In this article, we discuss 5 trending stocks this week. If you want to check out some more companies trending this week, go directly to Why These 10 Stocks Were in the Spotlight This Week.
5. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 104
JPMorgan Chase & Co. (NYSE:JPM) declined by over 4.2% given the decline in the financial sector and the 3% retreat in the broader market. Despite the volatility, Reuters reported that JPMorgan Chase & Co. (NYSE:JPM) intends to hire 2,000 engineers globally through the end of the year. JPMorgan Chase & Co. (NYSE:JPM)’s global chief information officer Lori Beer said, “We’re definitely still hiring.. When you’re going into a tough economic time and things are very volatile, it does play into our favor.”
4. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 82
Citigroup Inc. (NYSE:C) fell over 5.8% and was the worst performer among the major U.S. banks this week as investors worried over a potential economic slowdown. Citigroup Inc. (NYSE:C)’s balance sheet isn’t as strong as JPMorgan Chase & Co. (NYSE:JPM)’s and the company’s earnings per share might not do as well if it has to write down more assets during a recession. Shares of Citigroup Inc. (NYSE:C) are down 31% year to date.
3. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 83
Wells Fargo & Company (NYSE:WFC) fell only 0.5% this week and outperformed both the broader market and its major bank peers. Although mortgage rates have gone up, much of the mortgage rate rises thus far have probably been priced in. Wells Fargo & Company (NYSE:WFC) has also decided to focus less on the mortgage business going forward. Shares of Wells Fargo & Company (NYSE:WFC) have fallen 16.2% year to date.
2. BlackRock, Inc. (NYSE:BLK)
Number of Hedge Fund Holders: 50
BlackRock, Inc. (NYSE:BLK) fell almost 7% this week due to the market decline. BlackRock, Inc. (NYSE:BLK)’s earnings might not do as well if markets decline because its AUM could have a harder time increasing. The financial institution also trended after Reuters reported BlackRock plans to reduce leverage in its liability-drive investment funds amid the U.K. pension crisis. Shares of BlackRock, Inc. (NYSE:BLK) are down 40% year to date.
1. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 109
The Walt Disney Company (NYSE:DIS) fell 5.2% due to the broader market decline. The Walt Disney Company (NYSE:DIS) also trended after Jessica Ehrlich of Bank of America cut her price target on The Walt Disney Company (NYSE:DIS) to $127 from $144 citing, among other factors, lower projected Disney+ net adds along with the impact of Walt Disney World closures due to Hurricane Ian.
You can also take a look at 10 Quality Stocks With Dividend Yields Over 2% and 10 Dividend Stocks to Buy According to Billionaire Cliff Asness.
