In this article we will take a look at the some of notable stocks on the move today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are On the Move on Monday.
It has been a volatile beginning of the week so far with all three major indexes down considerably. Overseas, there are worries that China’s property market could slow further due to the developments around the Chinese property developer Evergrande. Domestically, there is more caution with the Fed meeting this week.
Among the stocks also on the move on Monday are Freeport-McMoRan Inc. (NYSE:FCX), Pfizer Inc. (NYSE:PFE), Occidental Petroleum Corporation (NYSE:OXY), JPMorgan Chase & Co. (NYSE:JPM), and United States Steel Corporation (NYSE:X). Let’s analyze further and find out how the smart money is positioned among them.
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10. Freeport-McMoRan Inc. (NYSE:FCX) is down more than 6% due to the weakness in copper futures.
Because China imports a substantial amount of copper for its property market, any slowdown or potential slowdown in the nation’s property market would not be good for copper demand. With Evergrande’s debt troubles, there is more uncertainty in that sector and as a result, copper futures are down more than 3.4% on Monday. Given Freeport-McMoRan Inc. (NYSE:FCX) depends on copper for a substantial part of its business, the company’s stock has declined on Monday as well. Year to date, Freeport-McMoRan Inc. (NYSE:FCX) is still up, however.
Of the 873 elite funds we track, 76 were long Freeport-McMoRan Inc. (NYSE:FCX) at the end of the second quarter of 2021, up from 68 at the end of the first quarter.
9. Pfizer Inc. (NYSE:PFE) is actually up by around 0.5% despite many major indexes down more than 2%.
One reason for Pfizer Inc. (NYSE:PFE)’s performance could be that trials have showed that the company’s COVID-19 vaccine is safe and effective when used in children aged 5-11. Pfizer and the company’s partner, BioNTech, plans to submit the data to the FDA ‘as soon as possible’ to potentially gain approval to sell on the market. The number of elite funds we track that were long Pfizer Inc. (NYSE:PFE) rose by 2 quarter over quarter to 67 at the end of the second quarter of 2021.
8. Occidental Petroleum Corporation (NYSE:OXY) stock is down around 6% due to the broader market sell off and also crude oil futures declining by around 2%.
Like it does for copper, China also imports a lot of oil. If China’s economy slows due to Evergrande, the country’s imports of oil might not be as strong. If demand for oil isn’t as strong, the price of oil might not be as strong either and this would be a headwind for Occidental Petroleum Corporation (NYSE:OXY). Occidental Petroleum Corporation (NYSE:OXY) stock is still up considerably year to date, however.
Carl Icahn‘s Icahn Capital LP was a major holder of Occidental Petroleum Corporation (NYSE:OXY) with a holding of more than 49.1 million shares at the end of June 30, 2021.
In addition to Occidental Petroleum Corporation (NYSE:OXY), United States Steel Corporation (NYSE:X), Freeport-McMoRan Inc. (NYSE:FCX), Pfizer Inc. (NYSE:PFE) and JPMorgan Chase & Co. (NYSE:JPM) are on the move today.
7. JPMorgan Chase & Co. (NYSE:JPM) shares are off 3.5% due to the broader market sell off, the caution around the Fed meeting this week, and also a decline in Treasury bond yields. With a leading commercial bank, JPMorgan Chase & Co. (NYSE:JPM) generally can find an easier time making more money if yields are higher. 108 elite funds we track owned JPMorgan Chase & Co. (NYSE:JPM) in Q2 2021, down 3 from the prior quarter.
6. United States Steel Corporation (NYSE:X) shares have fallen more than 6% due to the broader market sell off. Although United States Steel Corporation isn’t as affected directly, the potential weakness in China’s property market isn’t good for steel makers in general. If demand in China isn’t as strong, Chinese steel makers could export and increase supply overseas depending on tariffs. As a result, sentiment around United States Steel Corporation (NYSE:X) may have worsened.
D. E. Shaw‘s D E Shaw owned more than 8.95 million shares of United States Steel Corporation (NYSE:X) at the end of June 30, 2021.
Like United States Steel Corporation (NYSE:X), Freeport-McMoRan Inc. (NYSE:FCX), Pfizer Inc. (NYSE:PFE), Occidental Petroleum Corporation (NYSE:OXY) and JPMorgan Chase & Co. (NYSE:JPM) are all on the move.
Click to continue reading and see Why These 5 Stocks Are on the Move on Monday.
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Disclosure: None.
Why These 10 Stocks Are on the Move on Monday is originally published on Insider Monkey.
