In this article we will take a look at the some of notable stocks trending today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Trending on Wednesday.
The markets are relatively calm on Wednesday with the Dow Jones down 0.4%, the S&P 500 down 0.34% and the NASDAQ up 0.1%. Among the stocks in the spotlight include HSBC Holdings plc (NYSE:HSBC), Southwest Gas Holdings, Inc. (NYSE:SWX), Facebook, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), General Motors Company (NYSE:GM), Tesla, Inc. (NASDAQ:TSLA), and Marvell Technology, Inc. (NASDAQ:MRVL).
Below we mention why these stocks are moving today. We also mentioned hedge fund activity for each stock.
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. Facebook, Inc. (NASDAQ:FB) is in the spotlight after CEO Mark Zuckerberg responded to whistleblower’s Frances Haugen’s accusations that Zuckerberg had no accountability and that Facebook should declare ‘moral bankruptcy’. Zuckerberg said Facebook, Inc. (NASDAQ:FB) cares “deeply about issues like safety, well-being and mental health”. Eagle Capital Management owned more than 7.4 million shares of Facebok at the end of June.
9. Amazon.com, Inc. (NASDAQ:AMZN) is in the spotlight after its streaming service, Twitch, was hacked. The hack reportedly includes Twitch’s source code and data reportedly indicates Amazon Game Studio plans to challenge Steam with an online store for computer games. Amazon.com, Inc. (NASDAQ:AMZN) bought Twitch in 2014. Amazon.com, Inc. (NASDAQ:AMZN) was the most widely held smart money stock at the end of Q2 in our database.
8. General Motors Company (NYSE:GM) is trending after the company announced plans to double its annual sales to around $280 billion by the end of the decade. General Motors Company (NYSE:GM) is also targeting higher margins by that time. Of the around 873 elite funds in our database, 86 were long General Motors Company (NYSE:GM) at the end of Q2.
7. Tesla, Inc. (NASDAQ:TSLA) is in the spotlight after Business Insider reported that Tesla could move its headquarters to Austin, Texas from Palo Alto, California. Tesla, Inc. (NASDAQ:TSLA) shares are up 7.2% year to date. Billionaire Elon Musk owns substantial shares in Tesla, Inc. (NASDAQ:TSLA).
6. Marvell Technology, Inc. (NASDAQ:MRVL) has surged over 7.5% given its investor day. According to Marvell Technology, Inc. (NASDAQ:MRVL), the company has a long term sales growth target of 15% to 20% versus the prior 10% to 15%. The company also has a target of returning more than 50% of free cash flow to shareholders. 51 elite funds in our database were long Marvell Technology, Inc. (NASDAQ:MRVL) at the end of Q2.
Like Facebook, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), General Motors Company (NYSE:GM), Tesla, Inc. (NASDAQ:TSLA), and Marvell Technology, Inc. (NASDAQ:MRVL), HSBC Holdings plc (NYSE:HSBC) and Southwest Gas Holdings, Inc. (NYSE:SWX) are trending.
Click to continue reading and see Why These 5 Stocks Are Trending on Wednesday.
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Disclosure: None. Why These 10 Stocks Are Trending on Wednesday is originally published on Insider Monkey.
