Why These 5 Stocks Are on the Move on Wednesday

In this article we take a look at five stocks on the move 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. FedEx Corporation (NYSE:FDX) is down around 8% after FedEx Corporation (NYSE:FDX) reported $4.37 in adjusted earnings per share and $22 billion in revenue for the first quarter of fiscal 2022. For the year earlier period, FedEx Corporation (NYSE:FDX) earned $4.87 per share from $19.3 billion in revenue. Higher labor costs and supply chain issues have been headwinds. 61 funds in our database of around 873 elite funds were long FedEx Corporation (NYSE:FDX) at the end of the second quarter of 2021.

4. Incyte Corporation (NASDAQ:INCY) has fallen around 6% after the FDA approved Incyte Corporation (NASDAQ:INCY)’s Opzelura for the topical treatment for mild to moderate atopic dermatitis, in patients 12 and older. Hurting Incyte Corporation (NASDAQ:INCY) shares could be that the approval is contingent on a ‘boxed warning’ over JAK inhibitors and risks over heart problems and potentially serious infections. Julian Baker And Felix Baker’s Baker Bros. Advisors was long around 32.02 million shares of Incyte Corporation (NASDAQ:INCY) at the end of June.

3. Adobe Inc. (NASDAQ:ADBE) is off around 3% after Adobe Inc. (NASDAQ:ADBE) reported revenue of $3.94 billion and adjusted earnings of $3.11 per share for the quarter ended September 3. Although that’s better than the consensus estimate of $3.01 per share, Adobe Inc. (NASDAQ:ADBE) has rallied a lot over the last two quarters and expectations may have been even higher.

The number of elite funds that we track that were long Adobe Inc. (NASDAQ:ADBE) fell to 89 in Q2 from 107 in Q1.

2. Biogen Inc. (NASDAQ:BIIB) is around 1.6% in the red after the news site STAT indicated that Biogen Inc. (NASDAQ:BIIB)’s Aduhelm could be potentially be launching slower than some expectations. Biogen Inc. (NASDAQ:BIIB)’Aduhelm is the company’s newly approved Alzheimer’s disease therapy.

Of the around 873 elite funds we track, 67 were long Biogen Inc. (NASDAQ:BIIB) in Q2.

1. Occidental Petroleum Corporation (NYSE:OXY) is up around 6% due to the rally in oil prices. Given
Occidental Petroleum Corporation (NYSE:OXY) produces substantial amounts of oil, an increase in oil prices could potentially benefit the company. With today’s rally, Occidental Petroleum Corporation (NYSE:OXY) shares are up over 55% year to date.

Carl Icahn‘s Carl Icahn owned over 49.1 million shares of Occidental Petroleum Corporation (NYSE:OXY) at the end of June.

Disclosure: None.