Why These 10 Stocks Are Surging on Thursday

In this article we will take a look at the some of notable stocks rising today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Surging on Thursday.

The S&P 500 and Dow are both up on Thursday as some investors express cautious hope that the trouble surrounding China’s Evergrande can be contained. Furthermore there is more certainty over the Fed’s future potential monetary policies now that some data from the Fed meeting was disclosed yesterday.

Like the indexes, Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Bank of America Corporation (NYSE:BAC), Regions Financial Corporation (NYSE:RF), Citigroup Inc. (NYSE:C), Facebook, Inc. (NASDAQ:FB), and BlackBerry Limited (NYSE:BB) are all surging on Thursday. Let’s find out why each stock is rising and how elite funds are positioned among them.

Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

10. Bank of America Corporation (NYSE:BAC) is up more than 4% due to data released from the Federal Reserve meeting yesterday. Due to concerns over rising inflation, data showed that 9 of the 18 FOMC participants indicated they expect interest rates to rise at least once next year. That number was higher than many Wall Street expectations. Given that it has a leading commercial bank, Bank of America Corporation (NYSE:BAC) could find it easier to make profits with higher interest rates. Bank of America Corporation (NYSE:BAC) is up almost 40% year to date with today’s rally.

Of the around 873 elite funds in our database, 87 were long Bank of America Corporation (NYSE:BAC) at the end of the second quarter.

9. Regions Financial Corporation (NYSE:RF) has surged more than 5% due to the broader financial sector rally and the data from the Fed meeting yesterday. If interest rates rise faster than expected, Regions Financial Corporation (NYSE:RF) could benefit given that it is a commercial bank. Regions Financial Corporation (NYSE:RF) is up 28% year to date. Ken Griffin‘s Citadel Investment Group increased its share count by 146% from the prior quarter to a holding of more than 1.52 million shares in Regions Financial Corporation (NYSE:RF) for the June 30, 2021 filing period.

8. Citigroup Inc. (NYSE:C) has rallied over 4% due to higher interest rate expectations after the data over the Fed meeting was disclosed yesterday. Like Bank of America, Citigroup Inc. (NYSE:C) also has a considerable commercial bank business. If the economy continues to strengthen, Citigroup Inc. (NYSE:C) could also benefit. Of the around 873 elite funds in our database, 87 were long Citigroup Inc. (NYSE:C) at the end of Q2, down 3 from the prior quarter.

7. Facebook, Inc. (NASDAQ:FB) is up 1% after a down day yesterday as the tech giant has recovered some momentum. Although there are near term concerns that Apple’s privacy policy changes could negatively affect Facebook, Facebook, Inc. (NASDAQ:FB)’s long term potential remains very promising given its growing users and its huge user base. Facebook, Inc. (NASDAQ:FB) also has potential with AI technologies. Eagle Capital Management raised its position by 7% from the prior quarter to over 7.4 million shares in Facebook, Inc. (NASDAQ:FB) at the end of June.

6. BlackBerry Limited (NYSE:BB) has rallied 12% after the company reported a fiscal second quarter loss of $144 million or a loss of 25 cents per share. Adjusted loss was a loss of 6 cents per share. BlackBerry Limited (NYSE:BB)’s revenue was $175 million, down from $529 million in the prior year quarter. BlackBerry Limited (NYSE:BB) CEO John Chen said, “Revenue for all businesses beat expectations this quarter.” Of the around 873 elite funds in our database, 22 were long BlackBerry Limited (NYSE:BB) at the end of the second quarter.

Like Bank of America Corporation (NYSE:BAC), Regions Financial Corporation (NYSE:RF), Citigroup Inc. (NYSE:C), Facebook, Inc. (NASDAQ:FB), and BlackBerry Limited (NYSE:BB), Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) are also surging.

Click to continue reading and see Why These 5 Stocks Are Surging on Thursday.

 

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Disclosure: None. Why These 10 Stocks Are Surging on Thursday is originally published on Insider Monkey.