In this article we take a look at the some of notable stocks that trended this week. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Trended This Week.
Although the market was relatively unchanged this week, many stocks trended for various reasons. Among the stocks in the spotlight include Walmart Inc. (NYSE:WMT), NIKE, Inc. (NYSE:NKE), Meta Platforms, Inc. (NASDAQ:FB), NVIDIA Corporation (NASDAQ:NVDA), Exxon Mobil Corporation (NYSE:XOM), Schlumberger Limited (NYSE:SLB), and Baker Hughes Company (NYSE:BKR). Let’s find out why each stock trended and how elite funds were positioned among them.
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10. Meta Platforms, Inc. (NASDAQ:FB) trended this week as optimism over the metaverse continues. Meta Platforms, Inc. (NASDAQ:FB) is investing substantial capital on the trend, and the market is optimistic on the future as well given that many metaverse infrastructure stocks have done well recently. Billionaire Mark Zuckerberg owns substantial shares in Meta Platforms, Inc. (NASDAQ:FB).
9. NVIDIA Corporation (NASDAQ:NVDA) rose over 8.5% this week after the company beat top and bottom line estimates for its third quarter. Of the company’s divisions, NVIDIA Corporation (NASDAQ:NVDA)’s data center segment did very well, with many analysts expecting the strong performance to continue for Q4. GQG Partners was among the elite fund holders of NVIDIA Corporation (NASDAQ:NVDA) at the end of Q3.
8. Exxon Mobil Corporation (NYSE:XOM) declined almost 5% this week as oil prices fell. Although the company is transitioning to greener energy, Exxon Mobil Corporation (NYSE:XOM) still depends on oil prices for much of its profits. Profit taking could also be another reason for the decline as Exxon Mobil Corporation (NYSE:XOM) shares are up 46% year to date. Adage Capital Management was long 8,706,615 shares of Exxon Mobil Corporation (NYSE:XOM) at the end of September.
7. Schlumberger Limited (NYSE:SLB) fell more than 8.2% this week as Brent prices fell. If oil prices aren’t as high as before, demand for Schlumberger Limited (NYSE:SLB)’s services from energy companies might not be as strong either. D E Shaw was long 4,942,570 shares of Schlumberger Limited (NYSE:SLB) at the end of Q3.
6. Baker Hughes Company (NYSE:BKR) declined more than 7% as energy prices fell. Given that it’s in the same sector as Schlumberger Limited (NYSE:SLB), Baker Hughes Company (NYSE:BKR) is affected by the same factors. Even with this week’s decline, Baker Hughes Company (NYSE:BKR) is nevertheless up slightly over 7% year to date. Citadel Investment Group owned 1,914,922 shares of Baker Hughes Company (NYSE:BKR) at the end of September.
Like Meta Platforms, Inc. (NASDAQ:FB), NVIDIA Corporation (NASDAQ:NVDA), Exxon Mobil Corporation (NYSE:XOM), Schlumberger Limited (NYSE:SLB), and Baker Hughes Company (NYSE:BKR), Walmart Inc. (NYSE:WMT) and NIKE, Inc. (NYSE:NKE) trended this week.
Click to continue reading and see Why These 5 Stocks Trended This Week.
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Disclosure: None. Why These 10 Stocks Trended This Week is originally published on Insider Monkey.
