Here’s Why Wells Fargo, eBay, CytomX Therapeutics, Dominion Diamond, and More Are Trending

The markets are relatively quiet today as there are no major economic releases. The Dow Jones index is down 10 points, while the S&P 500 is 0.23% in the red. In this article, let’s find out why traders are talking about five stocks in the spotlight, Wells Fargo & Co (NYSE:WFC), eBay Inc (NASDAQ:EBAY), Dominion Diamond Corp (NYSE:DDC), CytomX Therapeutics Inc (NASDAQ:CTMX), and Bristol-Myers Squibb Co (NYSE:BMY). Let’s also uncover how elite funds were positioned among them in the fourth quarter according to SEC 13F filings.

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Wells Fargo & Co (NYSE:WFC) shares have retreated 1.4% after the bank reported that its consumer checking account openings for the month of February inched lower by 3% sequentially. That metric was also down 43% year-over-year. Although some consumers haven’t forgiven Wells Fargo for its fake account tactics in previous years, many investors still like the stock for the long term as the strong economy, lower regulations, and normalizing rates boost margins. Of the 742 elite funds we track, 100 funds owned $34.68 billion of Wells Fargo & Co (NYSE:WFC) and accounted for 12.50% of the float on December 31, versus 104 funds and $27.42 billion respectively on September 30.

eBay Inc (NASDAQ:EBAY) is in the spotlight after the company announced plans to roll out guaranteed delivery in 3 days or less for 20 million items this summer in the United States. Bulls hope that the guaranteed delivery option will make eBay more competitive versus Amazon. Shares of the auction giant are relatively unchanged in afternoon trading, however. 64 elite funds owned shares of eBay Inc (NASDAQ:EBAY) at the end of the fourth quarter, up 11 funds from the previous quarter.

Dominion Diamond Corp (NYSE:DDC) has popped almost 20% after Bloomberg reported the firm received a $1.1 billion take-over offer (or $13.5 per share) from a private conglomerate, Washington Cos, in February. Although Dominion Diamond’s board isn’t exactly sold on the offer, Washington Cos could raise its bid from $13.50 if it is granted due diligence according to the Wall Street Journal. 12 elite funds were long Dominion Diamond Corp (NYSE:DDC) at the end of December, down 2 funds from the previous quarter.

On the next page, we examine CytomX Therapeutics Inc, and Bristol-Myers Squibb Co.

CytomX Therapeutics Inc (NASDAQ:CTMX) has surged 25% after the company announced that it and Bristol-Myers Squibb Co (NYSE:BMY) would expand their global collaboration to discover Probody Therapeutics. Under the terms of the expansion agreement, CytomX will grant Bristol-Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to two non-oncology targets and six additional oncology targets. Bristol-Myers Squibb will make an upfront payment of $200 million to CytomX and provide research funding over the course of the research period. Moreover, CytomX will be eligible to receive up to $448 million in future development, sales and regulatory milestone payments for each collaboration target, as well as tiered royalty payments from the mid-single digits to low-double digits on net sales of each product commercialized by Bristol-Myers Squibb. 11 and 58 top funds we track were long CytomX Therapeutics Inc (NASDAQ:CTMX) and Bristol-Myers Squibb Co (NYSE:BMY) at the end of Q4.

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