The Dow Jones is trading down by 0.27% today while the S&P 500 is down by 0.25% after it was reported that existing home sales fell by 3.2% to 5.39 million. The fall was attributed to low inventory and higher prices. It was reported yesterday that new home buyers have surged, outpacing supply.
Tesla Motors Inc (NASDAQ:TSLA), Express, Inc. (NYSE:EXPR), Lannett Company, Inc. (NYSEAMEX:LCI), Uranium Resources, Inc. (NASDAQ:URRE), and PDC Energy Inc (NASDAQ:PDCE) are trending in today’s trading session, on various tidbits of news. We’ll look at what’s happening with these companies along with judging hedge fund sentiment for each of their stocks.
At Insider Monkey, we track around 750 hedge funds and institutional investors. Through extensive backrests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see more details about our small-cap strategy).
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Tesla Motors Inc (NASDAQ:TSLA) is trading flat in early trading today after a volatile day yesterday. Analysts appear to be happy with the way the company is progressing following CEO Elon Musk’s revelations yesterday. Colin Rusch of Oppenheimer stated that his firm is excited about the potential of Tesla’s auto platform and that it possesses “significant operating leverage,” but decried the relationship between Tesla and SolarCity Corp (NASDAQ:SCTY) as being concerning. However, he is impressed with the kind of talent that the company possesses on the engineering front. Magazine Road and Track was blown away with the quick production of the Model S P100D, but was disappointed that Mr. Musk did not make an update on the production of the Model 3. 36 funds in our database had a long position in Tesla Motors Inc (NASDAQ:TSLA) at the end of June.
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Express, Inc. (NYSE:EXPR) is trading down by over 24% on Wednesday after the company reported revenue of $504.77 million for the second quarter of 2016, which missed estimates by $16.18 million. EPS of $0.13 also widely missed expectations of $0.17. Among other metrics, comparable-store sales fell by 8% year-over-year, an acceleration of the 7% year-over-year decline seen in the second quarter of 2015. Even more worrying was Express, Inc’s decline in e-commerce sales, which slid by 7%. Hedge funds appear to have anticipated the poor performance, as only 23 of them in our database were long Express, Inc. (NYSE:EXPR) at the end of second quarter, down from 34 a quarter earlier.
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On the next page we’ll discuss the latest concerning three more stocks, which are Lannett Company, Uranium Resources, and PDC Energy.
