Why These 10 Stocks Were in the Spotlight This Week

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

Some stocks that were in the spotlight this week included Intel Corporation (NASDAQ:INTC), Tesla, Inc. (NASDAQ:TSLA), Alphabet Inc. (NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Bank of America Corporation (NYSE:BAC), and Citigroup Inc. (NYSE:C). Let’s find out why each stock made the news and how elite funds were positioned among them according to the latest 13F data.

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.

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#10 Alphabet Inc. (NASDAQ:GOOGL) is trending after after CNBC reported that the web giant is lowering the amount it keeps from certain revenue from its cloud marketplace. According to CNBC from its sources, “Google is reducing the amount of revenue it keeps when customers buy software from other vendors on its cloud marketplace”.

Although taking less revenue might be a headwind short term, Alphabet Inc. (NASDAQ:GOOGL) could potentially win more long term from the extra business and more competitiveness. By lowering its fees, Alphabet Inc. (NASDAQ:GOOGL) could potentially grow faster in the huge cloud market. By the end of the second quarter this year, 190 of the 873 hedge funds analyzed by Insider Monkey had owned GOOGL shares, which was equal to $26.8 billion.

#9 Amazon.com, Inc. (NASDAQ:AMZN) is trending due to the Google news. Currently, Amazon.com, Inc. (NASDAQ:AMZN) is arguably the leader in the cloud and as such, Amazon.com, Inc. (NASDAQ:AMZN) will need to innovate further to maintain its competitiveness if Alphabet improves its competitiveness. Currently, Amazon.com, Inc. (NASDAQ:AMZN)’s cloud business is doing very well, with an annualized run rate of $59 billion as of July 2021. That’s up from the annualized run rate of $43 billion in around July 2020.

Out of the 873 hedge funds polled by Insider Monkey by the second half, 271 held a stake in the company for a total value of $60 billion.

#8 Microsoft Corporation (NASDAQ:MSFT) is also trending due to the Google news given Microsoft Corporation (NASDAQ:MSFT) is one of the leaders in the cloud. According to Microsoft Corporation (NASDAQ:MSFT) in July 2021, “The Microsoft Cloud opportunity is stronger than ever with over 95 percent of Fortune 500 companies using Azure… We are investing in our partner ecosystem to help partners do business with us. Starting July 1, we lowered our marketplace transaction fee from 20 percent to 3 percent.”

238 out of the 873 hedge funds polled by Insider Monkey held a stake in the company by the end of the first half of this year, with the stake equaling $62.5 billion.

#7 Bank of America Corporation (NYSE:BAC) surged by 7.01% this week with the Fed meeting this week likely helping the stock rise. With the data released from the Fed meeting, it seems that interest rate expectations have risen. Given that Bank of America Corporation (NYSE:BAC) has a substantial commercial banking business, future profit estimates for Bank of America Corporation (NYSE:BAC) have likely risen as well. Warren Buffett’s Berkshire Hathaway was a big holder of  Bank of America Corporation (NYSE:BAC) at the end of the second quarter with a stake of 1,010,100,606 shares.

#6 Citigroup Inc. (NYSE:C) rose around 4.6% this week also due to the Fed meeting which likely increased interest rate expectations. Also helping Citigroup Inc. (NYSE:C)’s stock could be Fed Chariman Jerome Powell’s comments, “The Evergrande situation seems very particular to China, which has very high debt for an emerging market economy. You would worry that it would affect global financial conditions through confidence channels and that kind of thing, but I wouldn’t draw a parallel to the United States corporate sector.” 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.

Like Alphabet Inc. (NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Bank of America Corporation (NYSE:BAC), and Citigroup Inc. (NYSE:C), Intel Corporation (NASDAQ:INTC) and Tesla, Inc. (NASDAQ:TSLA) were in the spotlight this week.

Click to continue reading and see Why These 5 Stocks Were in the Spotlight This Week.

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