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 Trending on Tuesday.
The markets are modestly lower on Tuesday with the Dow Jones down 0.24%, the S&P 500 in the red by 0.22%, and the NASDAQ 100 down by 0.42%. Among the stocks in the spotlight today include GlaxoSmithKline plc (NYSE:GSK), NIKE, Inc. (NYSE:NKE), Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), Square, Inc. (NYSE:SQ), and Moderna, Inc. (NASDAQ:MRNA). Let’s analyze why each stock is trending 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. Tesla, Inc. (NASDAQ:TSLA) is in the spotlight after China’s Passenger Car Association said Tesla shipments increased 27% to 56,006 units in September. That’s a record for Tesla in China. Tesla, Inc. (NASDAQ:TSLA) shares are also trending due to the stock rising above $800 on Tuesday. Billionaire Elon Musk owns substantial shares in Tesla, Inc. (NASDAQ:TSLA).
9. Ford Motor Company (NYSE:F) has increased 3.8% due to an improvement in sentiment. Given General Motors’ investor day last week, some investors may have more optimism over a similar company like Ford Motor Company (NYSE:F)’s future growth potential. 55 elite funds were long Ford Motor Company (NYSE:F) at the end of Q2 in our database.
8. General Motors Company (NYSE:GM) is up 1.6% due to continued momentum from its investor day last week. If General Motors Company (NYSE:GM) can achieve its financial targets successfully by 2030, the company could potentially increase its profits substantially from 2020. Warren Buffett’s Berkshire Hathaway was long 60 million shares of General Motors Company (NYSE:GM) at the end of June.
7. Square, Inc. (NYSE:SQ) is in the spotlight after Kunaal Malde of Atlantic Equities upgraded the stock to ‘Overweight’ from ‘Neutral’. Malde has a $300 price target citing Square, Inc. (NYSE:SQ)’s substantial growth prospects. Of the around 873 elite funds in our database, 94 were long Square, Inc. (NYSE:SQ) at the end of Q2.
6. Moderna, Inc. (NASDAQ:MRNA) is in the spotlight given the FDA’s advisory group is scheduled to meet this Thursday and Friday to discuss potential booster doses. Although the advisory group’s recommendation is nonbinding, the FDA generally follows the recommendations of the advisory group. Renaissance Technologies was long more than 3.1 million shares of Moderna, Inc. (NASDAQ:MRNA) at the end of Q2.
Like Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), Square, Inc. (NYSE:SQ), and Moderna, Inc. (NASDAQ:MRNA), GlaxoSmithKline plc (NYSE:GSK), and NIKE, Inc. (NYSE:NKE) are also trending.
Click to continue reading and see Why These 5 Stocks Are Trending on Tuesday.
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Disclosure: None. Why These 10 Stocks Are Trending on Tuesday is originally published on Insider Monkey.
