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 Tuesday.
After a major sell off yesterday, the market is relatively calm on Tuesday. Although the Evergrande situation in China hasn’t been resolved yet and the company has $305 billion in debt, the Dow, S&P 500 and NASDAQ are still modestly higher in the late morning trading.
Some of the stocks making moves today include Johnson & Johnson (NYSE:JNJ), DraftKings Inc. (NASDAQ:DKNG), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Lucid Group, Inc. (NASDAQ:LCID), Uber Technologies, Inc. (NYSE:UBER) and Lyft, Inc. (NASDAQ:LYFT). Let’s examine further and see how the smart money is positioned in these stocks.
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10. Chevron Corporation (NYSE:CVX) shares are off around 0.7% due oil futures declining modestly. In late morning trade, WTI crude oil is down around 0.6% to $69.87 per barrel while natural gas futures are down around 3.81%. Given it produces oil and gas, Chevron Corporation (NYSE:CVX)’s financial results depend substantially on the prices of the commodities. Despite today’s decline, Chevron Corporation (NYSE:CVX) is still up year to date by around 11%.
Of the 873 elite funds we track, 50 were long Chevron Corporation (NYSE:CVX) at the end of Q2, up 9 from the prior quarter.
Like Johnson & Johnson (NYSE:JNJ), DraftKings Inc. (NASDAQ:DKNG), Exxon Mobil Corporation (NYSE:XOM), Lucid Group, Inc. (NASDAQ:LCID) and Uber Technologies, Inc. (NYSE:UBER), Chevron Corporation (NYSE:CVX) is one the move on Tuesday.
9. Exxon Mobil Corporation (NYSE:XOM) shares are also off around 0.7% due to the weakness in oil and gas prices. Although Exxon Mobil Corporation (NYSE:XOM) no longer has the ambitious oil and gas production targets for the future as it once did, Exxon Mobil Corporation (NYSE:XOM)’s current financial results still depend substantially on the energy sector and energy prices. The company’s transition into greener technologies may take time. 68 elite funds in our database were long Exxon Mobil Corporation (NYSE:XOM) as of the most recent filing period.
8. Lucid Group, Inc. (NASDAQ:LCID) is up around 7% due to continued momentum and not due to any fundamental news today. Given electric vehicle stocks like Lucid Group, Inc. (NASDAQ:LCID) are volatile, they can move in either direction fairly quickly. Last week, Lucid Group, Inc. (NASDAQ:LCID) benefited from the news that one of its cars had a range of 520 miles according to the EPA. 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 Johnson & Johnson (NYSE:JNJ), DraftKings Inc. (NASDAQ:DKNG), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Uber Technologies, Inc. (NYSE:UBER) and Lyft, Inc. (NASDAQ:LYFT), Lucid Group, Inc. (NASDAQ:LCID) is moving on Tuesday.
7. Uber Technologies, Inc. (NYSE:UBER) stock has surged more than 9% after the company’s CEO Dara Khosrowshahi said, “We are very clearly on the path to profitability,” and Uber Technologies, Inc. (NYSE:UBER) guided for an adjusted EBITDA for the third quarter in the range of negative $25 million to positive $25 million. With today’s rally, Uber Technologies, Inc. (NYSE:UBER) is down 15% year to date.
The number of elite funds we track that were long Uber Technologies, Inc. (NYSE:UBER) rose by 5 quarter over quarter to 135 in Q2.
6. Lyft, Inc. (NASDAQ:LYFT) shares are up around 5% likely due to the Uber news. Given that both Lyft, Inc. (NASDAQ:LYFT) and Uber Technologies, Inc offer ride sharing, Lyft, Inc. (NASDAQ:LYFT)’s financial results could potentially be stronger if Uber’s results are stronger. Lyft doesn’t have the same scale of food delivery as Uber does, however. Panayotis Takis Sparaggis‘ Alkeon Capital Management owned more than 4.7 million shares of Lyft, Inc. (NASDAQ:LYFT) for the June 30, 2021 filing period.
Click to continue reading and see Why These 5 Stocks Are on the Move on Tuesday.
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Disclosure: None.
Why These 10 Stocks Are on the Move on Tuesday is originally published on Insider Monkey.
