In this article, we will discuss some of the popular stocks gaining on Friday. To take a look at some more stocks that are in the news, go to Investors Are Bullish on These 5 Stocks Today.
The US stock market continued its losses from yesterday despite the Labor Department’s April 2022 job report emphasizing the recovery of the job market. The market is concerned due to the monetary tightening policies expected to be adopted by the Federal Reserve to combat inflation. The S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index were all down 0.84%, 0.83%, and 1.12%, respectively, as of 12:18 PM ET.
Despite the broad sell-off, we have shortlisted ten stocks that are gaining today and moving against the sentiments of the market. Some of the notable stocks investors are bullish on today include Apple Inc. (NASDAQ:AAPL), Coupang, Inc. (NYSE:CPNG), and McKesson Corporation (NYSE:MCK).
Let’s look at why these stocks are gaining today and discuss how hedge funds are positioned in them.
10. Kellogg Company (NYSE:K) has gained 2.65% as of 12:12 PM ET after the Battle Creek, Michigan-based food manufacturing firm reported strong growth in cash flow generation during Q1 2022. Kellogg Company’s (NYSE:K) cash from operations increased from $235 million last year to $327 million this year. Moreover, Kellogg Company (NYSE:K) highlighted that it has started the year better than expected and anticipates adjusted EPS to grow by 1% to 2% on a currency-neutral basis. The company also shared that it has suspended investment and shipments to Russia.
As of Q4 2021, 31 hedge funds held a stake in Kellogg Company (NYSE:K).
9. Advanced Micro Devices, Inc. (NASDAQ:AMD) has rocketed 1.90% as of 12:13 PM ET after Bitcoin prices fell below the $36,000 level as a result of a broader market sell-off. The sell-off has made cryptocurrency mining more attractive as the prices of Bitcoin are expected to bounce back, yielding higher returns to Bitcoin miners. To mine bitcoin, the miners require high-end graphic processing units (GPUs), like the ones manufactured by Advanced Micro Devices, Inc. (NASDAQ:AMD). This makes Advanced Micro Devices, Inc. (NASDAQ:AMD) a play on the cryptocurrency mining theme along with other areas like data centers, gaming, etc.
Out of the 924 hedge funds covered by Insider Monkey, 69 funds held a stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of Q4 2021. Fisher Asset Management was the leading investor in Advanced Micro Devices, Inc. (NASDAQ:AMD) during Q1 2022, with a stake worth over $2 billion.
8. NortonLifeLock Inc. (NASDAQ:NLOK) has jumped 2.80% as of 12:13 PM ET after the Tempe, Arizona-based consumer cyber security provider reported a 600,000 increase in direct customer count in Q4 2021. NortonLifeLock Inc. (NASDAQ:NLOK) finished the year with bookings of $2.9 billion, reflecting an 8% YoY increase. Moreover, NortonLifeLock Inc. (NASDAQ:NLOK) is in the middle of a merger with Avast that is undergoing a Phase 2 review with the UK Competitions and Markets Authority (CMA). The deal is expected to be completed by the middle or end of this year.
According to Insider Monkey’s proprietary data, NortonLifeLock Inc. (NASDAQ:NLOK) was under the ownership of 36 hedge funds as of Q4 2021.
7. NRG Energy, Inc. (NYSE:NRG) has soared 6.26% as of 12:16 PM ET after the Texas-based independent power producer and seller reported a turnaround during Q1 2022 as compared to last year’s losses due to Winter Storm Uri. NRG Energy, Inc. (NYSE:NRG) reported a profit of $1.73 billion as opposed to a loss of $82 million during the same quarter last year. NRG Energy, Inc. (NYSE:NRG) also highlighted that it benefitted from its hedging strategy as it reported significant mark-to-market gains on its natural gas positions.
Overall, 28 hedge funds held a position in NRG Energy, Inc. (NYSE:NRG) as of Q4 2021, with a combined value of $1.84 billion. Hourglass Capital was long over 38,000 shares of NRG Energy, Inc. (NYSE:NRG) during Q1 2022.
6. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) has increased 2.78% as of 12:13 PM ET after the Rio de Janeiro, Brazil-based integrated energy company reported a better-than-expected net income for Q1 2022. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) reported a 40x increase in profit from the same quarter last year due to better margins for its diesel business and lower import of liquefied natural gas (LNG). Furthermore, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) also shared that it had slowed down its divestment program compared to the same quarter last year.
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) was held by 26 hedge funds as of Q4 2021.
Along with Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), some other notable gainers today include Apple Inc. (NASDAQ:AAPL), Coupang, Inc. (NYSE:CPNG), and McKesson Corporation (NYSE:MCK).
Click to continue reading and see Investors Are Bullish on These 5 Stocks Today.
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Disclose. None. Investors Are Bullish on These 10 Stocks Today is originally published on Insider Monkey.
