In this article we will take a look at the some of notable stocks on the move today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are On the Move on Wednesday.
It’s a bullish day on Wall Street as all three major indexes are in the green. Both the S&P 500 and the Dow are up around 1% while the NASDAQ has rallied around 0.7%. Although the Evergrande situation in China remains unresolved, there is less fear and investors are now more focused on the Fed meeting.
Among the stocks that’s on the move include FedEx Corporation (NYSE:FDX), Incyte Corporation (NASDAQ:INCY), MGM Resorts International (NYSE:MGM), Devon Energy Corporation (NYSE:DVN), Freeport-McMoRan Inc. (NYSE:FCX), Facebook, Inc. (NASDAQ:FB), and Bank of America Corporation (NYSE:BAC). Let’s examine why each stock is moving and how elite funds are positioned among them.
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10. MGM Resorts International (NYSE:MGM) has rallied almost 6% due to sentiment around Chinese stocks improving. Other gambling stocks such as Las Vegas Sands have also rallied today and many Chinese stocks are also higher. Macau is a big market for MGM Resorts International (NYSE:MGM) and any potential improvement in China’s economic situation in the future could benefit Macau and Macau gaming stocks. Keith Meister‘s Corvex Capital was long more than 15.6 million shares of MGM Resorts International (NYSE:MGM) for the June 30, 2021 filing period.
9. Devon Energy Corporation (NYSE:DVN) is up around 7.3% due to the broader market rally and WTI prices rallying around 1.6%. Given that it produces oil, Devon Energy Corporation (NYSE:DVN)’s profits are affected by oil prices. If oil prices rally, Devon Energy Corporation (NYSE:DVN) could potentially benefit.
50 elite funds we track were long Devon Energy Corporation (NYSE:DVN) at the end of the second quarter, down 2 from the prior quarter.
8. Freeport-McMoRan Inc. (NYSE:FCX) is up around 4.4% likely due to sentiment around the future of China’s property market improving at least today. Many other stocks related to China’s property market have rallied on Wednesday as well and there is less fear over the systematic risks surrounding China Evergrande Group.
Because China imports a lot of copper and Freeport-McMoRan Inc. (NYSE:FCX)’s business depends a lot on copper prices, Freeport-McMoRan Inc. (NYSE:FCX) stock is affected by what’s occurring in China.
The number of elite funds we track that were long Freeport-McMoRan Inc. (NYSE:FCX) rose to 76 in Q2, 2021 from 68 in Q1, 2021.
7. Facebook, Inc. (NASDAQ:FB) has fallen around 3.7% after the company provided an update on how Apple’s privacy policy changes could affect its ad business. In a blog post, Facebook, Inc. (NASDAQ:FB) wrote, “As we noted during our earnings call in July, we expected increased headwinds from platform changes, notably the recent iOS updates, to have a greater impact in the third quarter compared to the second quarter.” Given the uncertainty, some investors apparently sold Facebook, Inc. (NASDAQ:FB) although the stock continues to have long term tailwinds.
Of the around 873 top funds we track, 266 were long Facebook, Inc. (NASDAQ:FB) in the second quarter, making it the second most widely held smart money stock in our database.
6. Bank of America Corporation (NYSE:BAC) is up around 2.8% due to the broader market rally and potentially due to the Fed meeting which is expected to focus on the timetable of the taper. With a leading commercial bank, Bank of America Corporation (NYSE:BAC) benefits from higher rates, if and when that should occur. Bank of America Corporation (NYSE:BAC) has done well in 2021 with a year to date rally of more than 33%.
Warren Buffett‘s Berkshire Hathaway was a major holder of Bank of America Corporation (NYSE:BAC) with a holding of 1,010,100,606 at the end of June 30.
Like MGM Resorts International (NYSE:MGM), Devon Energy Corporation (NYSE:DVN), Freeport-McMoRan Inc. (NYSE:FCX), Facebook, Inc. (NASDAQ:FB), and Bank of America Corporation (NYSE:BAC), FedEx Corporation (NYSE:FDX) and Incyte Corporation (NASDAQ:INCY) are also on the move.
Click to continue reading and see Why These 5 Stocks Are on the Move on Wednesday.
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Disclosure: None. Why These 10 Stocks Are on the Move on Wednesday is originally published on Insider Monkey.
