Why Microsoft, Nokia, Spherix, Dynegy, and Best Buy Are Making Moves Today

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Dynegy Tumbles After PJM Auction

Shares of Dynegy Inc. (NYSE:DYN) are trading down by 4.4% on Wednesday, driven by the announcement of the results of PJM Interconnection’s latest auction. As per the report, Dynegy cleared 9,804 megawatts for a weighted average price of $134 per megawatt-day. This sale resulted in roughly $481 million in capacity revenue for the 2019/2020 planning year. The prices were lower than what some analysts were anticipating, which is why shares have dipped today.

For a small-cap, Dynegy Inc. (NYSE:DYN) is quite popular among institutional investors, counting 41 supporters in our database as of March 31. These funds held more than 41% of the company’s shares at the end of the first quarter.

Best Buy Recuperating After Tuesday Hiccup

Back to gainers, we’ve got Best Buy Co Inc (NYSE:BBY), which is up by approximately 4.3% this afternoon, after tumbling on Tuesday following the release of tepid guidance. Two things could be behind Wednesday’s surge: on the one hand, investors could be showing delayed appreciation for the earnings beat reported on Tuesday morning along with the guidance update, which amounted to EPS of $0.44, thumping the Street’s consensus estimate by $0.09; on the other hand, this morning’s announcement of a $0.28 per share quarterly dividend, in-line with the previous dividend, could also be helping the stock.

As of the end of the first quarter of 2016, Best Buy Co Inc (NYSE:BBY) was in the portfolios of 28 funds among those we track. Cliff Asness’ AQR Capital Management, with 5.49 million shares, and Jim Simons’ Renaissance Technologies, which started a new stake comprising 2.34 million shares during the first quarter, were two of the more prominent ones.

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Microsoft Corporation (NASDAQ:MSFT) Continues to Slash Mobile Workforce

Microsoft Corporation (NASDAQ:MSFT) is further cutting its losses in mobile to focus elsewhere. According to the Wall Street Journal, Microsoft will lay off around 1,850 workers and take a restructuring charge of around $950 million. This is in addition to the company’s previous write-down of $7.6 billion and the layoff of 7,800 workers that Microsoft enacted last summer. Microsoft insists however, that it is still committed to the mobile-phone business but that it will focus its efforts on areas where it has more strengths and ‘differentiation’. Microsoft does have a successful tablet product, the Surface, and there are rumors that a Surface phone might come onto the market. Shares of Microsoft are up by 1.44% today.

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Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.

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