Why These 5 Stocks Moved on Wednesday

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

5. Activision Blizzard, Inc. (NASDAQ:ATVI) fell around 14% today despite its third quarter adjusted earnings per share of $0.72 beating the average estimate by $0.02 per share. Sales for the period rose 6.2% year over year to $1.88 billion and were in line with estimates. The delay of Overwatch 2 and Diablo IV until 2023 may have played a part in the decline. First Pacific Advisors LLC owned over 2.2 million shares of Activision Blizzard, Inc. (NASDAQ:ATVI) at the end of September.

4. Lyft, Inc. (NASDAQ:LYFT) rose by almost 8.2% after the company reported third quarter GAAP loss per share of 21 cents, beating the estimate by $0.37 per share. Sales were $864.4 million, up 73% year over year and exceeding the estimate by $3.65 million. Active riders in the third quarter rose 97.3% year over year. Alkeon Capital Management was long 4,737,027 shares of Lyft, Inc. (NASDAQ:LYFT) at the end of June.

3. Uber Technologies, Inc. (NYSE:UBER) rose by 6.6% likely thanks to Lyft, Inc. (NASDAQ:LYFT)’s strong performance today.
Since Uber Technologies, Inc. (NYSE:UBER) is in the same sector, the company could potentially realize more demand if sector demand is stronger. Altimeter Capital Management was among the elite funds that held shares in Uber Technologies, Inc. (NYSE:UBER) at the end of Q2.

2. Bed Bath & Beyond Inc. (NASDAQ:BBBY) rose by 15.22% today after the company announced a national e-commerce strategic collaboration with Kroger. The company also announced that it expects to complete its three year share repurchase program of $1 billion by the end of FY21. That would be two years ahead of schedule. Among the funds in our database, the largest stake in Bed Bath & Beyond Inc. (NASDAQ:BBBY) was held by Contrarius Investment Management, which reported holding $146.2 million worth of stock at the end of June.

1. The Kroger Co. (NYSE:KR) rose by 5.45% today likely due to the Bed Bath & Beyond Inc. (NASDAQ:BBBY) news where Kroger.com will offer a selection of Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s products. If Kroger.com has more selection, more customers could potentially buy more products. At the end of June, a total of 39 of the hedge funds tracked by Insider Monkey were long The Kroger Co. (NYSE:KR).

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