his stake by 131% over the quarter. At the end of September, Citadel Investment Group held approximately 2.57 million shares of Spirit Airlines.