In this article, we will discuss 10 market-moving stocks to watch on Thursday. To take a look at some more stocks that are trending, go to 5 Market-Moving Stocks to Watch Today.
The indexes struggled to recover today from a strong sell-off the day before, following poor retail earnings that sparked fears about inflation’s overall impact. The S&P 500 index and Dow 30 index have declined 0.43% and 0.87%, respectively, as of 1 PM ET, while Nasdaq 100 index has gained 0.03%. The volatility on Thursday reflects investors’ concern about the growth and inflation trajectory at a point when financial institutions, led by the US Federal Reserve, are undoing the stimulus policies that have supported the global economy over the last two years. Some of the popular stocks on our watchlist today include Bath & Body Works Inc (NYSE:BBWI), CSX Corporation (NASDAQ:CSX), and Lucid Group, Inc. (NASDAQ:LCID).
Photo by Austin Distel on Unsplash
Let’s look at why these stocks are moving today and discuss how elite funds are positioned in them.
10. Under Armour, Inc. (NYSE:UA) has crashed 9.17% as of 10:20 AM ET after it was announced that CEO and President Patrik Frisk is stepping down from his roles, effective June 1. Colin Browne will serve as the interim CEO until a permanent replacement is found. The pandemic and supply chain disruptions strongly impacted Under Armour, Inc.’s (NYSE:UA) stock price as it lost over 52% of its value YTD. Under Armour, Inc.’s (NYSE:UA) executive chairman stated that it was time for the company to shift from a restructuring posture to one based on growth.
Out of the 924 hedge funds in Insider Monkey’s database, 53 funds held a stake in Under Armour, Inc. (NYSE:UA) at the end of Q4 2021. Adage Capital Management was long over 18 million shares of Under Armour, Inc. (NYSE:UA) during Q1 2022.
9. Salarius Pharmaceuticals (NASDAQ:SLRX) is up 1.38% as of 10:02 AM ET after the biopharmaceutical company announced that its CEO David Arthur would be presenting at the H.C. Wainwright Global Investment Conference on May 23. Arthur will be providing a recap of Salarius Pharmaceuticals’ (NASDAQ:SLRX) corporate achievements and business developments. He would also be discussing Salarius Pharmaceuticals’ (NASDAQ:SLRX) upcoming milestones related to SP-3164 and seclidemstat.
As of Q4 2021, 4 hedge funds reported owning a stake in Salarius Pharmaceuticals (NASDAQ:SLRX) at the end of Q4 2021, up from 3 in the previous quarter.
8. Cisco Systems Inc (NASDAQ:CSCO) has dropped 13.51% as of 10:38 AM ET after the company warned its investors of a decline in revenue in the current quarter. Cisco Systems Inc (NASDAQ:CSCO) shared that the Covid-19 lockdowns in China and the Ukraine-Russia conflict could cause supply disruptions, resulting in the revenue falling by as much as 5%. The outlook has renewed investor concerns over tech spending in the current economic situation. Cisco Systems Inc (NASDAQ:CSCO) has lost over 30% of its value YTD.
Cisco Systems Inc (NASDAQ:CSCO) was held by 57 hedge funds at the end of Q4 2021. AQR Capital Management was the leading hedge fund investor in Cisco Systems Inc (NASDAQ:CSCO) during Q1 2022.
7. Snow Lake Resources Ltd (NASDAQ:LITM) has gained 10.39% as of 10:12 AM ET after the lithium mining company shared the results of its drilling tests from Grass River Pegmatite earlier today. Snow Lake Resources Ltd (NASDAQ:LITM) managed to identify a potential new starter pit with a width of five to six meters. Moreover, the exploration permits of Snow Lake Resources Ltd (NASDAQ:LITM) have been extended for three years.
Overall, 3 hedge funds held a stake in Snow Lake Resources Ltd (NASDAQ:LITM) at the end of Q4 2021.
6. Moderna Inc (NASDAQ:MRNA) has risen 5.8% as of 12:45 PM ET after the biotechnology company revealed that it had started the Phase 1 clinical trial for its HIV vaccine, in development, in Africa. Moderna Inc’s (NASDAQ:MRNA) decision came following positive results of its US trials. The HIV vaccine stimulated a response in 97% of participants and was considered to be safe. Moreover, The U.S. Food and Drug Administration shared that it was planning on responding quickly to Moderna Inc’s (NASDAQ:MRNA) Covid vaccine bid for children under the age of 5.
Of the 924 hedge funds being tracked by Insider Monkey, 43 funds held a stake in Moderna Inc (NASDAQ:MRNA) at the end of Q4 2021.
In addition to Moderna Inc (NASDAQ:MRNA), notable stocks such as Bath & Body Works Inc (NYSE:BBWI), CSX Corporation (NASDAQ:CSX), and Lucid Group, Inc. (NASDAQ:LCID) are amongst the 10 market-moving stocks to watch today.
Click to continue reading and see 5 Market-Moving Stocks to Watch Today.
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Disclose. None. 10 Market-Moving Stocks to Watch Today is originally published on Insider Monkey.
