Apple, Array Biopharma, Alaska Air, and More: Here’s Why These Five Stocks Are in the Spotlight

It’s the beginning of a new week and the three major indexes look once again to open relatively flat. Although the U.K. plans to start the Brexit next week, investors are complacent as the overall U.S,. economy remains robust.

In this article, let’s analyze why Apple Inc. (NASDAQ:AAPL), Tableau Software Inc (NYSE:DATA), Microsoft Corporation (NASDAQ:MSFT), Array Biopharma Inc (NASDAQ:ARRY), and Alaska Air Group, Inc. (NYSE:ALK) are each in the spotlight and examine how smart money funds were positioned in each equity at the end of the fourth quarter.

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Apple Inc. (NASDAQ:AAPL) received a thumbs up from Cowen today, with analyst Timothy Arcuri bumping his price target on the iPhone maker to $155 from the previous $135. Arcuri believes the consensus estimates for Apple are too low in light of the company’s aging iPhone base, which could prompt a stronger refresh cycle for the iPhone 8. Arcuri has an ‘Outperform’ rating and believes the stock’s multiple could expand further. Of the 742 elite funds we track, 113 funds owned $16.54 billion of Apple Inc. (NASDAQ:AAPL) and accounted for 2.70% of the float on December 31, versus 145 funds and $16.22 billion respectively on September 30.

Traders are watching Tableau Software Inc (NYSE:DATA) after Greg McDowell of JMP Securities termed the stock’s recent weakness as a buying opportunity. The analyst has an ‘Outperform’ rating and a $65 price target, opining that the concerns about increasing competition have been overblown given Tableau’s lead. Although Microsoft Corporation (NASDAQ:MSFT) does represent a tougher competitor, peers such as TIBCO and Qlik have taken a step back. Speaking of Microsoft, Wall Street believes the company is also making substantial progress in the pivotal cloud market as more previously skeptical channel partners jump on board Azure. Microsoft shares have done well, rallying 5% year-to-date. 27 and 126 top funds were long Tableau Software Inc (NYSE:DATA) and Microsoft Corporation (NASDAQ:MSFT) according to our data.

On the next page, we examine Array Biopharma Inc and Alaska Air Group Inc.

Array Biopharma Inc (NASDAQ:ARRY) shares are 14% in the red after the company announced that it has withdrawn the NDA for binimetinib monotherapy for the treatment of NRAS-mutant melanoma, which is a rare, mutationally-driven subset of skin cancer. Based on feedback from the FDA, Array concluded that ‘the clinical benefit demonstrated in the Phase 3 NEMO clinical trial would not be found sufficient to support approval of the NRAS-mutant melanoma NDA’. The action does not impact the planned Phase 3 COLUMBUS trial NDA of binimetinib, in combination with encorafenib, for the treatment of BRAF-mutant melanoma, however. 23 top funds owned shares of Array Biopharma Inc (NASDAQ:ARRY) as of the most recent 13-F reporting period, down 9 funds from the previous quarter.

Alaska Air Group, Inc. (NYSE:ALK) is in the spotlight after Joseph DeNardi of Stifel upgraded the stock to ‘Buy’ from the previous ‘Hold’. DeNardi likes Alaska Air’s valuation and thinks the market is underestimating the value of Alaska Air’s loyalty program. He has a $145 price target, up from the previous $105. The falling oil prices also certainly help boost sentiment for the stock. 34 top funds had a bullish position in Alaska Air Group, Inc. (NYSE:ALK) at the end of December, down 2 funds from the previous quarter.

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