Why These 5 Stocks Moved This Week

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

5. Phillips 66 (NYSE:PSX) fell around 9.8% this week despite the company reporting adjusted EPS of $3.18 versus the consensus of $1.95 as energy demand rebounded swiftly. Phillips 66 (NYSE:PSX) also trended this week after it announced it has entered into a definitive agreement to acquire Phillips 66 Partners in an all stock transaction. Israel Englander’s Millennium Management was long 595,026 shares of Phillips 66 (NYSE:PSX) at the end of June.

4. American Express Company (NYSE:AXP) declined over 7.1% this week likely due to profit taking. Shares of American Express Company (NYSE:AXP) have rallied 47% year to date and there is less reason to be bullish given the higher oil prices, which could slow economic growth. Ken Fisher’s Fisher Asset Management was long over 15.6 million shares of American Express Company (NYSE:AXP) at the end of September.

3. Northrop Grumman Corporation (NYSE:NOC) fell around 12% after the company reported Q3 EPS of $6.63 versus the consensus of $5.99. Despite the earnings beat, Northrop Grumman Corporation (NYSE:NOC)’s Q3 revenue of $8.7 billion was below the consensus of $8.94 billion. The company has a Q4 revenue outlook of $8.9 billion to $9 billion versus the consensus of $8.98 billion. Northrop Grumman Corporation (NYSE:NOC) was in 42 elite funds’ portfolios that were in our database of 873 funds at the end of the second quarter of 2021. The all time high for this statistic is 47.

2. L3Harris Technologies, Inc. (NYSE:LHX) declined 5.8% after the company reported lower sales for Q3 than expected. Although the company’s Q3 adjusted EPS of $3.21 was ahead of the consensus of $3.18, L3Harris Technologies, Inc. (NYSE:LHX)’s sales of $4.2 billion was less than the average estimate of $4.52 billion. 42 elite funds in our database owned shares of L3Harris Technologies, Inc. (NYSE:LHX) at the end of Q2.

1. MetLife, Inc. (NYSE:MET) fell over 4.6% likely due to profit taking. Shares of MetLife, Inc. (NYSE:MET) have already rallied 36% year to date and many leading financial stocks were a little lower this week. Long term, MetLife, Inc. (NYSE:MET) benefits from the growth in the U.S. economy. Pzena Investment Management was long more than 5.27 million shares of MetLife, Inc. (NYSE:MET) at the end of Q2.

Disclosure: None.