In this article we will take a look at the some of notable stocks that surged today.
Although the Dow Jones and the S&P 500 both decreased on Wednesday, several stocks surged higher. Among the stocks that rallied include Juniper Networks, Inc. (NYSE:JNPR), Teradyne, Inc. (NASDAQ:TER), First Solar, Inc. (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWR), Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and F5 Networks, Inc. (NASDAQ:FFIV). Let’s find out why each stock rose and how elite funds were positioned among them.
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10. First Solar, Inc. rose 1.18% due to the increase in solar specialist Enphase Energy’s stock. Because Enphase Energy rose almost 25% on strong growth and strong growth outlook, some investors are more bullish on other solar stocks such as First Solar, Inc.. First Solar shares are up almost 9% year to date. Ken Griffin’s Citadel Investment Group owned both puts and calls on First Solar, Inc. at the end of June.
9. SunPower Corporation surged almost 5% also due to the rally in Enphase Energy on Wednesday. Not only is SunPower Corporation a solar company that could benefit if sector demand is stronger, but also SunPower also owns some of Enphase Energy’s stock. D E Shaw was long more than 3.19 million shares of SunPower Corporation at the end of Q2.
8. Tesla, Inc. is up 1.9% due to technical trading. Although Tesla, Inc. will have to grow its profits substantially in the future to justify its current valuation, the company has done well in 2021 with a year to date rally of 42%. Billionaire Elon Musk owns substantial shares in Tesla, Inc..
7. Amazon.com, Inc. rose 0.49% as investors position themselves for the company’s upcoming earnings report on Thursday. Because Amazon.com, Inc. is both an e-commerce and cloud powerhouse, growth in both areas will be important. Billionaire Jeff Bezos owns substantial shares in Amazon.com, Inc..
6. F5 Networks, Inc. surged 5.94% after the company reported adjusted EPS of $3.01 on sales of $682 million. Revenue rose by 11.1% and F5 Networks, Inc. expects sales growth of 8% to 9% for FY22. Jim Simons’ Renaissance Technologies was long 1.899 million shares of F5 Networks, Inc. at the end of June.
Like First Solar, Inc., SunPower Corporation, Tesla, Inc., Amazon.com, Inc., and F5 Networks, Inc., Juniper Networks, Inc., and Teradyne, Inc. are also rising.
5. Juniper Networks, Inc. rose more than 8.4% after reporting strong preliminary financial results for the three months ended September 30, 2021. For the quarter, Juniper Networks, Inc. sales rose 4% year over year to $1,188.8 million and adjusted net income rose 5% year over year to $152 million. For the quarter ending December 31, 2021, the company expects sales of around $1,265 million plus or minus $50 million. The company also expects adjusted net income per share of around $0.53 plus or minus $0.05 for the period. Ken Griffin’s Citadel Investment Group was long more than 2.3 million shares of Juniper Networks, Inc. at the end of June.
4. Teradyne, Inc. rose 6.88% after the company’s top and bottom lines beat estimates for the third quarter. For the period, Teradyne, Inc.’s total revenue rose 16.1% year over year to $951 million, beating sales estimates by $18.13 million. The company’s adjusted EPS of $1.59 beat estimates by $0.16 per share. 44 elite funds in our database were long Teradyne, Inc. at the end of Q2.
3. Xilinx, Inc. (NASDAQ:XLNX) rose 5.22% in anticipation of the company’s earnings release. Xilinx, Inc. stock may also be rallying due to AMD CEO’s recent comments that the company is making good progress on the pending merger between the two companies. Millennium Management was long more than 2.26 million shares of Xilinx, Inc. at the end of June.
2. Masco Corporation (NYSE:MAS) surged 5.2% after the company’s adjusted EPS from continuing operations for Q3 of $0.99 was ahead of the consensus of $0.88. Revenue for the period was $2.2 billion versus the consensus of $2.1 billion. Jim Simons’ Renaissance Technologies was long more than 1.2 million shares of Masco Corporation at the end of June.
1. Las Vegas Sands Corp. (NYSE:LVS) rose 3.2% as the technical rally in the gaming stock continues. Las Vegas Sands Corp. could have more value if uncertainties around Macau decrease. D E Shaw was among the elite fund holders of Las Vegas Sands Corp. at the end of June.
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This article is originally published at Insider Monkey.
