In this article we will take a look at the some of notable stocks trending today.
The markets are relatively calm on Wednesday with the Dow Jones down 0.4%, the S&P 500 down 0.34% and the NASDAQ up 0.1%. Among the stocks in the spotlight include HSBC Holdings plc (NYSE:HSBC), Southwest Gas Holdings, Inc. (NYSE:SWX), Facebook, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), General Motors Company (NYSE:GM), Tesla, Inc. (NASDAQ:TSLA), and Marvell Technology, Inc. (NASDAQ:MRVL).
Below we mention why these stocks are moving today. We also mentioned hedge fund activity for each stock.
Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
10. Facebook, Inc. is in the spotlight after CEO Mark Zuckerberg responded to whistleblower’s Frances Haugen’s accusations that Zuckerberg had no accountability and that Facebook should declare ‘moral bankruptcy’. Zuckerberg said Facebook, Inc. cares “deeply about issues like safety, well-being and mental health”. Eagle Capital Management owned more than 7.4 million shares of Facebok at the end of June.
9. Amazon.com, Inc. is in the spotlight after its streaming service, Twitch, was hacked. The hack reportedly includes Twitch’s source code and data reportedly indicates Amazon Game Studio plans to challenge Steam with an online store for computer games. Amazon.com, Inc. bought Twitch in 2014. Amazon.com, Inc. was the most widely held smart money stock at the end of Q2 in our database.
8. General Motors Company is trending after the company announced plans to double its annual sales to around $280 billion by the end of the decade. General Motors Company is also targeting higher margins by that time. Of the around 873 elite funds in our database, 86 were long General Motors Company at the end of Q2.
7. Tesla, Inc. is in the spotlight after Business Insider reported that Tesla could move its headquarters to Austin, Texas from Palo Alto, California. Tesla, Inc. shares are up 7.2% year to date. Billionaire Elon Musk owns substantial shares in Tesla, Inc..
6. Marvell Technology, Inc. has surged over 7.5% given its investor day. According to Marvell Technology, Inc., the company has a long term sales growth target of 15% to 20% versus the prior 10% to 15%. The company also has a target of returning more than 50% of free cash flow to shareholders. 51 elite funds in our database were long Marvell Technology, Inc. at the end of Q2.
Like Facebook, Inc., Amazon.com, Inc., General Motors Company, Tesla, Inc., and Marvell Technology, Inc., HSBC Holdings plc (NYSE:HSBC) and Southwest Gas Holdings, Inc. are trending.
5. HSBC Holdings plc (NYSE:HSBC) has rallied almost 3% after Jason Napier of UBS upgraded HSBC to ‘Buy’ from ‘Neutral’. HSBC Holdings plc (NYSE:HSBC) has rallied over 7.5% year to date. Of the around 873 elite funds in our database, 11 were long HSBC Holdings plc (NYSE:HSBC) at the end of Q2.
4. Southwest Gas Holdings, Inc. is in the spotlight after the company announced on Tuesday it agreed to buy Questar Pipelines from Dominion Energy for $1.975 billion including the assumption of $430 million in debt despite Carl Icahn’s public objections. Southwest Gas Holdings shares are down around 3.4% on Wednesday although lower natural gas prices may also be a factor. The number of elite funds in our database that were long Southwest Gas Holdings, Inc. fell to 19 in the second quarter from 23 in the first quarter.
3. Dominion Energy, Inc. (NYSE:D) is in the spotlight due to its agreed sale of Questar Pipelines to Southwest Gas Holdings, which could help the company’s balance sheet. The sale could also help Dominion Energy, Inc. with its clean energy growth initiatives. Of the around 873 elite funds in our database, 34 were long Dominion Energy, Inc. at the end of the second quarter.
2. Constellation Brands, Inc. (NYSE:STZ) is trending after the company reported adjusted earnings per share of $2.38 and sales of $2.37 billion for the fiscal second quarter versus the consensus of $2.77 and $2.3 billion. The company is also making progress toward returning $5 billion in value to shareholders through dividends and share repurchases. 50 elite funds in our database were long Constellation Brands, Inc. at the end of June.
1. Acuity Brands, Inc. (NYSE:AYI) has surged more than 11% after the company reported adjusted earnings per share of $3.27 for its fiscal fourth quarter, versus the consensus $2.85. Sales for the period were $992.7 million, versus the average estimate of $963.96 million. Generation Investment Management was long over 1.72 million shares of Acuity Brands, Inc. at the end of June.
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This article is originally published at Insider Monkey.
