In this article, we will take a look at 10 stocks that are trending today. If you want to see some more stocks that made their way into the headlines today, go directly to Why These 5 Stocks Are Trending Today.
After a substantial sell-off on Thursday, the markets are relatively quiet today with the Dow down just 0.01%, the S&P 500 up 0.29% and the NASDAQ 100 up 0.52%.
Much of the recent volatility has been due to the Federal Reserve raising rates, and Fed Vice Chair Lael Brainard is in the headlines today after she said,”Monetary policy will need to be restrictive for some time to have confidence that inflation is moving back to target. For these reasons, we are committed to avoiding pulling back prematurely.” The Federal Reserve has raised interest rates five times this year alone with the benchmark rate now 3%-3.25%.
Needless to say, investors are watching the latest inflation numbers as well as the latest economic data.
Investors on Friday are also watching 10 stocks that are trending including NIKE, Inc. (NYSE:NKE) and Carnival Corporation (NYSE:CCL) which are on the move. Some stocks such as Cyberark Software Ltd (NASDAQ:CYBR), Century Aluminum Company (NASDAQ:CENX), and Charles River Laboratories International, Inc. (NYSE:CRL) are also trending for various reasons.
Check out the complete article to find why these 10 stocks are trending today.
Source:unsplash
10. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 258
Tech heavyweight Microsoft Corporation (NASDAQ:MSFT) is up 0.53% after Andrew Marok of Raymond James resumed an ‘Outperform’ rating and $300 price target on the stock. Marok believes Microsoft Corporation (NASDAQ:MSFT) has ‘a collection of sustainable advantages’ including scale and deep relationship with enterprise software customers. Microsoft Corporation (NASDAQ:MSFT) also has a good position in the public cloud and digital advertising.
Microsoft Corporation (NASDAQ:MSFT) shares are down almost 30% year to date but still have done well over the last five years.
9. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 69
Micron Technology, Inc. (NASDAQ:MU) is trending after Rajvindra Gill of Needham cut his price target on the stock to $60 per share from $64. To Gill, Micron Technology, Inc. (NASDAQ:MU)’s fourth quarter results was a ‘sizable’ revenue miss and Micron Technology, Inc. (NASDAQ:MU)’s first quarter guide-down was ‘even bigger’. Nevertheless Gill has a ‘Buy’ rating.
Despite the price target cut, Micron Technology, Inc. (NASDAQ:MU) shares are actually up 3% as the stock has already fallen by 46% year to date and much of the fourth quarter news may have already been priced in.
8. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 109
The Walt Disney Company (NYSE:DIS) is trending today after Jessica Ehrlich of Bank of America commented on the company, “We anticipate several additional tailwinds including the return of international visitors, increasing park capacity in several geographies and the growth in capacity and demand at cruise ships which should help mitigate any potential softness in consumer demand.”
The analyst also cut her Q4 revenue estimate for The Walt Disney Company (NYSE:DIS) to $21.7 billion from the previous $22.2 billion. She has a $127 price target and a ‘Buy’ rating on The Walt Disney Company (NYSE:DIS).
Like many other companies, The Walt Disney Company (NYSE:DIS)’s earnings might not do as well if the economy slows. The stock still could be attractive in the long term.
7. NIKE, Inc. (NYSE:NKE)
Number of Hedge Fund Holders: 72
NIKE, Inc. (NYSE:NKE) has fallen over 10% after the company reported that its first quarter gross margins fell 220 basis points to 44.3% due to elevated freight and logistics costs. NIKE, Inc. (NYSE:NKE) also said for the period, “Inventories for NIKE, Inc. were $9.7 billion, up 44 percent compared to the prior year period, driven by elevated in-transit inventories from ongoing supply chain volatility, partially offset by strong consumer demand during the quarter”.
For Q2, NIKE, Inc. (NYSE:NKE) also sees gross margins declining approximately 350 to 400 basis points versus the prior year.
If margins continue to fall, NIKE, Inc. (NYSE:NKE)’s earnings per share might not do as well.
6. Carnival Corporation (NYSE:CCL)
Number of Hedge Fund Holders: 24
Carnival Corporation (NYSE:CCL) is down over 17% today after the company said its fourth quarter cumulative advance bookings were ‘below the historical range’. Given that bookings are a potential indicator of future demand, which in turn could be an indicator of future earnings performance, Carnival Corporation (NYSE:CCL)’s fourth quarter results might not be that great.
For the third quarter, Carnival Corporation (NYSE:CCL) also had a GAAP EPS -$0.65 missing the consensus by $0.51.
Several other stocks including Cyberark Software Ltd (NASDAQ:CYBR), Century Aluminum Company (NASDAQ:CENX), and Charles River Laboratories International, Inc. (NYSE:CRL) are also trending.
Click to continue reading and see Why These 5 Stocks Are Trending Today.
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Disclosure: None. Why These 10 Stocks Are Trending Today is originally published on Insider Monkey.
