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 Wednesday.
Although earnings are now in full swing, the markets are relatively quiet this Wednesday with the Dow Jones and the S&P 500 just modestly higher. Among the stocks that are trending include Plug Power Inc. (NASDAQ:PLUG), QUALCOMM Incorporated (NASDAQ:QCOM), Apple Inc. (NASDAQ:AAPL), JPMorgan Chase & Co. (NYSE:JPM), BlackRock, Inc. (NYSE:BLK), Delta Air Lines, Inc. (NYSE:DAL), and SAP SE (NYSE:SAP). Let’s find out why each stock is in the spotlight 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. Apple Inc. (NASDAQ:AAPL) is trending after Bloomberg reported its sources said Apple Inc. (NASDAQ:AAPL) could cut iPhone 13 production by as much as 10 million units, or around 11% of its current planned production. Apple Inc. (NASDAQ:AAPL) could cut production due to the global chip shortage. Warren Buffett’s Berkshire Hathaway owned more than 887.1 million shares of Apple Inc. (NASDAQ:AAPL) at the end of June.
9. JPMorgan Chase & Co. (NYSE:JPM) is down around 2.6% despite the bank reporting a profit of $3.74 per share for Q3 versus estimates of $3 per share. JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said the bank’s results were strong despite headwinds from the Delta variant and supply chain difficulties. Of the around 873 elite funds in our database, 108 were long JPMorgan Chase & Co. (NYSE:JPM) at the end of Q2.
8. BlackRock, Inc. (NYSE:BLK) has rallied 3.8% after the asset management firm’s adjusted profits of $10.95 per share for the third quarter beat the consensus estimate of $9.35 per share. Although its assets under management grew less than expected, BlackRock, Inc. (NYSE:BLK)’s sales also exceeded estimates. 47 elite funds in our database were long BlackRock, Inc. (NYSE:BLK) at the end of June.
7. Delta Air Lines, Inc. (NYSE:DAL) shares are down around 6% after the company said it anticipates a modest fourth quarter loss given higher fuel costs. For the third quarter, Delta Air Lines, Inc. (NYSE:DAL) reported earnings of $1.2 billion and revenue of $9.15 billion, both of which exceeded estimates. 49 elite funds were long Delta Air Lines, Inc. (NYSE:DAL) at the end of Q2, down 1 from the end of Q1.
6. SAP SE (NYSE:SAP) has rallied more than 4.7% after the company increased its full year outlook. For the full year, SAP sees operating profit of between €8.1 billion and €8.3 billion, versus the previous range of €7.95 billion to €8.25 billion. SAP SE (NYSE:SAP) increased its outlook given more customers are shifting operations to SAP’s cloud. SAP also pre-announced stronger than expected results for the September quarter. 17 elite funds were long SAP SE (NYSE:SAP) at the end of Q2.
Like Apple Inc. (NASDAQ:AAPL), JPMorgan Chase & Co. (NYSE:JPM), BlackRock, Inc. (NYSE:BLK), Delta Air Lines, Inc. (NYSE:DAL), and SAP SE (NYSE:SAP), Plug Power Inc. (NASDAQ:PLUG) and QUALCOMM Incorporated (NASDAQ:QCOM) are trending.
Click to continue reading and see Why These 5 Stocks Are Trending on Wednesday.
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Disclosure: None. Why These 10 Stocks Are Trending on Wednesday is originally published on Insider Monkey.
