Why These 10 Stocks Moved on Wednesday

Published November 3, 2021 at 5:47 pm EDT Updated September 7, 2026 at 1:46 pm EDT

In this article we will take a look at the some of notable stocks that moved today.

Some stocks that moved on Wednesday include Activision Blizzard, Inc. (NASDAQ:ATVI), Lyft, Inc. (NASDAQ:LYFT), FMC Corporation (NYSE:FMC), Centene Corporation (NYSE:CNC), Akamai Technologies, Inc. (NASDAQ:AKAM), T-Mobile US, Inc. (NASDAQ:TMUS), and Zillow Group, Inc. (NASDAQ:Z). Let’s find out why each stock moved today and how elite funds were positioned among them.

Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

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10. FMC Corporation rose 12.6% after the company reported adjusted EPS of $1.43 for the third quarter, beating the average estimate by $0.11 per share. Sales for the period were $1.19 billion, up 10.2% year over year, and $20 million ahead of the consensus. For Q4, FMC Corporation sees EPS of $1.80 to $2.20 versus the consensus of $2.09. Glenview Capital was long 872,557 shares of FMC Corporation at the end of June.

9. Centene Corporation rallied by over 6.5% after the Wall Street Journal reported Politan Capital Management LP, run by activist investor Quentin Koffey, has taken an around $900 million stake in the company. Centene Corporation also agreed to sell a majority stake in U.S. Medical Management, LLC to Rubicon Founders; Valtruis, a WCAS company; Oak HC/FT; and HLM Venture Partners.. Viking Global owned 11,199,941 shares of Centene Corporation at the end of Q2.

8. Akamai Technologies, Inc. rallied by more than 5.4% after reporting adjusted EPS of $1.45 for Q3 versus the consensus of $1.39. Sales of $860 million for the period was also ahead of the estimate of $851.5 million. Akamai Technologies, Inc.’s board also authorized an additional up to $1.8 billion share repurchase program. AQR Capital Management was among the funds in our database with a position in Akamai Technologies, Inc. at the end of Q2.

7. T-Mobile US, Inc. surged by 5.3% after the company reported Q3 EPS of $0.55 versus the consensus of $0.52. Although the company’s sales of $19..62 billion was a little under the average estimate of $20.18 billion, net customer additions were still 1.3 million for Q3. Despite today’s rally, shares of T-Mobile US, Inc. are down 7.9% year to date. Warren Buffett’s Berkshire Hathaway owned 5,242,000 shares of T-Mobile US, Inc. at the end of Q2.

6. Zillow Group, Inc. fell 22.95% after the company said it was ending its home flipping business. Zillow will also be taking writedowns and cutting its workforce by 25%. Ygal Unitarian of Wedbush said of Zillow Group, Inc.’s decision, “It’s a drastic and unexpected move. It was a central part of what the company was built on over the past three years, and management needs to go back to the drawing board and fill in the gap as it continues to aim to be a bigger part of the overall real estate transaction.”
Catherine D. Wood‘s ARK Investment Management was long over 10.1 million shares of Zillow Group, Inc. at the end of June.

Like FMC Corporation, Centene Corporation, Akamai Technologies, Inc., T-Mobile US, Inc., and Zillow Group, Inc., Activision Blizzard, Inc. and Lyft, Inc. also moved on Wednesday.

5. Activision Blizzard, Inc. fell around 14% today despite its third quarter adjusted earnings per share of $0.72 beating the average estimate by $0.02 per share. Sales for the period rose 6.2% year over year to $1.88 billion and were in line with estimates. The delay of Overwatch 2 and Diablo IV until 2023 may have played a part in the decline. First Pacific Advisors LLC owned over 2.2 million shares of Activision Blizzard, Inc. at the end of September.

4. Lyft, Inc. rose by almost 8.2% after the company reported third quarter GAAP loss per share of 21 cents, beating the estimate by $0.37 per share. Sales were $864.4 million, up 73% year over year and exceeding the estimate by $3.65 million. Active riders in the third quarter rose 97.3% year over year. Alkeon Capital Management was long 4,737,027 shares of Lyft, Inc. at the end of June.

3. Uber Technologies, Inc. (NYSE:UBER) rose by 6.6% likely thanks to Lyft, Inc.’s strong performance today.
Since Uber Technologies, Inc. is in the same sector, the company could potentially realize more demand if sector demand is stronger. Altimeter Capital Management was among the elite funds that held shares in Uber Technologies, Inc. at the end of Q2.

2. Bed Bath & Beyond Inc. rose by 15.22% today after the company announced a national e-commerce strategic collaboration with Kroger. The company also announced that it expects to complete its three year share repurchase program of $1 billion by the end of FY21. That would be two years ahead of schedule. Among the funds in our database, the largest stake in Bed Bath & Beyond Inc. was held by Contrarius Investment Management, which reported holding $146.2 million worth of stock at the end of June.

1. The Kroger Co. (NYSE:KR) rose by 5.45% today likely due to the Bed Bath & Beyond Inc. news where Kroger.com will offer a selection of Bed Bath & Beyond Inc.’s products. If Kroger.com has more selection, more customers could potentially buy more products. At the end of June, a total of 39 of the hedge funds tracked by Insider Monkey were long The Kroger Co..

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