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 Wednesday.
Although Congress hasn’t increased the debt limit of the United States just yet, the three major indexes are each in the green today. The Dow Jones and the S&P 500 are each up around 0.6%and the NASDAQ index is up around 0.7%.
Some stocks also on the move today include Morgan Stanley (NYSE:MS), Electronic Arts Inc. (NASDAQ:EA), Dollar Tree, Inc. (NASDAQ:DLTR), The Boeing Company (NYSE:BA), Netflix, Inc. (NASDAQ:NFLX), Conagra Brands, Inc. (NYSE:CAG), and Tesla, Inc. (NASDAQ:TSLA). Let’s analyze 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.
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10. Dollar Tree, Inc. (NASDAQ:DLTR) has rallied more than 15% after the company said it would sell products in its stores for over $1 in its Dollar Tree Plus stores. The retailer will also test the concept in its traditional stores as well.
Dollar Tree, Inc. (NASDAQ:DLTR) is making the move due to inflation and logistic costs increasing. Dollar Tree, Inc. (NASDAQ:DLTR) will still focus on offering value to customers despite the philosophy change. Of the around 873 elite funds in our database, 42 were long Dollar Tree, Inc. (NASDAQ:DLTR) at the end of Q2.
9. The Boeing Company (NYSE:BA) has rallied over 5% after Doug Harned of Bernstein upgraded the stock to ‘Buy’ from ‘Hold’. The analyst also increased his price target on The Boeing Company (NYSE:BA) to $279 from the previous $252. Harned thinks that The Boeing Company (NYSE:BA) could benefit from more demand in the future.
The number of elite funds we track that were long The Boeing Company (NYSE:BA) at the end of Q2 remained stable from the prior quarter at 59.
8. Netflix, Inc. (NASDAQ:NFLX) has surged 4% after the company bought a video game studio, Night School Studio, and also introduced several mobile gaming titles in certain European countries. With Netflix, Inc. (NASDAQ:NFLX) facing more competition in streaming, the entertainment giant is trying to expand in gaming for more potential growth. 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.
7. Conagra Brands, Inc. (NYSE:CAG) is up 3.5% after Robert Moskow of Credit Suisse upgraded the stock to ‘Neutral’ from ‘Underperform’. Moskow has a price target of $34, which is the same as his prior price target. Moskow thinks a lot of bad news has already been priced into Conagra Brands, Inc. (NYSE:CAG)’s stock. Of the around 873 elite funds in our database, 29 were long Conagra Brands, Inc. (NYSE:CAG) at the end of Q2.
6. Tesla, Inc. (NASDAQ:TSLA) shares are 0.76% higher despite the news that some of Cathie Wood’s ETFs sold some Tesla stock. Despite the sale, however, many of Wood’s ETFs still own substantial shares of Tesla, Inc. (NASDAQ:TSLA). Catherine D. Wood‘s ARK Investment Management owned more than 5.4 million shares in Tesla, Inc. (NASDAQ:TSLA) at the end of June.
Like Dollar Tree, Inc. (NASDAQ:DLTR), The Boeing Company (NYSE:BA), Netflix, Inc. (NASDAQ:NFLX), Conagra Brands, Inc. (NYSE:CAG), and Tesla, Inc. (NASDAQ:TSLA), Morgan Stanley (NYSE:MS) and Electronic Arts Inc. (NASDAQ:EA) are also on the move.
Click to continue reading and see Why These 5 Stocks Are on the Move on Wednesday.
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Disclosure: None. Why These 10 Stocks Are on the Move on Wednesday is originally published on Insider Monkey.
