Why These Stocks Are on the Move on Tuesday

Carnival Corp Beats Estimates

Carnival Corp (NYSE:CCL) opened higher but has pared the gains after the company posted fiscal second quarter results that topped analysts’ estimates. The Miami, Florida-based cruise line operator reported EPS of $0.49, better than the estimated $0.39. Revenue in the quarter increased by 3.2% to $3.71 billion, mainly due to increase in ticket prices and on-board spending. For full fiscal 2017, the company narrowed its EPS forecast to $3.25-$3.35, from $3.20-$3.40. Carnival Corporation’s CEO Arnold Donald said in a statement that the strong quarterly results show that the company continues to gain momentum despite the recent currency movements and the increase in fuel prices. Mr. Donald added that the company has several projects scheduled for the future including re-mastering of Queen Mary 2, the launch of Denali square complex in Alaska and the introduction of new cruises. A total of 48 hedge funds from our database had approximately $1.4 billion worth of Carnival Corp (NYSE:CCL)’s stock at the end of March. Kerr Neilson’s Platinum Asset Management owns about 5.45 million shares of the company.

Whiting Petroleum Rebounds

Whiting Petroleum Corp (NYSE:WLL) is rebounding today after getting hammered following its announcement of debt exchange for convertible notes offering last week. The Denver-based oil and gas company had announced a $1.064 billion debt-for-equity swap, which made the stock nosedive. Tuesday’s market rally and a rise in oil prices is helping the shares of Whiting Petroleum gain momentum. Debra Fine’s Fine Capital Partners is one of the 43 funds from our database that reported long positions in Whiting Petroleum Corp (NYSE:WLL) as of the end of the first quarter. It owns around 9.68 million shares of the company.

Petroleo Brasileiro Up on Oil Prices

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) is in the spotlight on Tuesday amid a growth in oil prices on Tuesday. The company has recently announced plans to amend the terms of its formerly declared offer to purchase for cash any and all of its partner Petrobras Global Finance’s Notes due 2018. Shares of Petroleo Brasileiro have surged more than 7% so far today. Among the funds tracked by Insider Monkey, 23 funds had piled up shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) at the end of the first quarter. Ken Fisher’s Fisher Asset Management owns more than 10.5 million shares of the company.

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