In this article, we will take a look at some of the notable stocks that moved today.
All the major indexes observed positive momentum as the market recovered from the losses earlier in the week. The S&P 500 Index is up 2.14%, the Dow 30 Index is up 0.72%, and the NASDAQ 100 is up 1.8%. Stocks such as Moderna, Inc. (NASDAQ:MRNA), Twitter, Inc. (NYSE:TWTR), and Netflix, Inc. (NASDAQ:NFLX) are on the move today.
Let’s look at the reasons why these stocks are moving today and how hedge funds are positioned in them.
Source:Pixabay
10. Las Vegas Sands Corp. (NYSE:LVS) is up 9% after a report highlighted that China might ease its zero-tolerance policy on COVID-19 and reduce some restrictions. The Wall Street Journal has reported that China is looking into the implementation of travel bubbles, collection of data related to new antiviral drugs, and searching for supply partners for Chinese mRNA vaccines. The specific policy changes are expected to be enforced in spring 2022. Out of the 924 hedge funds in Insider Monkey’s database, 34 funds had a long position in Las Vegas Sands Corp. (NYSE:LVS) as of Q4 2021, as opposed to 40 funds in the preceding quarter. Earlier, hedge funds had liquidated their positions in stocks like Las Vegas Sands Corp. and Wynn Resorts, Limited (NASDAQ:WYNN) as the casino industry was severely impacted by the COVID-19 restrictions.
9. HP Inc. (NYSE:HPQ) is up 4.7% after the company’s CEO Enrique Lores defended the share repurchase program as an effective way to use the company’s reserve, despite an increase of 18% in HP Inc.’s (NYSE:HPQ) stock price over the last year. On Jim Cramer’s show, Mr. Lores said that he thinks HP Inc.’s stock is undervalued and provides an attractive investment opportunity. HP Inc. also reported its Q1 FY22 results on February 28. The EPS for the quarter ended on January 31 was $1.10 and surpassed the consensus estimate of $1.02. Meanwhile, the quarterly revenue of $17.02 billion outperformed the analysts’ estimate of $16.5 billion.
8. Ross Stores, Inc. (NASDAQ:ROST) soared 6.5% after the company reported better than expected Q4 2021 results. EPS was posted at $1.04 and surpassed the consensus estimate of 97 cents. Meanwhile, the revenue of $5 billion beat the analysts’ forecast of $4.96 billion. Furthermore, Ross Stores, Inc. (NASDAQ:ROST) approved a $1.9 billion share buyback plan until FY23. This plan will replace the existing $850 million share buyback plan currently in place. As of Q4 2021, 39 out of 924 hedge funds covered by Insider Monkey reported having a stake in Ross Stores, Inc..
7. The Mosaic Company (NYSE:MOS) has jumped over 5% during trading today after the company announced that it has agreed with the Goldman Sachs Group, Inc. (NYSE:GS) to repurchase $400 million worth of stock. Furthermore, Charles Neivert at Piper Sandler increased the price target on The Mosaic Company (NYSE:MOS) from $44 to $57 and reiterated an Overweight rating following the strong Q4 results. The analyst thinks that the Brazilian, potash, and phosphate markets are all in favor of fertilizer pricing, which will act as a tailwind for The Mosaic Company.
6. Nordstrom, Inc. (NYSE:JWN) has surged 32% today after the company reported stronger than expected Q4 results. Nordstrom, Inc. (NYSE:JWN) reported revenue and EPS of $4.38 billion and $1.23, respectively, surpassing the analysts’ estimate of $4.35 billion and $1.02. CEO Erik Nordstrom claims that the business is on its way to recovery as the department store works on optimizing its inventory processes and pushes for higher-priced products to bolster margins. Following the strong quarterly results, an analyst at BMO Capital increased the target price on Nordstrom, Inc. from $23 to $30. More than five other firms have increased the target price on the stock.
Like Nordstrom, Inc., Moderna, Inc., Twitter, Inc., and Netflix, Inc. are also on the move.
5. Twitter, Inc. (NYSE:TWTR) has dipped more than 3.5% during trading today after Mark Zgutowicz at Benchmark initiated coverage of the company with a Hold rating without a target price. The analyst sees Twitter, Inc. providing a limited user base with a high utility product that has a limited ability to scale. Zgutowics is skeptical about the company’s 50% direct response target and doubts that Twitter, Inc. will be able to achieve its 2023 revenue target of $7.5 billion with a daily active user base of 315 million.
4. Moderna, Inc. (NASDAQ:MRNA) is down 5% after Genevant Sciences and Arbutus Biopharma filed a case in the US District Court for the District of Delaware seeking damages for infringement of various US Patents that are related to the manufacturing processes and the sale of mRNA-1273, Moderna, Inc.’s COVID-19 vaccine. The biotech companies are not looking for an injunction on the production and distribution of the vaccine. Instead, they are looking for compensation in the form of damages by the biotech giant. As of Q4 2021, 43 hedge funds had a long position in Moderna, Inc., down from 49 hedge funds in the previous quarter.
3. Ford Motor Company (NYSE:F) soared more than 7% after the automobile giant revealed that it will raise its spending on electric vehicles (EV) to $50 billion by 2026 as opposed to the prior guidance of $30 billion. Ford Motor Company (NYSE:F) intends to produce two million EVs by 2026. This will be nearly one-third of its annual production. Ford Motor Company intends to increase the total proportion of electric vehicles to 50% of its annual production targets. This is a move to counteract the impact of Elon Musk-led Tesla, Inc. (NASDAQ:TSLA).
2. Netflix, Inc. (NASDAQ:NFLX) is down 2.1% today. The company has been facing the brunt of increased competition from the likes of Disney+ and HBO Max. During Q4 2021, Netflix, Inc. recorded 8.28 million new subscribers, lower than the predicted increase of 8.5 million. Last year, Netflix, Inc. had a 9% overall increase in its total subscribers, in comparison to the 22% growth in Q4 2020. Fisher Asset Management was long over 5 million shares of Netflix, Inc. at the end of Q4 2021.
1. Dollar Tree, Inc. (NASDAQ:DLTR) fell around 1.7% today after the company missed the revenue estimates for Q4 2021 and provided a weaker than expected full-year revenue guidance. Dollar Tree, Inc. (NASDAQ:DLTR) reported revenue of $7.08 billion, increasing by 4.6% YoY but missing the consensus estimate of $7.12 billion. Meanwhile, GAAP EPS for the quarter was posted at $2.05 compared to the analysts’ forecast of $1.75. Dollar Tree, Inc. guided that it anticipates annual net sales of $6.63 billion to $6.78 billion, which is below the analysts’ forecast of $6.79 billion.
You can also take a peek at the 10 Best Small Cap Stocks To Buy for 2022 and 15 Most Valuable German Companies.
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This article is originally published at Insider Monkey.
