Why These 10 Stocks Were in the Spotlight on Monday

In this article we will take a look at the some of notable stocks in the spotlight today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Were in the Spotlight on Monday.

It was a red day on Wall Street as all three major indexes fell. While the Dow Jones declined only 0.83%, the S&P 500 fell over 1.1% and the NASDAQ fell 1.84%.  Among the stocks that were in the spotlight on Monday included QUALCOMM Incorporated (NASDAQ:QCOM), Diamondback Energy, Inc. (NASDAQ:FANG), Merck & Co., Inc. (NYSE:MRK), General Motors Company (NYSE:GM), Twitter, Inc. (NYSE:TWTR), Adobe Inc. (NASDAQ:ADBE), and Alibaba Group Holding Limited (NYSE:BABA). Let’s find out why each stock trended 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. Merck & Co., Inc. (NYSE:MRK) rose more than 2% despite the market weakness on Monday as optimism continues over the company’s antiviral. Although Merck & Co., Inc. (NYSE:MRK)’s Molnupiravir hasn’t been approved yet and phase 3 data shows it reduces the risk of hospitalization or death by only around 50% compared to placebo for patients with mild or moderate COVID-19, many think the antiviral is a ‘game changer’. It also shows that Merck & Co., Inc. (NYSE:MRK) can do well in innovation, which is important for future growth. Of the around 873 elite funds in our database, 79 were long Merck & Co., Inc. (NYSE:MRK) at the end of Q2.

9. General Motors Company (NYSE:GM) increased by 1.6% on Monday given GM-backed Cruise LLC is expected to tell investors it sees a path for its ride hailing business to achieve $50 billion in sales over the next several years. General Motors Company (NYSE:GM) is also in the spotlight after Engine No. 1 founder Chris James said of General Motors, “We think that this can become a growth company again. … We think this stock could triple over the next five years.” 86 elite funds we track owned shares in General Motors Company (NYSE:GM) at the end of June.

8. Twitter, Inc. (NYSE:TWTR) fell more than 5.7% due to the weakness in Facebook stock on Monday. If Facebook is worth less, Twitter, Inc. (NYSE:TWTR) is also worth less based on relative valuation to some investors. Shares of Twitter, Inc. (NYSE:TWTR) are still up 7% year to date, however. 89 elite funds in our database owned shares in Twitter, Inc. (NYSE:TWTR) at the end of Q2.

7. Adobe Inc. (NASDAQ:ADBE) fell almost 3.3% given today’s market sell-off and the weakness in big tech stocks. Big tech stocks fell on Monday due to the decline in Facebook and the expected rise in Treasury yields in the future. Adobe Inc. (NASDAQ:ADBE) shares are still up 15% year to date. 89 elite funds we track were long shares in Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter.

6. Alibaba Group Holding Limited (NYSE:BABA) declined by around 3.2% given today’s tech sector weakness. Given that China’s Evergrande situation remains unresolved, uncertainty remains over China related stocks such as Alibaba Group Holding Limited (NYSE:BABA). Ken Fisher’s Fisher Asset Management owned more than 14. 1 million shares of Alibaba Group Holding Limited (NYSE:BABA) at the end of June.

Like Merck & Co., Inc. (NYSE:MRK), General Motors Company (NYSE:GM), Twitter, Inc. (NYSE:TWTR), Adobe Inc. (NASDAQ:ADBE), and Alibaba Group Holding Limited (NYSE:BABA), QUALCOMM Incorporated (NASDAQ:QCOM) and Diamondback Energy, Inc. (NASDAQ:FANG) were in the spotlight on Monday.

Click to continue reading and see Why These 5 Stocks Were in the Spotlight on Monday.

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Disclosure: None. Why These 10 Stocks Were in the Spotlight on Monday is originally published on Insider Monkey.