In this article, we will take a look at some of the popular stocks that moved today.
All the three notable indexes in the US equity market were down in early trading today. The S&P 500 Index was down 0.7%, while the Dow 30 Index dipped 0.5%. The Dow Jones Industrial Index has officially entered the correction zone and joined the S&P 500 Index, which means that the index has lost 10% of its value from its recent peak. Meanwhile, the NASDAQ Composite Index has entered the bear market territory as it has dipped more than 20% from its peak in November 2021. Some of the popular stocks on the move today include Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Caterpillar Inc. (NYSE:CAT).
Let’s discuss the reasons the stocks are moving today and how hedge funds are positioned in them.
10. Valero Energy Corporation (NYSE:VLO) is up around 7.5% after the San Antonio, Texas-based company was included in the US1 top idea list by Doug Leggate at Bank of America. During the process, the analyst maintained a Buy rating on Valero Energy Corporation (NYSE:VLO) stock but increased the target price from $107 to $135. He has termed the stock as the top refining play in the US. Leggate thinks that the market is ignoring the US oil and gas refining companies as beneficiaries to structurally high natural gas prices across Europe and the rest of the world due to the Russia-Ukraine conflict. The cost of natural gas has a key bearing on the refining margin earned by such companies. Of the 924 hedge funds in Insider Monkey’s database, 35 held a stake in Valero Energy Corporation as of Q4 2021. Citadel Investment Group is the leading investor in the company, with a stake worth over $104 million.
9. DISH Network Corporation (NASDAQ:DISH) has soared more than 5.5% in the early trading session today after the stock was upgraded from a Neutral to a Buy rating by John Hodulik at UBS. The analyst has given DISH Network Corporation (NASDAQ:DISH) stock a price target of $44 and highlighted that the organization offers an attractive risk and reward profile for potential investors along with the long-term potential for its next-generation, cloud-based 5G wireless network. Hodulik also expects DISH Network Corporation to show a proof of concept for its network during its analyst day expected to take place in May 2022. As of Q4 2021, 54 hedge funds had a long position in DISH Network Corporation, up from 51 in the previous quarter.
8. Schlumberger Limited (NYSE:SLB) is 9.1% in the green today after the Houston, Texas-based oilfield services company announced a contract awarded by TotalEnergies SE (NYSE:TTE) for its Tilenga onshore oil development in Uganda. Schlumberger Limited (NYSE:SLB) is required to provide provisional drilling services, artificial lift solutions, lower and upper completions, and wellheads for the project. The site comprises six fields and up to 426 wells. Another impetus behind the rise in Schlumberger Limited’s stock price is the increase in crude oil price due to the US and Britain’s consideration of imposing a ban on the import of Russian crude. Brent crude futures, for delivery in April, are up 7% for the day and trading close to $132. Overall, 47 hedge funds, out of the 924 being tracked by Insider Monkey, held a stake in Schlumberger Limited at the end of Q4 2021, compared to 39 in the preceding quarter.
7. Dollar Tree, Inc. (NASDAQ:DLTR) has risen more than 3.3% after the Chesapeake, Virginia-based discount retailer settled with activist investment firm Mantle Ridge. Under the settlement, Dollar Tree, Inc. (NASDAQ:DLTR) will increase the size of its board of directors from five to 12. One of the notable additions to the revamped board will be Richard Dreiling, who served as the CEO of the rival discount retailer, Dollar General Corporation (NYSE:DG). The second prominent addition to the board is Paul Hilal, the founder, and CEO of Mantle Ridge. The five existing directors, along with the CEO will continue under their current capacity. At the end of Q4 2021, 44 hedge funds reported owning a stake in Dollar Tree, Inc.. Akre Capital Management is long over 2.6 million shares of Dollar Tree, Inc. as of Q4 2021.
