In this article we take a look at five stocks on the move on Monday. If you want to read our detailed analysis of these stocks, go to read Why These 10 Stocks Are On the Move on Monday.
5. JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares are off around 9.6% due to the broader market sell off and the China economy caution. As a leading Chinese solar developer, it would be easier for JinkoSolar Holding Co., Ltd. (NYSE:JKS) to grow and be profitable if China’s economy were strong. If there is more caution around the nation’s economy due to Evergrande, JinkoSolar Holding Co., Ltd could face more headwinds. Given that the solar sector is also pretty volatile, JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s stock has moved more than many other stocks today as well.
Of our database of 873 elite funds, 7 were long JinkoSolar Holding Co., Ltd. (NYSE:JKS) at the end of Q2, down from 13 at the end of Q1.
4. AstraZeneca PLC (NASDAQ:AZN) shares are up over 4% despite the broader market weakness after the company reported interim analysis of a phase 3 trail around Enhertu. According to AstraZeneca PLC (NASDAQ:AZN)’s trial data, “Enhertu reduced the risk of disease progression or death by 72% vs. trastuzumab emtansine (T-DM1) in patients with HER2-positive metastatic breast cancer”.
Executive Vice President of Oncology R&D at AstraZeneca PLC (NASDAQ:AZN), Susan Galbraith, also said of the results, “Today’s results are ground-breaking. Enhertu tripled progression-free survival as assessed by investigators, and provided a disease control rate exceeding 95% compared to 77% for T-DM1 in DESTINY-Breast03.”
Raiv Jain‘s Raiv Jain owned 16,632,033 shares in AstraZeneca PLC (NASDAQ:AZN) at the end of June 30.
3. Cleveland-Cliffs Inc. (NYSE:CLF) is off around 10% due to the concerns over a slowing Chinese property market. The broader market weakness may also have caused Cleveland-Cliffs Inc. (NYSE:CLF) to decline as well. Despite today’s fall, shares of Cleveland-Cliffs Inc. (NYSE:CLF) are still up around 36% year to date.
Ken Fisher‘s Fisher Asset Management was long almost 12.8 million shares of Cleveland-Cliffs Inc. (NYSE:CLF) at the end of June 30, 2021.
2. Teradata Corporation (NYSE:TDC) has rallied around 5.3% after Katy Huberty of Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Equal Weight’. The analyst also set a price target of $66 for Teradata Corporation (NYSE:TDC), up from the previous $55. Huberty is more confident in the company’s long term model after her recent meetings with Teradata Corporation (NYSE:TDC)’s management.
The number of elite funds in our database that were long Teradata Corporation (NYSE:TDC) remained stable from Q1 to Q2 at 26.
1. Dominion Energy, Inc. (NYSE:D) is another stock that’s up in a down market. Dominion Energy, Inc. (NYSE:D) is up around 0.8% while the S&P 500 is down more than 2% due to the perception that utilities are considered safe haven investments. There is more caution in the market given what’s occurring in China and the Fed meeting this week. If treasury bonds yields fall, leading utilities like Dominion Energy, Inc. (NYSE:D) could be considered as more attractive by some investors as well.
Diamond Hill Capital raised its position in Dominion Energy, Inc. (NYSE:D) by 8% from the prior quarter to 3,677,074 shares at the end of June 30.
Disclosure: None.
