In this article, we will discuss some of the popular stocks making headlines on Monday. To take a look at some more stocks that are trending today, go to 5 Stocks Making Headlines on Monday.
The US stock market is in the red today after investors have returned from a holiday weekend and now look forward to a week of corporate results. The S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index are down 0.24%, 0.26%, and 0.43%, respectively, as of 11:59 AM ET. Some notable stocks moving the market today include Robinhood Markets, Inc. (NASDAQ:HOOD), DiDi Global Inc. (NYSE:DIDI), and Twitter, Inc. (NASDAQ:TWTR).
Let’s look at why these stocks are trending today and look at how elite funds are positioned in them.
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10. Bank of America Corporation (NYSE:BAC) is up 3.81% as of 11:59 AM ET after the Charlotte, North Carolina-based investment bank and financial services holding company reported better-than-expected Q1 2022 results due to strong consumer lending. Revenue increased by 1.7% YoY to $23.2 billion and outperformed the consensus estimate of $23.09 billion. Meanwhile, the GAAP EPS was posted at 80 cents, beating the analysts’ forecasts by five cents. Bank of America Corporation (NYSE:BAC) also recorded an increase of 13% YoY in average deposits to $2 trillion.
According to data compiled by Insider Monkey, 84 hedge funds held a stake in Bank of America Corporation (NYSE:BAC) as of Q4 2021. The number of hedge funds holding a stake in Bank of America Corporation (NYSE:BAC) increased by 12 on a sequential basis.
9. Tesla, Inc. (NASDAQ:TSLA) is 1.49% in the green as of 11:59 AM ET after the Austin, Texas-based electric vehicle manufacturer and seller announced that it is preparing to continue production from its factory in Shanghai after a three-week COVID lockdown. Tesla, Inc. (NASDAQ:TSLA) is amongst the 666 companies that have been whitelisted to restart their Shanghai operations. Tesla, Inc. (NASDAQ:TSLA) has called back its employees and made arrangements for on-site residence for its workforce. This is a part of the ‘closed-loop management’ system to curb the spread of the COVID-19 virus.
Out of the 924 hedge funds covered by Insider Monkey, Tesla, Inc. (NASDAQ:TSLA) stock is in the portfolio of 91 hedge funds as of Q4 2021.
8. The Charles Schwab Corporation (NYSE:SCHW) has dipped 8.22% as of 12:02 PM ET after the Texas-based financial services corporation missed revenue and EPS estimates in its Q1 2022 results. Revenue dipped by 1.1% YoY to $4.67 billion and missed the consensus estimate of $4.82 billion by $150 million. Meanwhile, The Charles Schwab Corporation (NYSE:SCHW) posted a non-GAAP EPS of 77 cents, seven cents lower than the analysts’ forecast of 84 cents. The total client assets increased by 11% YoY to $7.86 trillion but fell from $8.14 trillion as of December 31. The results reflect low trading revenue along with rising expenses. Egerton Capital Limited is long over 14 million shares of The Charles Schwab Corporation (NYSE:SCHW) as of Q4 2021.
At the end of Q4 2021, 72 hedge funds held a stake in The Charles Schwab Corporation (NYSE:SCHW).
7. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) has plummeted 4.86% as of 12:05 ET following the resumption in coverage by Joseph Gallo at Jefferies. Gallo resumed coverage on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and highlighted that cybersecurity is important in the current economic situation. He also added that CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is the biggest beneficiary of an increased attack environment. Despite the positive commentary, Gallo only increased the target price from $265 to $275. The new target price assumes a potential upside of only 16.9% from the last closing price. It appears as if the market has not positively responded to the moderate upside offered by the stock.
Of the 924 hedge funds in Insider Monkey’s database, 74 funds held a stake in CrowdStrike Holdings, Inc. (NASDAQ:CRWD) as of Q4 2021. Tiger Global Management LLC is the leading investor in CrowdStrike Holdings, Inc. (NASDAQ:CRWD), with a stake worth over $1.5 billion.
6. Synchrony Financial (NYSE:SYF) has rocketed 4.44% as of 12:09 ET after the Stamford, Connecticut-based credit services company reported better than expected earnings results for Q1 2022. The company also announced a $2.8 billion share repurchase program along with a 5% hike in dividend. Revenue was reported at $3.38 billion, outperforming the consensus estimate of $2.66 billion. On the other hand, Synchrony Financial (NYSE:SYF) posted a non-GAAP EPS of $1.73, beating the analysts’ estimates of $1.54. Moreover, average loan receivables increased to $82.7 billion.
Overall, Synchrony Financial (NYSE:SYF) was held by 34 hedge funds as of Q4 2021.
Along with Synchrony Financial (NYSE:SYF), some other notable stocks that are in the news today include Robinhood Markets, Inc. (NASDAQ:HOOD), DiDi Global Inc. (NYSE:DIDI), and Twitter, Inc. (NASDAQ:TWTR).
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Disclose. None. 10 Stocks Making Headlines on Monday is originally published on Insider Monkey.
