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 Friday.
After yesterday’s big rally, the broader market is in the red on Friday perhaps due to profit taking. The Dow Jones is off around 0.2% and the NASDAQ 100 is down 0.6%. Among the stocks that are on the move on the last trading day of the week include JD.com, Inc. (NASDAQ:JD), Costco Wholesale Corporation (NASDAQ:COST), Carnival Corporation & plc (NYSE:CCL), Royal Caribbean Group (NYSE:RCL), Merck & Co., Inc. (NYSE:MRK), NIKE, Inc. (NYSE:NKE), and Alibaba Group Holding Limited (NYSE:BABA). Let’s find out why each stock is moving and how elite funds are positioned among them.
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10. Carnival Corporation & plc (NYSE:CCL) is up around 3.5% after the company provided a third quarter 2021 business update. For that period, Carnival Corporation & plc (NYSE:CCL) expects adjusted net loss of $2 billion, and a U.S. GAAP net loss of $2.8 billion. Carnival Corporation & plc (NYSE:CCL) also believes that it will end the third quarter with $7.8 billion in liquidity, which the company believes is sufficient to return to full cruise operations.
Of the around 873 elite funds in our database, 31 were long Carnival Corporation & plc (NYSE:CCL) at the end of Q2, down from 44 in the prior quarter.
9. Royal Caribbean Group (NYSE:RCL) has surged 2.7% likely due to the Carnival Corporation update for Q3. Because they are in the same sector, Royal Caribbean Group (NYSE:RCL)’s business could potentially be stronger if Carnival Corporation’s business is stronger. Royal Caribbean Group (NYSE:RCL) shares are up 28% year to date with today’s rally.
The number of funds we track that were long Royal Caribbean Group (NYSE:RCL) remained stable as of Q2 at 42 quarter over quarter.
8. Merck & Co., Inc. (NYSE:MRK) shares are up 1.3% after the company, along with AstraZeneca, announced that olaparib in combination with Abiraterone significantly delayed the disease progression in patients regardless of biomarker status in a PROpel phase 3 trial in first line metastatic castration-resistant prostate cancer. Merck & Co., Inc. (NYSE:MRK) shares are down 4% year to date with today’s rally. Warren Buffett‘s Berkshire Hathaway owned more than 9.1 million shares of Merck & Co., Inc. (NYSE:MRK) at the end of June, down 49% from the prior quarter.
7. NIKE, Inc. (NYSE:NKE) is down around 6.5% after the company said it expects its full year sales to rise at a mid-single digit pace. The prior outlook was for low double-digit growth. For its fiscal first quarter, NIKE, Inc. (NYSE:NKE) earned $1.16 per share on revenues of $12.25 billion, versus the expected profit of $1.11 per share and expected revenue of $12.46 billion. Long transit times and labor shortages have been headwinds for NIKE, Inc. (NYSE:NKE). Of the around 873 elite funds in our database, 67 were long NIKE, Inc. (NYSE:NKE) at the end of Q2.
6. Alibaba Group Holding Limited (NYSE:BABA) shares are off 3.6% after the company said it will sell its entire stake in a local media firm. Although the 5.01% stake in Mango Excellent Media Co isn’t much compared to Alibaba Group Holding Limited (NYSE:BABA)’s overall finances, the news indicates that Alibaba Group Holding Limited (NYSE:BABA) is still adjusting its operations to adjust to the new political reality in China. It seems the government doesn’t want its tech giants to be too powerful. Ken Fisher‘s Fisher Asset Management owned 14.1 million shares of Alibaba Group Holding Limited (NYSE:BABA) at the end of June, up 2% from the prior quarter.
Like Carnival Corporation & plc (NYSE:CCL), Royal Caribbean Group (NYSE:RCL), Merck & Co., Inc. (NYSE:MRK), NIKE, Inc. (NYSE:NKE), and Alibaba Group Holding Limited (NYSE:BABA), JD.com, Inc. (NASDAQ:JD) and Costco Wholesale Corporation (NASDAQ:COST) are on the move.
Click to continue reading and see Why These 5 Stocks Are on the Move on Friday.
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Disclosure: None. Why These 10 Stocks Are on the Move on Friday is originally published on Insider Monkey.
