In this article, we will discuss some of the notable stocks trending today. To take a look at some more stocks that are in the news, go to 5 Stocks Making Headlines Today.
US equity market is in the red on Wednesday despite stronger-than-anticipated results from the US manufacturing sector. The S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index are all down 1.26%, 1.12%, and 1.23%, respectively, as of 12:57 PM ET. The Institute of Supply Management’s data revealed that manufacturing activities in the US grew faster than predicted. This has eased concern about weak consumer demand ahead. Notable stocks such as JPMorgan Chase & Co. (NYSE:JPM), JOYY Inc. (NASDAQ:YY), and GoodRx Holdings, Inc. (NASDAQ:GDRX) are making headlines today.
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Let’s look at why these stocks are trending today and discuss how hedge funds are positioned in them.
10. Salesforce, Inc. (NYSE:CRM) is up 8.87% as of 12:50 PM ET after the San Francisco, California-based corporation increased its adjusted profit guidance and commented that it does not anticipate any significant adverse impact on margins due to the uncertain macroeconomic environment. Inflation in the US has risen to a 40-year high, and consumer demand is volatile. The cloud-based software company added that the demand for its software is strong as firms are looking to increase efficiencies across modern work processes like hybrid working. Prior to today’s increase, Salesforce, Inc. (NYSE:CRM) stock had lost 37% of its value since the start of the year.
Vulcan Value Partners shared its stance on Salesforce, Inc. (NYSE:CRM) in its Q1 2022 investor letter. Here’s what the investment management firm said:
“Salesforce.com Inc. is the dominant provider of customer relationship management software and technology. Salesforce has high retention rates, pricing power, high free cash flow, and a competitive moat. The company continues to execute well. Margins decreased slightly during the fourth quarter but continue to be on path for material expansion over the long term. Salesforce is seeing increased spending as employees are returning to the office, and we believe the global pandemic has only improved its prospects.”
As of Q1 2022, Salesforce, Inc. (NYSE:CRM) was held by 114 hedge funds.
9. Visteon Corporation (NASDAQ:VC) has gained 1.43% as of 12:44 PM ET after the stock was upgraded from an Underweight to an Equal Weight rating by Adam Jones at Morgan Stanley. The analyst also increased the price target on Visteon Corporation (NASDAQ:VC) from $72 to $93. He shared that Visteon Corporation (NASDAQ:VC) stock provides an opportunity to invest in an automotive production recovery story.
Moreover, in Q1 2022, the company saw an 11% increase in the top line due to the launch of new products and a favorable pricing environment. For FY22, Visteon Corporation (NASDAQ:VC) provided revenue guidance in a range of $3.15 billion and $3.35 billion compared to the consensus estimate of $3.16 billion.
Visteon Corporation (NASDAQ:VC) was held by 25 hedge funds at the end of Q1 2022.
8. Medtronic plc (NYSE:MDT) has declined 2.41% as of 3:02 PM ET after the medical device company was downgraded from an Overweight to a Neutral rating by James Mainwaring at Atlantic Equities. The analyst also lowered the price target on Medtronic plc (NYSE:MDT) from $125 to $105. Mainwaring shared that it would be difficult for Medtronic plc (NYSE:MDT) to meet its growth targets in the current macro-economic environment.
Medtronic plc (NYSE:MDT) was mentioned in the Q4 2021 investor letter of Polen Capital. Here’s what the firm said:
“The top absolute detractors during the quarter (includes) Medtronic. Shares of Medtronic underperformed during the quarter on what we see as short-term setbacks in its Renal Denervation technology and HUGO robotic surgery platform. Both are pipeline prospects that could be sources of revenue growth if Medtronic can successfully commercialize them. However, they are not generating meaningful sales today. Looking ahead, we believe Medtronic’s management is handling this world-leading tech business well and that its growth prospects remain compelling.”
Overall, 54 hedge funds held a position in Medtronic plc (NYSE:MDT) as of Q1 2022.
7. Blueprint Medicines Corporation (NASDAQ:BPMC) has gained 0.47% as of 12:52 PM ET after the Massachusetts-based precision therapy company was upgraded from a Hold to Buy rating by Eun Yang at Jefferies earlier today. Even though the price target on Blueprint Medicines Corporation (NASDAQ:BPMC) was lowered from $88 to $77, it still reflects a potential upside of 40% from the previous closing price. The analyst upgraded the investment thesis after a survey of US allergists and hematologists regarding Ayvakit’s potential in an expanded, third indication of indolent systematic mastocytosis.
Overall, 29 hedge funds reported owning a stake in Blueprint Medicines Corporation (NASDAQ:BPMC) at the end of Q1 2022. Cadian Capital was the leading hedge fund investor in Blueprint Medicines Corporation (NASDAQ:BPMC), with a stake worth over $122.7 million.
6. Weibo Corporation (NASDAQ:WB) has ascended 0.64% as of 12:52 PM ET after the Chinese social media platform revealed that it had added 51 million new users to its platform during Q1 2022. Weibo Corporation (NASDAQ:WB) called its operations “relatively resilient” as the country faced COVID-19-related lockdowns in the last two months. Weibo Corporation (NASDAQ:WB) reported a total of 582 million daily active users (MAUs) at the end of the first quarter of 2022. Moreover, the average daily active users saw an increase of 22 million on a YoY basis.
At the end of Q1 2022, 14 hedge funds held a stake in Weibo Corporation (NASDAQ:WB).
In addition to Weibo Corporation (NASDAQ:WB), stocks such as JPMorgan Chase & Co. (NYSE:JPM), JOYY Inc. (NASDAQ:YY), and GoodRx Holdings, Inc. (NASDAQ:GDRX) are trending today.
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Disclose. None. 10 Stocks Making Headlines Today is originally published on Insider Monkey.
