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Why BlackBerry, Accenture, Steelcase and Two Other Stocks are Trending Today?

All eyes on the UK on Thursday where a fateful referendum is underway which will decide whether the country should leave the European Union.

Latest polls this morning show that “Remain” has a lead on “Leave” so far. Rising oil prices also contributed to the spike in US stocks today. Among the trending stocks are BlackBerry Ltd (NASDAQ:BBRY), Accenture Plc (NYSE:ACN), Commercial Metals Company (NYSE:CMC), Steelcase Inc. (NYSE:SCS), and Bed Bath & Beyond Inc. (NASDAQ:BBBY). This article takes a closer took on the factors moving these stocks are analyzes what elite funds think of these companies.

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Blackberry Posts First Quarter Results

Let’s start with BlackBerry Ltd (NASDAQ:BBRY), whose stock has gained 2% before the bell after the company reported a break even adjusted EPS of $0.00 for the fiscal first quarter, better than the estimated loss $0.08 per share. Revenue for the quarter came in at $424 million, worse than the expected $470.94 million, as the company’s smartphone sales continue to suffer. Net loss came in at $670 million or $1.28 a share. Blackberry’s CEO said during the earnings call that the company’s first Android phone didn’t sell get a good response due to its high price. Mr. Chen said that Blackberry more than doubled its software revenue on a year-over-year basis for the second consecutive quarter due to its EMM, secure messaging and QNX embedded software businesses. A total of 24 hedge funds from our database were positioned in BlackBerry Ltd (NASDAQ:BBRY) as of the end of the first quarter. Prem Watsa’s Fairfax Financial Holdings owns approximately 46.72 million shares of the company.

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Accenture Beats Estimates

Accenture Plc (NYSE:ACN)’s stock gained 0.39% in premarket trading today after the company posted better than expected better-than-expected fiscal third quarter financial results,  driven by a strong demand for consulting services.  The Dublin, Ireland-based company reported EPS of $1.41, in-line with the estimates, but revenue of $8.43 billion topped the consensus estimate of $8.34 billion. New bookings in the quarter were worth $9.1 billion and show a 2% foreign-currency impact as compared to the same quarter last year. For the full year, Accenture sees its EPS in the range of $5.29 to $5.33. With approximately 1.32 million shares of Accenture Plc (NYSE:ACN), Cliff Asness’ AQR Capital Management is one of 34 hedge funds from our database that held stakes in the company at the end of the first quarter.

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On the next page, we discuss why Commercial Metals Company, Steelcase and Bed Bath & Beyond are on the move today.

Commercial Metals Company Posts Impressive Results for the Third Quarter

Commercial Metals Company (NYSE:CMC) is in the spotlight today after the company beat estimates for the fiscal third quarter. The Texas-based steel and metals manufacturer posted EPS of $0.30, better than the analysts’ estimates of $0.25, while revenue came in at $1.23 billion, versus the consensus estimate of $1.15 billion. The company said in a statement that it expects its fourth-quarter results to remain strong and consistent with its performance in the third quarter. The demand from the US construction market remains strong as non-residential construction spending was up by 5% year over year in April 2016. Among the funds we track, 21 were long Commercial Metals Company (NYSE:CMC) at the end of the first quarter.

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Steelcase Plunges After Posting Dismal Guidance for FQ2

Steelcase Inc. (NYSE:SCS)’s shares have declined by around 4% after the company posted a bleak guidance for the second quarter of fiscal 2017. The Michigan based furniture company sees its EPS in the range of $0.29 to $0.33 in the second quarter, versus the consensus of $0.37 and revenue outlook stands in the range of $770 million to $795 million, sharply down from the analysts’ expectations of $827.3 million. For the fiscal first quarter, Steelcase’s EPS of $0.18 was above the estimates of $0.16, while revenue of $718.8 million, topped the expected $702.37 million. According to our data, 25 investors amassed some $98.2 million worth of Steelcase Inc. (NYSE:SCS)’s stock at the end of the first quarter. Chuck Royce’s Royce & Associates owns around 1.85 million shares of the company.

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Bed Bath & Beyond Misses Estimates

Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s stock plunged after the bell on Thursday but has recovered in the first hours of trading after the company posted a surprise sales decline and disappointing earnings for the fiscal first quarter. The New Jersey based domestic merchandise company reported EPS of $0.80, below the analysts’ estimates of $0.86. Its revenue of $2.74 billion also missed the expectations of $2.78 billion. Comparable sales in the quarter slipped by 0.5% as compared to a rise of 2.2% in the same quarter of the last year. Bed Bath & Beyond is facing a tough competition from rivals like Amazon. In order to increase its eCommerce sales, the company recently acquired One Kings Lane, a home decor business that operates a furniture and home accessories sales website. At the end of the first quarter, 25 funds from our database were bullish on Bed Bath & Beyond Inc. (NASDAQ:BBBY), having amassed $314.5 million worth of stock in aggregate.

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Disclosure: None

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