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 another bullish day on Wall Street as all three major indexes are higher. The Dow Jones is up around 1.4% while the S&P 500 is up 1.2% and the NASDAQ is 0.88% in the green. Potentially helping stocks today could be Fed Chairman’s Jerome Powell’s comments yesterday on Evergrande, “The Evergrande situation seems very particular to China, which has very high debt for an emerging market economy.”
Among the stocks that are on the move in addition to the major indexes include The Gap, Inc. (NYSE:GPS), Entergy Corporation (NYSE:ETR), Darden Restaurants, Inc. (NYSE:DRI), salesforce.com, inc. (NYSE:CRM), Oracle Corporation (NYSE:ORCL), SAP SE (NYSE:SAP), and Zions Bancorporation, National Association (NASDAQ:ZION). Let’s analyze and see how smart money elite funds are positioned among them.
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10. Darden Restaurants, Inc. (NYSE:DRI) is up 6% after Darden Restaurants, Inc. (NYSE:DRI) reported fiscal first quarter results. For the period, Darden Restaurants, Inc. (NYSE:DRI) earned $1.76 per share and revenue of $2.3 billion, beating analyst estimates of $1.65 and $2.2 billion. The company also sees full year earnings from continuing operations of $7.25-$7.60 per share, up from the previous $7-$7.5 per share.
Of the around 873 elite funds in our database, 44 were long Darden Restaurants, Inc. (NYSE:DRI) at the end of the second quarter.
9. salesforce.com, inc. (NYSE:CRM) is moving after the company raised its fiscal 2022 sales guidance to $26.25-$26.35 billion. salesforce.com, inc. (NYSE:CRM) previously had guidance of $26.2-$26.3 billion. Salesforce.com, inc. (NYSE:CRM) has benefited from more people working from home. Arrowstreet Capital was long more than 4.9 million shares of salesforce.com, inc. (NYSE:CRM) at the end of June.
8. Oracle Corporation (NYSE:ORCL) is up 1.6% due to the salesforce.com news. Given that Oracle Corporation (NYSE:ORCL) is in the same sector and also sells cloud based software, Oracle Corporation (NYSE:ORCL)’s financial results have the potential to be stronger if Salesforce.com’s results are stronger than previously expected.
The number of elite funds long Oracle Corporation (NYSE:ORCL) rose by 3 from the prior quarter to 55 at the end of the second quarter.
7. SAP SE (NYSE:SAP) has also rallied around 1.6% due to the salesforce.com news. Given SAP SE (NYSE:SAP) has over 230 million cloud users and over 100 solutions that cover many business functions, SAP SE (NYSE:SAP)’s financial results have the potential to be stronger if demand for cloud business software is stronger. Ken Fisher‘s Fisher Asset Management was long more than 8.86 million shares of SAP SE (NYSE:SAP) at the end of June, up 4% from the prior quarter.
6. Zions Bancorporation, National Association (NASDAQ:ZION) has rallied 5% due to the broader rally in financial names. Given the news from yesterday’s Fed meeting which indicated 9 of 18 fed officials ready to increase interest rates in 2022, it seems interest rate expectations are higher than what they were previously. As a leading commercial bank, Zions Bancorporation, National Association (NASDAQ:ZION) could potentially find it easier to make profits if interest rates are higher than where they are now. Zions Bancorporation, National Association (NASDAQ:ZION) shares are up almost 40% year to date with today’s rally.
Of the around 873 elite funds in our database, 24 were long Zions Bancorporation, National Association (NASDAQ:ZION) at the end of the second quarter.
Like Darden Restaurants, Inc. (NYSE:DRI), salesforce.com, inc. (NYSE:CRM), Oracle Corporation (NYSE:ORCL), SAP SE (NYSE:SAP) and Zions Bancorporation, National Association (NASDAQ:ZION), The Gap, Inc. (NYSE:GPS) and Entergy Corporation (NYSE:ETR) are also on the move.
Click to continue reading and see Why These 5 Stocks Are On the Move on Thursday.
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Disclosure: None. Why These 10 Stocks Are On the Move on Thursday is originally published on Insider Monkey.
