Here’s Why Traders Are Watching Twitter, Bank of America, Wells Fargo, and More

The latest weekly EIA petroleum numbers are out and U.S. commercial crude inventories inched lower by 0.2 million barrels from the previous week. Meanwhile total commercial petroleum inventories decreased 7.8 million barrels. Given last week’s report, many traders feel today’s data are more supportive of crude prices.

Among the stocks that traders are keenly watching include a shipper, a tech company, and three banks. In this article, let’s take a closer look at Navios Maritime Partners L.P. (NYSE:NMM), Twitter Inc (NYSE:TWTR), Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), and Deutsche Bank AG (USA) (NYSE:DB) and analyze hedge fund sentiment toward the five.  

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Navios Maritime Partners L.P. (NYSE:NMM) shares have fallen 12% after the company priced a $100 million registered direct offering at exactly $2.1 per common unit. Navios Maritime will use the proceeds raised for potential vessel acquisitions and for general working capital purposes. 4 top funds had a bullish position in Navios Maritime Partners L.P. (NYSE:NMM) at the end of the fourth quarter, up 2 funds from the previous quarter. That’s out of around 742 elite funds in our database.

Twitter Inc (NYSE:TWTR) is 2% in the red after several prominent Twitter accounts, including those of BBC North America, the European Parliament, and UNICEF USA were hacked to promote Nazism. Many of the hacked posts were written in Turkish. Sentiment around the tech company has also been hurt due to the news that famed tech investor Chris Sacca no longer owns any shares of Twitter. According to Sacca, ‘when they failed to get Ev involved again, I lost hope. Love the service, hate the stock’. 41 elite funds were long Twitter Inc (NYSE:TWTR) as of the most recent 13-F reporting period, down 6 funds from the previous quarter.

On the next page, we find out why traders are keenly watching Bank of America Corp, Wells Fargo & Co, and Deutsche Bank AG (USA).

Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), and Deutsche Bank AG (USA) (NYSE:DB) are in the spotlight due to the FOMC’s upcoming decision on interest rates later this afternoon. If the Fed raises and hints/guides for faster than expected hikes in the future, sentiment around the stocks could become even more bullish.

Separately, Bank of America released some loan metrics for last month, with the February default rate inching lower to 2.4% from 2.51%. The 30 day plus delinquency rate rose to 1.63% from 1.6%. Wells Fargo and Deutsche Bank (along with the Royal Bank of Scotland) have agreed to a settlement of around $165 million to resolve claims that their underwriting of NovaStar Mortgage misled investors. Deutsche Bank is also considering divesting its Indian retail segment to raise capital according to Bloomberg.

139, 100, and 21 top funds that we track were long Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), and Deutsche Bank AG (USA) (NYSE:DB) at the end of Q4.

Disclosure:None