In this article we will take a look at the some of notable stocks trending today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Trending on Tuesday.
All three major indexes are in the green today with the Dow Jones up 0.26%, the S&P 500 up 0.29% and the NASDAQ 100 up 0.29%. Some stocks trending today include DuPont de Nemours, Inc. (NYSE:DD), Rogers Corporation (NYSE:ROG), Tesla, Inc. (NASDAQ:TSLA), Under Armour, Inc. (NYSE:UAA), BP p.l.c. (NYSE:BP), Pfizer Inc. (NYSE:PFE), Generac Holdings Inc. (NYSE:GNRC). Let’s find out why each stock is trending and how elite funds were 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.
Photo by Austin Distel on Unsplash
10. Tesla, Inc. (NASDAQ:TSLA) shares are down 3.5% today after Elon Musk tweeted that Tesla hasn’t signed a contract with Hertz yet. The company also said it is recalling 11,700 vehicles. Despite today’s decline, Tesla, Inc. (NASDAQ:TSLA) shares are still up almost 60% year to date. Billionaire Elon Musk owns substantial shares in Tesla, Inc. (NASDAQ:TSLA).
9. Under Armour, Inc. (NYSE:UAA) has risen around 17% after the company reported third quarter adjusted earnings of $0.31 per share, exceeding the consensus by $0.16 per share. Revenue for the period was $1.55 billion, beating the average estimate by $80 million. Under Armour, Inc. (NYSE:UAA) CEO Patrik Frisk said, “Our third-quarter results were driven by strong demand for the Under Armour brand and our ability to execute quickly to meet the needs of our consumers and customers.” 51 elite funds in our database owned shares in Under Armour, Inc. (NYSE:UAA) at the end of June.
8. BP p.l.c. (NYSE:BP) is down 4% today despite its third quarter adjusted EPS of $0.99 beating estimates by $0.07 per share. Sales for the oil giant in the period rose 37.5% year over year to $36.17 billion. Shares of BP p.l.c. (NYSE:BP) may be down given that the market might have expected even better numbers with the rally in oil prices over the past year. Ken Fisher’s Fisher Asset Management was long more than 12.6 million shares of BP p.l.c. (NYSE:BP) at the end of September.
7. Pfizer Inc. (NYSE:PFE) has surged 5.2% after the company reported third quarter adjusted earnings of $1.34, exceeding the estimate by $0.25 per share. Revenue for the period was $24.1 billion, up 134.4% year over year and $1.28 billion ahead of estimates. Pfizer’s sales grew substantially due to strong demand for the company’s COVID-19 vaccines. Of the 873 elite funds in our database, 67 were long shares of Pfizer Inc. (NYSE:PFE) at the end of Q2.
6. Generac Holdings Inc. (NYSE:GNRC) is down 5% after the company reported weaker than expected results for the third quarter. For the period, GNRC earned an adjusted $2.35 per share, missing the estimate by $0.05 per share. Sales were $942.7 million, missing the consensus by $18.43 million. Generac Holdings Inc. (NYSE:GNRC) is also trending because it agreed to acquire Ecobee Inc, a leader in sustainble smart home solutions, for up to $770 million. Impax Asset Management owned 615,465 shares of Generac Holdings Inc. (NYSE:GNRC) at the end of Q2.
Like Tesla, Inc. (NASDAQ:TSLA), Under Armour, Inc. (NYSE:UAA), BP p.l.c. (NYSE:BP), Pfizer Inc. (NYSE:PFE), and Generac Holdings Inc. (NYSE:GNRC), DuPont de Nemours, Inc. (NYSE:DD) and Rogers Corporation (NYSE:ROG) are trending.
Click to continue reading and see Why These 5 Stocks Are Trending on Tuesday.
Suggested articles
10 Stocks With Over 30 Years of Dividend Hikes
Charlie Munger Stock Portfolio: 10 Biggest Positions
Obama Stock Portfolio: 10 Stocks to Consider
Disclosure: None. Why These 10 Stocks Are Trending on Tuesday is originally published on Insider Monkey.
