Why These 5 Stocks Are on the Move on Wednesday

In this article we take a look at five stocks that are moving on Wednesday. If you want to read our detailed analysis of these stocks, go to read Why These 10 Stocks Are on the Move on Wednesday.

5. APA Corporation (NASDAQ:APA) has fallen 1.6% due to profit taking. Shares of APA Corporation (NASDAQ:APA) have rallied more than 14% over the last month and there could be more demand uncertainty in the future if oil prices continue to climb. If oil prices get too high, future oil demand might not be as strong. Of the around 873 elite funds in our database, 37 were long APA Corporation (NASDAQ:APA) at the end of Q2.

4. HP Inc. (NYSE:HPQ) is down around 4.2% after Samik Chatterjee of JP Morgan cut his rating to ‘Neutral’ from ‘Overweight’. Due to concerns over the PC cycle, the upside in HP Inc. (NYSE:HPQ)’s shares could be limited according to the analyst. The number of elite funds in our database that were long HP Inc. (NYSE:HPQ) fell to 39 in Q2, 2021 from 43 in Q1, 2021.

3. Eli Lilly and Company (NYSE:LLY) is up around 3.5% after Andrew Baum of Citigroup upgraded the stock to ‘Buy’ from ‘Neutral’. Baum upgraded the stock after a recent meeting with the company’s management. Eli Lilly and Company (NYSE:LLY) was in 64 elite funds’ portfolios we track at the end of the second quarter of 2021.

2. Morgan Stanley (NYSE:MS) is off around 2.2% after Chris Kotowski of Oppenheimer downgraded the stock to ‘Perform’ from ‘Outperform’. The analyst downgraded Morgan Stanley mainly due to valuation. Eagle Capital Management was the largest shareholder of Morgan Stanley (NYSE:MS), with a stake worth $1420.3 million reported as of the end of June.

1. Electronic Arts Inc. (NASDAQ:EA) is up 3.7% perhaps because some investors might be thinking Netflix’s entry could help gaming valuations despite there being no company specific news. Netflix has a fairly high valuation despite strong growth. At the end of June, a total of 56 of the hedge funds tracked by Insider Monkey were bullish on Electronic Arts Inc. (NASDAQ:EA).

Disclosure: None.