The three main indexes opened lower on Thursday as traders anticipate the housing starts release tomorrow and the Brexit vote next week. Volatility could also be heightened due to the soft economic data from China and crude’s recent retracement. Among the stocks trending today are Fiat Chrysler Automobiles NV (NYSE:FCAU), Ford Motor Company (NYSE:F), General Electric Company (NYSE:GE), Rite Aid Corporation (NYSE:RAD), and The Coca-Cola Co (NYSE:KO). Let’s take a closer look why these stocks are on the move and how smart money investors have been trading them lately.
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Fiat and Ford New Car Registrations Rise in May
May car registrations figures in the EU are out, and Fiat Chrysler Automobiles NV (NYSE:FCAU) and Ford Motor Company (NYSE:F) both made some year-over-year gains. According to the European Automobile Manufactures Association, new passenger car registrations of Ford vehicles rose by 7.9% on the year to 85,824 units. Fiat Chrysler did even better, with registrations advancing by 25.7% year-over-year to 96,692 vehicles. Overall, new passenger car registrations appreciated by 9.9% year-over-year in the European Union. The healthy year-over-year growth is good news for both companies as it means more revenues and cash flow. Shares of Fiat are nevertheless have lost around 3% so far today, while shares of Ford have inched down by around 0.60%. Among the funds we track, 28 funds owned shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) and 33 top funds were long Ford Motor Company (NYSE:F) at the end of March.
General Electric Looking to Expand Wind Holdings
General Electric Company (NYSE:GE) is in the spotlight today after CEO Jeff Immelt said that the company is looking to acquire Areva-Gamesa’s offshore wind joint venture Adwen. Immelt specifically commented: “Being bigger would be useful for us. Talks are underway with different parties: Siemens, Areva, Gamesa, us and the French state”. Adwen has contracts to build 1,500 MW of offshore wind infrastructure in France. If completed, the acquisition would make GE the third-largest player in Europe’s growing offshore wind market. Warren Buffett’s Berkshire Hathaway was one of the top shareholders of General Electric Company (NYSE:GE) at the end of the first quarter.
On the next page, we examine Rite Aid Corporation, and The Coca-Cola Co.