Here’s Why These Five Stocks Are on the Move on Thursday

Strong Results Help Tower Semiconductor Rise

Also up on its earnings report was Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM), which has spiked by more than 14.25% today, after posting a top and bottom line beat. Second-quarter EPS of $0.45 and revenue of $305 million came in $0.11 and $5 million, respectively, ahead of the Street’s expectations. The company said results were helped by an early payment of bank loans and the acquisition of a plant in the US. For the ongoing quarter, management said it expects revenue of $325 million, up by 33% year-over-year, and above the Street’s consensus of $310 million. Tower Semiconductor Ltd. (USA) (NASDAQ:TSEM) saw 19 funds among those we keep track of holding shares at the end of March. Among them was Richard Mashaal’s Senvest Management, which last disclosed ownership of 6.6 million shares, or about $80 million in stock.

Chesapeake Sinks After Earnings Report

Chesapeake Energy Corporation (NYSE:CHK) is trading down by 1.6% after the company reported a second quarter net loss of $0.14, versus estimates of a loss of $0.11, and revenue of $1.6 billion, $330 million below consensus. Also impacting the stock negatively was the announcement of an increase in its asset sales target, from $1.2 billion-$1.7 billion to $2 billion, and the company’s intention to sell “selected” acreage in its Haynesville Shale properties. Finally, management boosted its full-year production guidance by 3%, and said it expects capex close to the higher end of its previously provided guidance of $1.3 billion to $1.8 billion. Among the funds we track, 31 were long Chesapeake Energy Corporation (NYSE:CHK) at the end of the first quarter. Among them we can count Carl Icahn’s Icahn Capital LP, which last reported owning more than 73 million shares of the company.

Sunoco Hit By Revenue Miss, Downgrade

Finally, there’s Sunoco LP (NYSE:SUN), which has plummeted by more than 7.7%, following the announcement of the company’s second quarter financial results. While EPS of $0.53 beat the Street’s consensus by $0.08, revenue of $4.05 billion, down 21.1% year-over-year, was $80 million below expectations. Probably pushing the stock down as well was a downgrade from Baird, which demoted the shares to ‘Neutral’ from ‘Outperform’. A total of 11 investors among those we track held long equity stakes in Sunoco LP (NYSE:SUN) as of March 31. The largest was held by Charles Davidson’s Wexford Capital, which owned 447,424 shares.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.