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.
It’s a relatively calm day on Wall Street with the Dow Jones up 0.03%, the S&P 500 down 0.04% and the NASDAQ down 0.3%. Among the stocks that are moving more than the three main market indexes are Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Tesla, Inc. (NASDAQ:TSLA), APA Corporation (NASDAQ:APA), and Hess Corporation (NYSE:HES). Let’s examine why each stock is moving and how elite funds are positioned among them.
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10. General Motors Company (NYSE:GM) has surged more than 3.5% on Friday due to the company’s continued momentum from its investor day from earlier in the week. By the end of the decade, General Motors Company (NYSE:GM) has a target of around $280 billion in revenue and operational profit margin of between 12% and 14%. In 2020, General Motors Company (NYSE:GM) had an operational profit margin of 7.9%. Warren Buffett‘s Berkshire Hathaway owned 60 million shares of General Motors Company (NYSE:GM) at the end of June.
9. Ford Motor Company (NYSE:F) is higher by 1.6% due to GM’s momentum. If GM succeeds in improving its bottom line substantially by 2030, Ford Motor Company (NYSE:F) might have an easier time growing profits by that time too. Of the around 873 elite funds in our database, 55 were long Ford Motor Company (NYSE:F) at the end of Q2.
8. Tesla, Inc. (NASDAQ:TSLA) is down 1% due to GM’s rally and due to profit taking. If GM succeeds in its objectives by the end of the decade, Tesla, Inc. (NASDAQ:TSLA) might have a tougher competitor and less growth opportunities. Given Tesla, Inc. (NASDAQ:TSLA) stock has already increased by 84% in the last twelve months, some investors might be taking some profits. Billionaire Elon Musk owns substantial shares in Tesla, Inc. (NASDAQ:TSLA).
7. APA Corporation (NASDAQ:APA) has surged more than 5.5% due to the higher oil prices. In afternoon trade, WTI futures are up 1.4% to nearly $80 per barrel and Brent futures are up 0.8% to over $82 per barrel. With the oil price substantially higher than many shale production costs, many oil companies have an easier time making profits. 37 elite funds in our database were long APA Corporation (NASDAQ:APA) at the end of June.
6. Hess Corporation (NYSE:HES) has increased 4.6% due to higher WTI prices. With higher oil prices, Hess Corporation (NYSE:HES) not only has an easier time making profits but its assets could also be worth more. The number of elite funds in our database that were long Hess Corporation (NYSE:HES) rose to 31 in the second quarter from 26 in the first quarter.
Like General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Tesla, Inc. (NASDAQ:TSLA), APA Corporation (NASDAQ:APA), and Hess Corporation (NYSE:HES), Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) 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.
