In this article, we will take a look at some of the notable stocks that moved today. You can skip our detailed analysis of these stocks and go to Why These 5 Stocks Are Moving on Thursday.
In regular trading on Thursday, the S&P 500 Index is up 0.08%, Dow Jones is up 0.22%, while Nasdaq Composite Index is down 0.76%. Among the stocks that are in the limelight today include Best Buy Co., Inc. (NYSE:BBY), EPAM Systems, Inc. (NYSE:EPAM), and Kroger Co. (NYSE:KR).
Let’s discuss the factors moving the stocks today and how hedge funds are positioned in them.
![](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2021/05/21044755/austin-distel-EMPZ7yRZoGw-unsplash-1-750x500.jpg?auto=fortmat&fit=clip&expires=1755993600&width=480&height=320)
Photo by Austin Distel on Unsplash
10. Pinnacle West Capital Corporation (NYSE:PNW) has risen more than 2.6% today after the Phoenix, Arizona-based electricity generation and transmission company reported strong Q4 2021 results and provided stellar guidance for FY22. Pinnacle West Capital Corporation (NYSE:PNW) reported revenue and an EPS of $748.84 million and 24 cents, respectively, compared to the consensus estimate of $659.69 million and 6 cents. Pinnacle West Capital Corporation (NYSE:PNW) also raised its FY22 EPS guidance to $3.90 to $4.10 as opposed to the analysts’ estimates of $3.97.
9. Brown-Forman Corporation (NYSE:BF-B) has soared more than 6% during trading today after the Louisville, Kentucky-based spirits and wine company reported better than expected results for Q3 FY22. Revenue increased by 14.2% YoY to $1.04 billion and surpassed the consensus estimate of $983 million. Meanwhile, the GAAP EPS of 54 cents was eight cents higher than the analysts’ estimates. Furthermore, Brown-Forman Corporation (NYSE:BF-B) anticipates net sales to increase by 11% to 13% during FY22. The company has announced that it will stop hiring for its distribution business in Russia. Brown-Forman Corporation (NYSE:BF-B) generates only 1% of its total sales from Russia and employs 80 people in the country. However, the company has not provided an update on whether it will stop selling its spirits and wine in Russia.
8. Intel Corporation (NASDAQ:INTC) is 2% in the red after Joseph Moore at Morgan Stanley downgraded the stock from an Equal Weight to an Underweight rating and reduced the target price from $55 to $47. The analyst has shown belief in the leadership and long-term vision and turnaround plan of the CEO Pat Gelsinger but does not see it happening in the near term. Moore also thinks that the aggressive investment in foundry and graphic business will adversely impact the free cash flow of Intel Corporation (NASDAQ:INTC).
Out of the 924 hedge funds being tracked by Insider Monkey, 72 had a stake in Intel Corporation (NASDAQ:INTC) as of Q4 2021.
7. Las Vegas Sands Corp. (NYSE:LVS) is down 4.2% today after the Major League Baseball (MLB) announced that the season would not start on time and the Opening Day has been canceled. Las Vegas Sands Corp. (NYSE:LVS) stock was a major mover in the green after positive news regarding relaxed restrictions came out of China yesterday. MLB Commissioner Rob Manfred announced that the first two series of the 2022 season had been canceled. He said that there is no flexibility in the calendar to reschedule these games. The cancellation would adversely impact betting companies like Las Vegas Sands Corp. (NYSE:LVS).
6. IPG Photonics Corporation (NASDAQ:IPGP) fell 9.2% after the company announced that it would continue operations in its Russian facility but anticipates its components’ lead times and freight costs to increase significantly due to sanctions. IPG Photonics Corporation (NASDAQ:IPGP) had around 1,950 employees in Russia as of December 31, 2021. This is nearly 30% of its total workforce. In 2021, the Russian facility produced $100 million worth of finished products for the Chinese market and $30 million worth of finished goods for the Russian market. IPG Photonics Corporation (NASDAQ:IPGP) has long-term assets worth $70.8 million in Russia, which makes up 10.8% of its total long-term assets.
Like IPG Photonics Corporation (NASDAQ:IPGP), EPAM Systems, Inc. (NYSE:EPAM), Best Buy Co., Inc. (NYSE:BBY), and Kroger Co. (NYSE:KR) are also on the move today.
Click to continue reading and see Why These 5 Stocks Are Moving on Thursday.
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Disclose. None. Why These 10 Stocks Are Moving on Thursday is originally published on Insider Monkey.