In this article, we will take a look at some of the notable stocks that moved today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are Moving on Wednesday.
All the major indexes observed positive momentum as the market recovered from the losses earlier in the week. The S&P 500 Index is up 2.14%, the Dow 30 Index is up 0.72%, and the NASDAQ 100 is up 1.8%. Stocks such as Moderna, Inc. (NASDAQ:MRNA), Twitter, Inc. (NYSE:TWTR), and Netflix, Inc. (NASDAQ:NFLX) are on the move today.
Let’s look at the reasons why these stocks are moving today and how hedge funds are positioned in them.
Source:Pixabay
10. Las Vegas Sands Corp. (NYSE:LVS) is up 9% after a report highlighted that China might ease its zero-tolerance policy on COVID-19 and reduce some restrictions. The Wall Street Journal has reported that China is looking into the implementation of travel bubbles, collection of data related to new antiviral drugs, and searching for supply partners for Chinese mRNA vaccines. The specific policy changes are expected to be enforced in spring 2022. Out of the 924 hedge funds in Insider Monkey’s database, 34 funds had a long position in Las Vegas Sands Corp. (NYSE:LVS) as of Q4 2021, as opposed to 40 funds in the preceding quarter. Earlier, hedge funds had liquidated their positions in stocks like Las Vegas Sands Corp. (NYSE:LVS) and Wynn Resorts, Limited (NASDAQ:WYNN) as the casino industry was severely impacted by the COVID-19 restrictions.
9. HP Inc. (NYSE:HPQ) is up 4.7% after the company’s CEO Enrique Lores defended the share repurchase program as an effective way to use the company’s reserve, despite an increase of 18% in HP Inc.’s (NYSE:HPQ) stock price over the last year. On Jim Cramer’s show, Mr. Lores said that he thinks HP Inc.’s (NYSE:HPQ) stock is undervalued and provides an attractive investment opportunity. HP Inc. (NYSE:HPQ) also reported its Q1 FY22 results on February 28. The EPS for the quarter ended on January 31 was $1.10 and surpassed the consensus estimate of $1.02. Meanwhile, the quarterly revenue of $17.02 billion outperformed the analysts’ estimate of $16.5 billion.
8. Ross Stores, Inc. (NASDAQ:ROST) soared 6.5% after the company reported better than expected Q4 2021 results. EPS was posted at $1.04 and surpassed the consensus estimate of 97 cents. Meanwhile, the revenue of $5 billion beat the analysts’ forecast of $4.96 billion. Furthermore, Ross Stores, Inc. (NASDAQ:ROST) approved a $1.9 billion share buyback plan until FY23. This plan will replace the existing $850 million share buyback plan currently in place. As of Q4 2021, 39 out of 924 hedge funds covered by Insider Monkey reported having a stake in Ross Stores, Inc. (NASDAQ:ROST).
7. The Mosaic Company (NYSE:MOS) has jumped over 5% during trading today after the company announced that it has agreed with the Goldman Sachs Group, Inc. (NYSE:GS) to repurchase $400 million worth of stock. Furthermore, Charles Neivert at Piper Sandler increased the price target on The Mosaic Company (NYSE:MOS) from $44 to $57 and reiterated an Overweight rating following the strong Q4 results. The analyst thinks that the Brazilian, potash, and phosphate markets are all in favor of fertilizer pricing, which will act as a tailwind for The Mosaic Company (NYSE:MOS).
6. Nordstrom, Inc. (NYSE:JWN) has surged 32% today after the company reported stronger than expected Q4 results. Nordstrom, Inc. (NYSE:JWN) reported revenue and EPS of $4.38 billion and $1.23, respectively, surpassing the analysts’ estimate of $4.35 billion and $1.02. CEO Erik Nordstrom claims that the business is on its way to recovery as the department store works on optimizing its inventory processes and pushes for higher-priced products to bolster margins. Following the strong quarterly results, an analyst at BMO Capital increased the target price on Nordstrom, Inc. (NYSE:JWN) from $23 to $30. More than five other firms have increased the target price on the stock.
Like Nordstrom, Inc. (NYSE:JWN), Moderna, Inc. (NASDAQ:MRNA), Twitter, Inc. (NYSE:TWTR), and Netflix, Inc. (NASDAQ:NFLX) are also on the move.
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Disclose. None. Why These 10 Stocks Are Moving on Wednesday is originally published on Insider Monkey.
