Why These 5 Stocks Were in the Spotlight on Monday

In this article we take a look at five stocks that were in the spotlight on Monday. If you want to read our detailed analysis of these stocks, go to read Why These 10 Stocks Were in the Spotlight on Monday.

5. QUALCOMM Incorporated (NASDAQ:QCOM) is trending after the company, along with the investment firm SSW, agreed to purchase Veoneer for $4.5 billion. QUALCOMM Incorporated (NASDAQ:QCOM) plans to incorporate Veoneer’s Arriver’s Computer Vision, Drive Policy and Driver Assistance assets into its leading Snapdragon Ride Advanced Driver Assistance Systems (ADAS) solution. Of the around 873 elite funds in our database, 72 were long QUALCOMM Incorporated (NASDAQ:QCOM) at the end of Q2.

4. Diamondback Energy, Inc. (NASDAQ:FANG) surged 4.5% on Monday due to higher oil prices. With WTI around $77 per barrel, Diamondback Energy, Inc. (NASDAQ:FANG) has an easier time making profits than if oil prices were lower. Miller Value Partners was long over 1.27 million shares of Diamondback Energy, Inc. (NASDAQ:FANG) at the end of June.

3. Marathon Oil Corporation (NYSE:MRO) rose more than 4.1% today due to the rally in many oil stocks, which benefited from higher Brent and WTI prices. With higher oil prices, Marathon Oil Corporation (NYSE:MRO)’s assets could also be worth more. The number of elite funds in our database that were long Marathon Oil Corporation (NYSE:MRO) rose to 34 in the second quarter from 29 in the first quarter.

2. Phillips 66 (NYSE:PSX) rose 4.3% due to the rally in the energy sector given that the OPEC+ meeting was better than many estimates. With a more supportive OPEC+, the energy market could stabilize further and that could help valuations. The number of elite funds long Phillips 66 (NYSE:PSX) rose by 2 from the prior quarter to 26 at the end of the second quarter.

1. The Williams Companies, Inc. (NYSE:WMB) surged more than 3.5% on Monday due to the OPEC+ meeting and the increase in oil and gas futures. The Williams Companies, Inc. (NYSE:WMB) has also likely benefited from higher energy valuations. Israel Englander‘s Millennium Management was long 2.98 million shares of The Williams Companies, Inc. (NYSE:WMB) at the end of June.

Disclosure: None.