6. Fortinet, Inc. (NASDAQ:FTNT) is down more than 6% today after the 12% broad market selloff on Monday. The Sunnyvale, California-based cybersecurity solutions provider revealed that it would suspend its operations in Russia. The stock has a 52-week range of $167.08 and $371.77, respectively. On the other hand, in a report issued to investors last month, Daniel Ives at Wedbush thinks that the conflict between Russia and Ukraine would benefit Fortinet, Inc. (NASDAQ:FTNT) due to the potential rise in cyber-attacks. Out of the 924 hedge funds in Insider Monkey’s database, 31 held a stake in Fortinet, Inc. as of Q4 2021.
Besides Fortinet, Inc., Tesla, Inc., Amazon.com, Inc., and Caterpillar Inc. are some of the prominent movers in the stock market today.
5. Tesla, Inc. (NASDAQ:TSLA) has surged more than 1.8% today after CEO Elon Musk requested a judge to end the SEC’s investigation into his tweets, claiming it as an attempt to “trample” his right to free speech. The CEO of the Austin, Texas-based electric vehicle manufacturer has also asked the judge to block the subpoena by the SEC requesting documents related to the sale of stocks and options. Out of the 924 hedge funds in Insider Monkey’s database, 91 reported owning a stake in Tesla, Inc. at the end of Q4 2021.
4. Caterpillar Inc. (NYSE:CAT) has gained more than 6.5% after the stock was upgraded from a Hold to a Buy rating by Stephen Volkmann at Jefferies. The analyst also made an upward revision in the target price from $215 to $260. Volkmann considers the constrained CAPEX and ESG themes, impacting the mining, oil, and gas businesses, to remain as an overhang on Caterpillar Inc.’s stock. However, the investment thesis has changed significantly following the Russian invasion of Ukraine. The rise in global commodity prices and a fundamental change to the global commodity markets are expected to drive a decade of reinvestment. At the end of the fourth quarter, 53 hedge funds had a long position in Caterpillar Inc..
3. Amazon.com, Inc. (NASDAQ:AMZN) has fallen 1.2% today as the Seattle, Washington-based e-commerce giant has been accused of using suppliers that have alleged links to forced labor in China. A report issued by the non-profit Tech Transparency Project claims that five companies on Amazon.com, Inc.’s supplier list have been connected with forced labor by the Uyghur community in China. Of the 924 hedge funds in Insider Monkey’s database, 279 had a stake in Amazon.com, Inc. at the end of Q4 2021, up from 242 in the preceding quarter.
2. Brown & Brown Inc. (NYSE:BRO) is down more than 6.8% as the news of acquiring the UK-based Global Risk Partners Limited has not been positively received by investors. Brown & Brown Inc. anticipates the deal to be completed by Q3 2022 following approval from all regulatory authorities. After the completion of the deal, Global Risk Partners will continue operations under the current leadership of its CEO Mike Bruce, and the insurance intermediary will work as a separate entity in the retail segment of Brown & Brown Inc.. Overall, 34 hedge funds reported owning a stake in Brown & Brown Inc. at the end of Q4 2021.
1. Intercontinental Exchange, Inc. (NYSE:ICE) has dipped nearly 4.3% today. The Atlanta, Georgia-based operator of various exchanges, listing commodities and other financial assets, has come under the limelight after nickel prices doubled to cross the $100,000 level on the London Metal Exchange. As a result, the trading of the futures was suspended by the exchange for the rest of the day. Nickel is a crucial ingredient in stainless steel production, and Russia is the third biggest manufacturer of metal. However, the country is on the brink of facing potential sanctions due to its invasion of Ukraine. Of the 924 hedge funds in Insider Monkey’s database, 56 held a stake in Intercontinental Exchange, Inc. (NYSE:ICE) at the end of Q4 2021, up from 48 in the third quarter.
You can also take a peek at the 10 Technology Stocks Hedge Funds Are Talking About and 10 Stocks That are Benefiting From Rising Inflation.
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This article is originally published at Insider Monkey.
