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 another red day on Wall Street with all three major indexes lower. As of 11:28 AM eastern time, the Dow Jones index is down around 0.48%, the S&P 500 is 0.73% lower, and the NASDAQ has fallen around 0.87%. With a Federal Reserve meeting next week and September being a historically volatile month, it seems that some investors are a little bit more cautious than usual.
Some important stocks that are on the move on Friday include Moderna, Inc. (NASDAQ: MRNA), Lucid Group, Inc. (NASDAQ: LCID), BeiGene, Ltd. (NASDAQ:BGNE), BHP Group (NYSE:BBL), Thermo Fisher Scientific Inc. (NYSE:TMO), and SmileDirectClub, Inc. (NASDAQ:SDC), among others discussed in detail in this article.
Let’s examine why each stock is trending and how elite funds are positioned among them.
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10. Lucid Group, Inc. (NASDAQ: LCID) shares continued their hot streak from yesterday with another 7% rally on Friday.
The electric car maker has momentum due to the EPA this week having given Lucid Group, Inc. (NASDAQ: LCID)’s Dream Air edition vehicle a range of 520 miles, the longest of any electric car that the agency has rated. Some analysts are bullish too. John Murphy of Bank of America said of Lucid on Thursday, “I think it’s somewhat somewhere between a combination of Tesla and Ferrari.” Murphy has a $30 price target.
For the filing period ended June 30, 2021, Philippe Laffont’s Coatue Management owned more than 3.5 million shares of Lucid Group, Inc. (NASDAQ: LCID).
Like Moderna, Inc. (NASDAQ: MRNA) and Thermo Fisher Scientific Inc. (NYSE:TMO), Lucid Group, Inc. (NASDAQ: LCID) is on the move on Friday.
9. BeiGene, Ltd. (NASDAQ:BGNE) stock has rallied more than 4% after after the company announced it received positive CHMP opinion for Zanubrutinib for the potential treatment of adults with Waldenström’s Macroglobulinemia. After the positive CHMP positive opinion, the European Commission will need to consider BeiGene, Ltd. (NASDAQ:BGNE)’s marketing application for the drug candidate with a final decision expected within 67 days of receipt of the CHMP opinion. For the latest 13F filing period, Julian Baker And Felix Baker’s Baker Bros. Advisors owned 11,668,897 shares of BeiGene, Ltd. (NASDAQ:BGNE), worth more than $4 billion as of June 30, 2021.
8. BHP Group (NYSE:BBL) is down around 4.5% due to weakness in iron ore prices.
Iron ore prices have weakened due to China pledging to limit steel output to better control carbon emissions. Iron ore accounts for a substantial part of BHP Group (NYSE:BBL)’s total business and China has been a major importer of iron ore. Although UBS analysts expect iron prices to slide below $100 a ton by 2021, they think China’s decline in steel production could be due to the weak property market in the country.
Of the around 873 elite funds we track, 24 were long BHP Group (NYSE:BBL) at the end of Q2, 2021.
Like Moderna, Inc. (NASDAQ: MRNA), Lucid Group, Inc. (NASDAQ: LCID) and Thermo Fisher Scientific Inc. (NYSE:TMO), BHP Group (NYSE:BBL) is on the move on Friday.
7. Thermo Fisher Scientific Inc. (NYSE:TMO) shares have surged more than 8% after the company announced that it sees adjusted EPS of $21.16 for FY22 versus the consensus of $19.68. Thermo Fisher Scientific Inc. (NYSE:TMO) also sees FY22 revenue of $40.3 billion, which is also higher than the consensus fo $34.29 billion.
Of the around 873 elite funds we track, 87 were long Thermo Fisher Scientific Inc. (NYSE:TMO) in the second quarter, up from 79 in the first quarter.
6. SmileDirectClub, Inc. (NASDAQ:SDC) is up around 12.8% despite there being no fundamental news and the market being relatively weak. One potential reason could be Reddit traders, who have moved in and out of highly shorted stocks in the past. SmileDirectClub, Inc. (NASDAQ:SDC) has a short float of around 33%.
In terms of the funds we track, 19 elite funds were long SmileDirectClub, Inc. (NASDAQ:SDC) in Q2 2021, down 2 from the prior quarter.
Like Moderna, Inc. (NASDAQ: MRNA), Lucid Group, Inc. (NASDAQ: LCID), Thermo Fisher Scientific Inc. (NYSE:TMO) and BHP Group (NYSE:BBL), SmileDirectClub, Inc. (NASDAQ:SDC) is making moves on Friday.
Click to continue reading and see Why These 5 Stocks Are On the Move on Friday.
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Disclosure: None.
The article Why These 10 Stocks Are On the Move on Friday was originally published on Insider Monkey.
