In this article we will take a look at the some of notable stocks rising today.
The S&P 500 and Dow are both up on Thursday as some investors express cautious hope that the trouble surrounding China’s Evergrande can be contained. Furthermore there is more certainty over the Fed’s future potential monetary policies now that some data from the Fed meeting was disclosed yesterday.
Like the indexes, Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Bank of America Corporation (NYSE:BAC), Regions Financial Corporation (NYSE:RF), Citigroup Inc. (NYSE:C), Facebook, Inc. (NASDAQ:FB), and BlackBerry Limited (NYSE:BB) are all surging on Thursday. Let’s find out why each stock is rising and how elite funds are positioned among them.
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10. Bank of America Corporation is up more than 4% due to data released from the Federal Reserve meeting yesterday. Due to concerns over rising inflation, data showed that 9 of the 18 FOMC participants indicated they expect interest rates to rise at least once next year. That number was higher than many Wall Street expectations. Given that it has a leading commercial bank, Bank of America Corporation could find it easier to make profits with higher interest rates. Bank of America Corporation is up almost 40% year to date with today’s rally.
Of the around 873 elite funds in our database, 87 were long Bank of America Corporation at the end of the second quarter.
9. Regions Financial Corporation has surged more than 5% due to the broader financial sector rally and the data from the Fed meeting yesterday. If interest rates rise faster than expected, Regions Financial Corporation could benefit given that it is a commercial bank. Regions Financial Corporation is up 28% year to date. Ken Griffin‘s Citadel Investment Group increased its share count by 146% from the prior quarter to a holding of more than 1.52 million shares in Regions Financial Corporation for the June 30, 2021 filing period.
8. Citigroup Inc. has rallied over 4% due to higher interest rate expectations after the data over the Fed meeting was disclosed yesterday. Like Bank of America, Citigroup Inc. also has a considerable commercial bank business. If the economy continues to strengthen, Citigroup Inc. could also benefit. Of the around 873 elite funds in our database, 87 were long Citigroup Inc. at the end of Q2, down 3 from the prior quarter.
7. Facebook, Inc. is up 1% after a down day yesterday as the tech giant has recovered some momentum. Although there are near term concerns that Apple’s privacy policy changes could negatively affect Facebook, Facebook, Inc.’s long term potential remains very promising given its growing users and its huge user base. Facebook, Inc. also has potential with AI technologies. Eagle Capital Management raised its position by 7% from the prior quarter to over 7.4 million shares in Facebook, Inc. at the end of June.
6. BlackBerry Limited has rallied 12% after the company reported a fiscal second quarter loss of $144 million or a loss of 25 cents per share. Adjusted loss was a loss of 6 cents per share. BlackBerry Limited’s revenue was $175 million, down from $529 million in the prior year quarter. BlackBerry Limited CEO John Chen said, “Revenue for all businesses beat expectations this quarter.” Of the around 873 elite funds in our database, 22 were long BlackBerry Limited at the end of the second quarter.
Like Bank of America Corporation, Regions Financial Corporation, Citigroup Inc., Facebook, Inc., and BlackBerry Limited, Exxon Mobil Corporation and Chevron Corporation are also surging.
5. Exxon Mobil Corporation has surged 3.5% due to oil prices increasing. According to the EIA, crude stocks in the U.S. fell to the lowest since October 2018 and fuel demand has been growing. If the global economy continues to improve and if China contains the Evergrande troubles, Exxon Mobil Corporation’s profits could benefit.
First Eagle Investment Management owned a position of almost 25.5 million shares in Exxon Mobil Corporation at the end of June 30, 2021.
4. Chevron Corporation, like Exxon Mobil Corporation, has also rallied due to higher oil prices. As of late noon Thursday, shares of Chevron Corporation are up 2.57% as Brent crude futures have increased around 1.4% to $77.25 per barrel. With today’s rally, Chevron Corporation is up 18% year to date. Of the around 873 elite funds in our database, 50 were long Chevron Corporation at the end of the second quarter.
3. Embraer S.A. (NYSE:ERJ) has rallied 11.2% after Goldman Sachs upgraded the stock to ‘Buy’ from ‘Neutral’ given the investment bank sees ‘operational performance upside’. If air travel rebounds when the pandemic ends, Embraer S.A. could be in a good position to benefit as well. Oldfield Partners was long 4.4 million shares in Embraer S.A. at the end of June.
2. General Motors Company (NYSE:GM) is up 2.2% due to the broader market rally and the news that the company is investing $300 million in Momenta, a Chinese self driving car company. China is a huge market and General Motors Company profits could potentially increase if it succeeds in autonomous driving or investing in successful autonomous driving companies. The number of elite funds that we track that owned 13F equity shares in General Motors Company remained stable in Q2 at 86 quarter over quarter.
1. QuantumScape Corporation (NYSE:QS) has rallied more than 16% due to technical trading. The stock is very sensitive to sentiment changes. The number of elite funds that we track that were long QuantumScape Corporation decreased by 3 from the prior quarter to 26 at the end of Q2
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This article is originally published at Insider Monkey.
