Why These 5 Stocks Are Climbing Higher As The Market Sinks

With oil prices still in the red and the Dow and S&P 500 deep in the red this morning, down by over 1.5% each, shares of Michael Kors Holdings Ltd (NYSE:KORS), Mattel, Inc. (NASDAQ:MAT), Hortonworks Inc (NASDAQ:HDP), LoJack Corporation (NASDAQ:LOJN), and Hansen Medical, Inc. (NASDAQ:HNSN) are rallying against the tide. Let’s find out why investors have no reservations about buying these equities today as well as what relevant hedge fund sentiment has to say about the longer-term prospects of these stocks.

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Back to Monday’s gainers, there’s Michael Kors Holdings Ltd (NYSE:KORS), which is trading up by almost 17% in the early morning on the back of the company posting its financial results for the third quarter of its fiscal year 2016. For the quarter ended December 26, the luxury lifestyle brand company reported total revenue of $1.40 billion, up from $1.31 billion a year earlier, while its profit advanced to $1.59 per share from $1.48 a year earlier. Moreover, the results exceeded analysts’ estimates by $0.13 in EPS and $40 million in revenue. In addition to that, during the trimester, Michael Kors repurchased 4.68 million shares for approximately $200 million. For the fourth quarter of fiscal year 2016, the company forecasts revenue of between $1.13 billion and $1.15 billion and expects total revenue to be approximately $4.65 billion for fiscal year 2016.

Among the funds we follow, 39 reported long positions in Michael Kors Holdings Ltd (NYSE:KORS) as of the end of September, down by nine funds from a quarter earlier. David Einhorn‘s Greenlight Capital reported holding a $297 million position in the stock as of September 30, comprising 4.9% of its 13F portfolio.

Next up is Mattel, Inc. (NASDAQ:MAT), up by over 12% in Tuesday trading. The company announced good quarterly results for the fourth quarter, reporting EPS of $0.67 on revenue of $2.0 billion, exceeding analysts’ estimates by $0.06 per share and $90 million, respectively. Earnings increased by 36.7% year-over-year. Moreover, analysts at Stifel Nicolaus are more bullish on Mattel today, as they upgraded the company to ‘Buy’ from ‘Hold’ and assigned a price target of $33 per share to the stock, suggesting 23.3% upside potential from Monday’s close.

Mattel, Inc. (NASDAQ:MAT) lost popularity among top investors in the third quarter of 2015, as out of the 730 funds that we track, 18 funds held shares of the company on September 30, down from 23 funds on June 30. Barry Rosenstein‘s JANA Partners was the largest shareholder of Mattel in our system, with 9.31 million shares valued at $196.1 million at the end of September.

On the next page we have the tale of the tape concerning three of the day’s other big gainers.

Next on our list is Hortonworks Inc (NASDAQ:HDP), currently up by just under 1% after it announced the pricing for its 8.43 million shares of common stock in a public offering. The price to the public will be $9.50 per share, $0.90 below yesterday’s close. Underwriters will also have a 30-day option to purchase up to an additional 1.26 million shares of common stock from Hortonworks. 16 funds in our system held shares of Hortonworks Inc (NASDAQ:HDP) on September 30, down by four during the third quarter, and they amassed 16.1% of the float.  Among them, John Burbank‘s Passport Capital was the largest shareholder, reporting ownership of 2.6 million shares in its latest 13F filing.

LoJack Corporation (NASDAQ:LOJN) shares have advanced by 20% today, hitting their 52-week high on the news that CalAmp (NASDAQ:CAMP) will acquire the firm for $6.45 per share, in a deal valued at $134 million. That price is $0.95 higher than the one offered at the end of 2015. The transaction is expected to be realized at the end of May. Phil Frohlich‘s Prescott Group Capital Management was the largest shareholder of LoJack Corporation in our database, with 807,781 shares, valued at $2.34 million at the end of September.

Last on our list is Hansen Medical, Inc. (NASDAQ:HNSN), whose stock has gained almost 29% after the company announced that it has received FDA approval for its Magellan Robotic Catheter eKit, which is expected to help surgeons reduce their operating time and radiation exposure through the use of robotic control of third party microcatheters. Matthew Strobeck‘s Birchview Capital was the largest shareholder of Hansen Medical in our database, with 3.80 million shares valued at $14.28 million at the end of September.

Disclosure: None