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 Thursday.
It’s been a relatively quiet day on Wall Street with the three major indexes mixed. Although the NASDAQ is up around 0.35%, the Dow Jones is down 0.55% and the S&P 500 is off 0.16%. Among the stocks on the move on Thursday include Diageo plc (NYSE:DEO), AstraZeneca PLC (NASDAQ:AZN), Paychex, Inc. (NASDAQ:PAYX), Netflix, Inc. (NASDAQ:NFLX), Moderna, Inc. (NASDAQ:MRNA), CarMax, Inc. (NYSE:KMX), and Lordstown Motors Corp. (NASDAQ:RIDE). Let’s find out why each stock is moving and how elite funds are positioned among them.
Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
10. Paychex, Inc. (NASDAQ:PAYX) has surged almost 4.4% after the company reported adjusted diluted earnings per share of $0.89 for the three months ended August 31, 2021, up 41% from the comparable period for 2020. Paychex, Inc. (NASDAQ:PAYX)’s total revenue for the three months ended August 31, 2021 was $1,082.9 million, up 16% year over year. For the outlook for the fiscal year ending May 31, 2022, the company anticipates adjusted diluted earnings per share to grow in the range of 12% to 14%. Of the around 873 elite funds in our database, 29 were long Paychex, Inc. (NASDAQ:PAYX) at the end of the second quarter.
9. Netflix, Inc. (NASDAQ:NFLX) is up another 2% Thursday morning as the stock continues to show momentum due to the news earlier this week that Netflix, Inc. (NASDAQ:NFLX) bought a gaming studio, Night School Studio. If Netflix, Inc. (NASDAQ:NFLX) executes well in the large market of gaming, the company could increase its profits. The number of elite funds long Netflix, Inc. (NASDAQ:NFLX) rose by 3 from the prior quarter to 113 at the end of the second quarter.
8. Moderna, Inc. (NASDAQ:MRNA) is up around 1.5% as expectations for a potential booster for the company’s vaccine increases. Currently people who have received Moderna, Inc. (NASDAQ:MRNA) or Johnson & Johnson COVID-19 vaccines aren’t eligible for boosters according to the FDA. If that changes for Moderna, Inc. (NASDAQ:MRNA), there could be more demand. Stephen Mandel‘s Lone Pine Capital was long almost 4 million shares of Moderna, Inc. (NASDAQ:MRNA) at the end of June.
7. CarMax, Inc. (NYSE:KMX) is down around 11% after the company reported $1.72 in earnings per share and sales of $8 billion. Analysts were looking for $1.87 in earnings per share and $6.9 billion in revenue instead. Although CarMax, Inc. (NYSE:KMX)’s sales were ahead of estimates, CarMax, Inc. (NYSE:KMX) margins underperformed some investor estimates. The number of elite funds in our database that were long CarMax, Inc. (NYSE:KMX) fell to 39 in Q2, 2021 from 46 in Q1, 2021.
6. Lordstown Motors Corp. (NASDAQ:RIDE) has risen around 5.7% after Bloomberg reported Lordstown Motors is in talks to sell its assembly plant to Foxconn. Lordstown Motors Corp. (NASDAQ:RIDE) originally acquired the assembly plant from General Motors. Lordstown Motors Corp. (NASDAQ:RIDE) is looking to raise further funding and a sale of the plant could help with that objective. Of the around 873 elite funds in our database, 12 were long Lordstown Motors Corp. (NASDAQ:RIDE) at the end of Q2.
Like Paychex, Inc. (NASDAQ:PAYX), Netflix, Inc. (NASDAQ:NFLX), Moderna, Inc. (NASDAQ:MRNA), CarMax, Inc. (NYSE:KMX), and Lordstown Motors Corp. (NASDAQ:RIDE), Diageo plc (NYSE:DEO) and AstraZeneca PLC (NASDAQ:AZN) are on the move.
Click to continue reading and see Why These 5 Stocks Are on the Move on Thursday.
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