AMD Spikes Up On Analyst Upgrade
Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are trading up by more than 6.3% on Thursday afternoon, driven by an upgrade from Canaccord’s Matt Ramsay. Citing the sales potential of the newly released Polaris GPUs and upcoming Zen CPUs, the expert boosted his rating to Buy from Hold, and upped his price target to $6.00 from $3.25. A total of 13 funds among those we track were long Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of the first quarter of 2016. Among them were D E Shaw, which held 4.68 million shares and Jim Simons’ Renaissance Technologies, which disclosed ownership of 794,400 shares.
Teekay Offshore Sees Correction
On the other hand, Teekay Offshore Partners L.P. (NYSE:TOO) is trading down by more than 6%, giving up some of the gains posted on Wednesday. Yesterday’s spike had been triggered by the announcement that bondholders had granted the partnership formal approvals to extend to late-2018 most of the principal maturity payments for a couple of its existing Norwegian Kroner senior unsecured bonds. The bonds were originally maturing in January 2017 and January 2018, subject to completion of the other previously declared financing initiatives, a press release explained. Teekay Offshore Partners L.P. (NYSE:TOO) saw the number of funds in our database long its stock surge by 33.3% over the first quarter to 12 at the end of March and their combined stakes accounted for almost 7% of the company’s outstanding stock. Alec Litowitz and Ross Laser’s Magnetar Capital alone held about 2.45% of the float, or 2.62 million shares, valued at $14.89 million at the end of March.
Wells Fargo’s Loosing Streak Continues
Finally, we’ve got Wells Fargo & Co (NYSE:WFC), whose stock has inched down by 0.9% on Thursday afternoon, trading around four-month lows. This marks the eighth consecutive day of negative returns, the longest losing streak registered by the stock since October, 2007. The latest run-down has resulted in a loss of more than 8%, and has been –seemingly- driven by Brexit fears and the Fed’s decision to keep interest rates unchanged. Wells Fargo & Co (NYSE:WFC) saw the number of funds in our database long its stock increase by five to 90 during the first quarter; their stakes accounted for more than 12% of the float. Warren Buffett’s Berkshire Hathaway is the largest institutional shareholder of record in the company, with 479.7 million shares.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.