Why These Five Stocks Are on the Move Today?

Phillips 66 Misses Estimates

Low energy prices battered the first quarter of Phillips 66 (NYSE:PSX) as it reported earnings of $385 million, or $0.72 per share, down from $987 million, or $1.79 per share, posted a year earlier.  Lower margins for gasoline and other refine products hurt the company in the first quarter. In a statement, Greg Garland, CEO of Phillips 66, said that despite the problems, the company completed planned turnarounds and did some important maintenance activities in the quarter. Garland said that the company reinvested $750 million in the business and distributed $687 million to shareholders. Out of the total hedge funds from our database, 35  funds had positions in Phillips 66 (NYSE:PSX) at the end of the fourth quarter of 2015.

Sanofi’s Sales Falling

Sanofi SA (ADR) (NYSE:SNY) posted earnings of 1.72 billion euro ($1.96 billion), higher than the estimates of 1.70 billion, while its sales of 8.54 billion euro, declined by 0.7% on the year and missed the expectations of 8.73 billion euro. Sanofi’s diabetes drugs, which accounts for more than 20% of its total revenue, experienced a sales decline of 6% in the first quarter. Sanofi’s stock has declined by around 3% so far today.

On Thursday, Sanofi announced its non-binding proposal to buy Medivation, the San Francisco-based pharmaceutical company, for an all-cash transaction of $9.3 billion, but Medivation rejected the deal. Overall, 31 hedge funds we track owned shares of Sanofi SA (ADR) (NYSE:SNY) at the end of 2015. Murray Stahl’s Horizon Asset Management owns 27,697 shares of the company.

Shire PLC Beats Estimates

Shares of Shire PLC (ADR) (NASDAQ:SHPG) have advanced by more than 4% after Dublin-based biotech company reported a net income up by 2% on the year to $419 million and sales of $1.71 billion, versus $1.49 billion reported a year ago. Shire’s EPS of $3.19 managed to beat the estimates of $3.05. The company experienced a record $509 million worth of sales of its drug Vyvanse, which is used to treat eating and hyperactivity disorders. The company is also in the process to complete its $32 billion acquisition of Baxalta anticipated in June. Overall, 40 hedge funds from our database had stakes in Shire PLC (ADR) (NASDAQ:SHPG) at the end of last year worth $2.4 billion.

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