Why These 10 Stocks Are Moving on Tuesday

In this article, we will take a look at some of the popular stocks that moved today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are Moving on Tuesday.

All the three notable indexes in the US equity market were down in early trading today. The S&P 500 Index was down 0.7%, while the Dow 30 Index dipped 0.5%. The Dow Jones Industrial Index has officially entered the correction zone and joined the S&P 500 Index, which means that the index has lost 10% of its value from its recent peak. Meanwhile, the NASDAQ Composite Index has entered the bear market territory as it has dipped more than 20% from its peak in November 2021. Some of the popular stocks on the move today include Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Caterpillar Inc. (NYSE:CAT).

Let’s discuss the reasons the stocks are moving today and how hedge funds are positioned in them.

10. Valero Energy Corporation (NYSE:VLO) is up around 7.5% after the San Antonio, Texas-based company was included in the US1 top idea list by Doug Leggate at Bank of America. During the process, the analyst maintained a Buy rating on Valero Energy Corporation (NYSE:VLO) stock but increased the target price from $107 to $135. He has termed the stock as the top refining play in the US. Leggate thinks that the market is ignoring the US oil and gas refining companies as beneficiaries to structurally high natural gas prices across Europe and the rest of the world due to the Russia-Ukraine conflict. The cost of natural gas has a key bearing on the refining margin earned by such companies. Of the 924 hedge funds in Insider Monkey’s database, 35 held a stake in Valero Energy Corporation (NYSE:VLO) as of Q4 2021. Citadel Investment Group is the leading investor in the company, with a stake worth over $104 million.

9. DISH Network Corporation (NASDAQ:DISH) has soared more than 5.5% in the early trading session today after the stock was upgraded from a Neutral to a Buy rating by John Hodulik at UBS. The analyst has given DISH Network Corporation (NASDAQ:DISH) stock a price target of $44 and highlighted that the organization offers an attractive risk and reward profile for potential investors along with the long-term potential for its next-generation, cloud-based 5G wireless network. Hodulik also expects DISH Network Corporation (NASDAQ:DISH) to show a proof of concept for its network during its analyst day expected to take place in May 2022. As of Q4 2021, 54 hedge funds had a long position in DISH Network Corporation (NASDAQ:DISH), up from 51 in the previous quarter.

8. Schlumberger Limited (NYSE:SLB) is 9.1% in the green today after the Houston, Texas-based oilfield services company announced a contract awarded by TotalEnergies SE (NYSE:TTE) for its Tilenga onshore oil development in Uganda. Schlumberger Limited (NYSE:SLB) is required to provide provisional drilling services, artificial lift solutions, lower and upper completions, and wellheads for the project. The site comprises six fields and up to 426 wells. Another impetus behind the rise in Schlumberger Limited (NYSE:SLB)’s stock price is the increase in crude oil price due to the US and Britain’s consideration of imposing a ban on the import of Russian crude. Brent crude futures, for delivery in April, are up 7% for the day and trading close to $132. Overall, 47 hedge funds, out of the 924 being tracked by Insider Monkey, held a stake in Schlumberger Limited (NYSE:SLB) at the end of Q4 2021, compared to 39 in the preceding quarter.

7. Dollar Tree, Inc. (NASDAQ:DLTR) has risen more than 3.3% after the Chesapeake, Virginia-based discount retailer settled with activist investment firm Mantle Ridge. Under the settlement, Dollar Tree, Inc. (NASDAQ:DLTR) will increase the size of its board of directors from five to 12. One of the notable additions to the revamped board will be Richard Dreiling, who served as the CEO of the rival discount retailer, Dollar General Corporation (NYSE:DG). The second prominent addition to the board is Paul Hilal, the founder, and CEO of Mantle Ridge. The five existing directors, along with the CEO will continue under their current capacity. At the end of Q4 2021, 44 hedge funds reported owning a stake in Dollar Tree, Inc. (NASDAQ:DLTR). Akre Capital Management is long over 2.6 million shares of Dollar Tree, Inc. (NASDAQ:DLTR) as of Q4 2021.

6. Fortinet, Inc. (NASDAQ:FTNT) is down more than 6% today after the 12% broad market selloff on Monday. The Sunnyvale, California-based cybersecurity solutions provider revealed that it would suspend its operations in Russia. The stock has a 52-week range of $167.08 and $371.77, respectively. On the other hand, in a report issued to investors last month, Daniel Ives at Wedbush thinks that the conflict between Russia and Ukraine would benefit Fortinet, Inc. (NASDAQ:FTNT) due to the potential rise in cyber-attacks. Out of the 924 hedge funds in Insider Monkey’s database, 31 held a stake in Fortinet, Inc. (NASDAQ:FTNT) as of Q4 2021.

Besides Fortinet, Inc. (NASDAQ:FTNT), Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Caterpillar Inc. (NYSE:CAT) are some of the prominent movers in the stock market today.

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Disclose. None. Why These 10 Stocks Are Moving on Tuesday is originally published on Insider Monkey.