In this article, we take a look at five stocks that are moving on Tuesday. If you want to read our detailed analysis of these stocks, go directly to Why These 10 Stocks Are Moving on Tuesday.
5. Tesla, Inc. (NASDAQ:TSLA) has surged more than 1.8% today after CEO Elon Musk requested a judge to end the SEC’s investigation into his tweets, claiming it as an attempt to “trample” his right to free speech. The CEO of the Austin, Texas-based electric vehicle manufacturer has also asked the judge to block the subpoena by the SEC requesting documents related to the sale of stocks and options. Out of the 924 hedge funds in Insider Monkey’s database, 91 reported owning a stake in Tesla, Inc. (NASDAQ:TSLA) at the end of Q4 2021.
4. Caterpillar Inc. (NYSE:CAT) has gained more than 6.5% after the stock was upgraded from a Hold to a Buy rating by Stephen Volkmann at Jefferies. The analyst also made an upward revision in the target price from $215 to $260. Volkmann considers the constrained CAPEX and ESG themes, impacting the mining, oil, and gas businesses, to remain as an overhang on Caterpillar Inc.’s (NYSE:CAT) stock. However, the investment thesis has changed significantly following the Russian invasion of Ukraine. The rise in global commodity prices and a fundamental change to the global commodity markets are expected to drive a decade of reinvestment. At the end of the fourth quarter, 53 hedge funds had a long position in Caterpillar Inc. (NYSE:CAT).
3. Amazon.com, Inc. (NASDAQ:AMZN) has fallen 1.2% today as the Seattle, Washington-based e-commerce giant has been accused of using suppliers that have alleged links to forced labor in China. A report issued by the non-profit Tech Transparency Project claims that five companies on Amazon.com, Inc.’s (NASDAQ:AMZN) supplier list have been connected with forced labor by the Uyghur community in China. Of the 924 hedge funds in Insider Monkey’s database, 279 had a stake in Amazon.com, Inc. (NASDAQ:AMZN) at the end of Q4 2021, up from 242 in the preceding quarter.
2. Brown & Brown Inc. (NYSE:BRO) is down more than 6.8% as the news of acquiring the UK-based Global Risk Partners Limited has not been positively received by investors. Brown & Brown Inc. (NYSE:BRO) anticipates the deal to be completed by Q3 2022 following approval from all regulatory authorities. After the completion of the deal, Global Risk Partners will continue operations under the current leadership of its CEO Mike Bruce, and the insurance intermediary will work as a separate entity in the retail segment of Brown & Brown Inc. (NYSE:BRO). Overall, 34 hedge funds reported owning a stake in Brown & Brown Inc. (NYSE:BRO) at the end of Q4 2021.
1. Intercontinental Exchange, Inc. (NYSE:ICE) has dipped nearly 4.3% today. The Atlanta, Georgia-based operator of various exchanges, listing commodities and other financial assets, has come under the limelight after nickel prices doubled to cross the $100,000 level on the London Metal Exchange. As a result, the trading of the futures was suspended by the exchange for the rest of the day. Nickel is a crucial ingredient in stainless steel production, and Russia is the third biggest manufacturer of metal. However, the country is on the brink of facing potential sanctions due to its invasion of Ukraine. Of the 924 hedge funds in Insider Monkey’s database, 56 held a stake in Intercontinental Exchange, Inc. (NYSE:ICE) at the end of Q4 2021, up from 48 in the third quarter.
You can also take a peek at the 10 Technology Stocks Hedge Funds Are Talking About and 10 Stocks That are Benefiting From Rising Inflation.
