In this article we take a look at five stocks on the move on Thursday. If you want to read our detailed analysis of these stocks, go to read Why These 10 Stocks Are On the Move on Thursday.
5. The Gap, Inc. (NYSE:GPS) is up around 4% due to improved sentiment. If the U.S. economy continues to strengthen as it has over the last few quarters, unemployment could decrease and consumers could have more spending power. If consumers are better off, demand for The Gap, Inc. (NYSE:GPS) could be stronger. Shares of The Gap, Inc. (NYSE:GPS) are up 28% year to date with today’s rally.
Two Sigma Advisors was long more than 4.4 million shares of The Gap, Inc. (NYSE:GPS) at the end of June, down 8% from the prior quarter.
4. Entergy Corporation (NYSE:ETR) is off 1% due to sentiment changes. With the news from yesterday’s Fed meeting and the rally in many financial names today, it seems that some in the market are expecting interest rates to potentially increase sooner or more than previously expected. If interest rates increase faster or more than previously expected, Entergy Corporation (NYSE:ETR)’s yield might not be as attractive to some buyers.
Of the around 873 elite funds in our database, 31 were long Entergy Corporation (NYSE:ETR) at the end of Q2.
3. Devon Energy Corporation (NYSE:DVN) has rallied 5% given the increase in WTI and natural gas prices. As of late morning, crude oil WTI futures are up around 1.15% and natural gas futures are up 1.23%. Given it produces a lot of oil, Devon Energy Corporation (NYSE:DVN)’s financials are affected by the change in oil prices.
The number of elite funds that we track that were long Devon Energy Corporation (NYSE:DVN) decreased by 2 from the prior quarter to 50 at the end of Q2.
2. Raymond James Financial, Inc. (NYSE:RJF) has rallied around 4% due to the broader market rally and the rally in many leading financial names on Thursday. If the U.S. economy continues to strengthen, capital market services demand could increase and Raymond James Financial, Inc. (NYSE:RJF) could potentially benefit. Raymond James Financial, Inc. (NYSE:RJF) shares are up more than 36% year to date.
Ken Griffin‘s Citadel Investment Group had a 620,170 share position in Raymond James Financial, Inc. (NYSE:RJF) for the filing period ended June 30, 2021.
1. Citizens Financial Group, Inc. (NYSE:CFG) is up around 5% due to the rally in many financial names. With the rally in the financial sector, it seems that interest rate expectations are now higher than what they were before with the data released from the Fed meeting. As a leading commercial bank, Citizens Financial Group, Inc. (NYSE:CFG) could potentially find it easier to make profits from higher interest rates. Citizens Financial Group, Inc. (NYSE:CFG) shares are up more than 26% year to date.
The number of elite funds in our database that were long Citizens Financial Group, Inc. (NYSE:CFG) fell to 36 in the second quarter from 41 in the first quarter.
Disclosure: None.
