Why These 10 Stocks Are Moving on Thursday

Published March 3, 2022 at 2:19 pm EST Updated September 7, 2026 at 11:28 am EDT

In this article, we will take a look at some of the notable stocks that moved today.

In regular trading on Thursday, the S&P 500 Index is up 0.08%, Dow Jones is up 0.22%, while Nasdaq Composite Index is down 0.76%. Among the stocks that are in the limelight today include Best Buy Co., Inc. (NYSE:BBY), EPAM Systems, Inc. (NYSE:EPAM), and Kroger Co. (NYSE:KR).

Let’s discuss the factors moving the stocks today and how hedge funds are positioned in them.

Photo by Austin Distel on Unsplash

10. Pinnacle West Capital Corporation (NYSE:PNW) has risen more than 2.6% today after the Phoenix, Arizona-based electricity generation and transmission company reported strong Q4 2021 results and provided stellar guidance for FY22. Pinnacle West Capital Corporation (NYSE:PNW) reported revenue and an EPS of $748.84 million and 24 cents, respectively, compared to the consensus estimate of $659.69 million and 6 cents. Pinnacle West Capital Corporation also raised its FY22 EPS guidance to $3.90 to $4.10 as opposed to the analysts’ estimates of $3.97.

9. Brown-Forman Corporation (NYSE:BF-B) has soared more than 6% during trading today after the Louisville, Kentucky-based spirits and wine company reported better than expected results for Q3 FY22. Revenue increased by 14.2% YoY to $1.04 billion and surpassed the consensus estimate of $983 million. Meanwhile, the GAAP EPS of 54 cents was eight cents higher than the analysts’ estimates. Furthermore, Brown-Forman Corporation (NYSE:BF-B) anticipates net sales to increase by 11% to 13% during FY22. The company has announced that it will stop hiring for its distribution business in Russia. Brown-Forman Corporation generates only 1% of its total sales from Russia and employs 80 people in the country. However, the company has not provided an update on whether it will stop selling its spirits and wine in Russia.

8. Intel Corporation (NASDAQ:INTC) is 2% in the red after Joseph Moore at Morgan Stanley downgraded the stock from an Equal Weight to an Underweight rating and reduced the target price from $55 to $47. The analyst has shown belief in the leadership and long-term vision and turnaround plan of the CEO Pat Gelsinger but does not see it happening in the near term. Moore also thinks that the aggressive investment in foundry and graphic business will adversely impact the free cash flow of Intel Corporation (NASDAQ:INTC).

Out of the 924 hedge funds being tracked by Insider Monkey, 72 had a stake in Intel Corporation as of Q4 2021.

7. Las Vegas Sands Corp. (NYSE:LVS) is down 4.2% today after the Major League Baseball (MLB) announced that the season would not start on time and the Opening Day has been canceled. Las Vegas Sands Corp. (NYSE:LVS) stock was a major mover in the green after positive news regarding relaxed restrictions came out of China yesterday. MLB Commissioner Rob Manfred announced that the first two series of the 2022 season had been canceled. He said that there is no flexibility in the calendar to reschedule these games. The cancellation would adversely impact betting companies like Las Vegas Sands Corp..

6. IPG Photonics Corporation (NASDAQ:IPGP) fell 9.2% after the company announced that it would continue operations in its Russian facility but anticipates its components’ lead times and freight costs to increase significantly due to sanctions. IPG Photonics Corporation (NASDAQ:IPGP) had around 1,950 employees in Russia as of December 31, 2021. This is nearly 30% of its total workforce. In 2021, the Russian facility produced $100 million worth of finished products for the Chinese market and $30 million worth of finished goods for the Russian market. IPG Photonics Corporation has long-term assets worth $70.8 million in Russia, which makes up 10.8% of its total long-term assets.

Like IPG Photonics Corporation, EPAM Systems, Inc., Best Buy Co., Inc., and Kroger Co. are also on the move today.

5. Dollar Tree, Inc. (NASDAQ:DLTR) has risen over 5% today after the Chesapeake, Virginia-based discount retailer received an upward revision in the price target from Krisztina Katai at Deutsche Bank following better than expected Q4 2021 results. The analyst increased the price target from $176 to $180 while maintaining a Buy rating on Dollar Tree, Inc. (NASDAQ:DLTR) stock. Despite missing revenue forecast of $7.12 billion by $40 million, the company reported an EPS of $2.01 as opposed to the analysts’ estimates of $1.77. Furthermore, Dollar Tree, Inc. issued strong Q1 FY22 EPS guidance of $1.95 to $2.10, higher than the analysts’ forecast of $1.66.

4. The Mosaic Company (NYSE:MOS) is up more than 5% today. The stock price has been hovering around the highest level in the last nine years as the conflict between Russia and Ukraine has disrupted the supply of fertilizer around the world. The CEO of CF Industries Holdings, Inc. (NYSE:CF), Tony Will, said at a conference that the inventories of fertilizer will be “as low as we have ever seen” as we are heading towards the summer season in the Northern hemisphere. The disruption will increase the cost of fertilizer, which will fall on the farmers, and as a result, food prices will further rise at a time when they are already at a decade high. Due to the conflict, there is a shortage of natural gas in Europe, and the sanctions of Belarus will impact its potential to supply 20% of the world’s potash.

3. The Kroger Co. (NYSE:KR) has soared 10% and is at a new 52-week high after the company surpassed revenue and EPS estimates for Q4 2021. The Cincinnati, Ohio-based grocery store operator reported revenue and an adjusted EPS of $33.05 billion and 91 cents, respectively, outperforming the analysts’ estimates of $32.86 billion and 74 cents. The Kroger Co. also provided strong guidance for FY22 as it anticipates adjusted EPS to be around $3.75 to $3.85, higher than the analysts’ estimates of $3.45. Meanwhile, The Kroger Co. is expecting the same-store sales to be around 2% to 3%, as opposed to the consensus estimate of 2.1%. Overall, 41 hedge funds reported owning a stake in The Kroger Co. at the end of Q4 2021.

2. Best Buy Co., Inc. (NYSE:BBY) is 11% up today after the company announced that it anticipates annual sales to cross the peak pandemic levels in FY25. This is on the back of investment in membership programs that have attracted millions of customers towards the Richfield, Minnesota-based electronics retailer. Best Buy Co., Inc. foresees annual revenue of $53.5 billion to $56.5 billion during FY25, compared to the analysts’ estimates of $53.51 billion. Revenue for FY21 was reported at $51.76 billion. Best Buy Co., Inc. has provided operating margin guidance of 6.6%. AQR Capital Management was long over 1.3 million shares of Best Buy Co., Inc. as of Q4 2021.

1. EPAM Systems, Inc. (NYSE:EPAM) has dipped over 10% today after the company withdrew its Q1 and FY22 guidance due to uncertainties created by the Russia and Ukraine conflict. Since February 26, the stock price of Newtown, Pennsylvania-based company has lost over 40% of its value. EPAM Systems, Inc. employs over 58,000 employees, out of which 14,000 employees are in Ukraine, and more than 18,000 are in Belarus and Russia. EPAM Systems, Inc. has come under serious criticism on social media platforms after its Chairman of the Board and the CEO, Arkadiy Dobkin, promised to provide support to Ukraine but did not condemn the actions undertaken by Russia. As per the data compiled by Insider Monkey, 38 hedge funds had a stake in EPAM Systems, Inc., with a cumulative value of over $503 million as of Q4 2021.

You can also take a peek at the 9 Stocks to Invest In According to Joshua Kushner’s Thrive Capital and 10 Stocks For Passive Income In 2022.

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