In this article we will take a look at the some notable stocks that rose today.
Despite the overall market not moving very much on Tuesday, several stocks such as Cadence Design Systems, Inc. (NASDAQ:CDNS), Invesco Ltd. (NYSE:IVZ), NVIDIA Corporation (NASDAQ:NVDA), Arista Networks, Inc. (NYSE:ANET), S&P Global Inc. (NYSE:SPGI), Ecolab Inc. (NYSE:ECL), and Baker Hughes Company (NYSE:BKR) were more volatile. Let’s analyze why each stock rose and how elite funds were positioned among them.
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10. NVIDIA Corporation surged 6.7% after Facebook announced plans to substantially increase its capital spending for 2022 to build out its new products such as the metaverse. If Facebook spends substantially more, NVIDIA Corporation could potentially sell more chips for AI and machine learning. Ken Fisher’s Fisher Asset Management owned more than 4.8 million shares of NVIDIA Corporation at the end of September.
9. Arista Networks, Inc. rose 4.55% on Tuesday also due to Facebook’s spending plans. While Facebook spent an estimated $19 billion in capital expenditures in 2021, it expects to spend $29 billion to $34 billion in 2022. If Facebook spends more in capital expenditures, Arista Networks, Inc. could potentially sell more products. Steve Cohen’s Point72 Asset Management was a holder of Arista Networks, Inc. at the end of June.
8. S&P Global Inc. increased over 3.8% after the company reported adjusted earnings per share of $3.54 and revenue of $2.09 billion. S&P Global Inc. CEO Douglas Peterson said, “The strong global economic growth, elevated M&A activity, strong stock markets, and increased volatility realized in the third quarter created a solid underpinning for our businesses.” Cantillon Capital Management owned more than 2.3 million shares of S&P Global Inc. at the end of September.
7. Ecolab Inc. rose almost 4% after the company’s top and bottom lines exceeded estimates for Q3. While Wall Street was expecting EPS of $1.30 and revenue of $3.27 billion, Ecolab had adjusted EPS of $1.38 and sales of $3.32 billion. Accelerated pricing was one key factor for Ecolab Inc.’s growth in the quarter. Cantillon Capital Management owned more than 1.88 million shares of Ecolab Inc. at the end of September.
6. Baker Hughes Company rose 2% on Tuesday due to the continued optimism over oil prices. If oil prices stay higher than before, demand for Baker Hughes Company’s services could be stronger than last year. Fisher Asset Management was among the elite holders of Baker Hughes Company at the end of September.
Like NVIDIA Corporation, Arista Networks, Inc., S&P Global Inc., Ecolab Inc., and Baker Hughes Company, Cadence Design Systems, Inc. and
Invesco Ltd. also rose on Tuesday.
5. Cadence Design Systems, Inc. increased 3.3% after the company exceeded Wall Street estimates for the third quarter with adjusted profit of $0.80 per share on sales of $751 million. Wall Street was expecting $0.75 per share and $741 million instead. GLG Partners was among the elite fund holders of Cadence Design Systems, Inc. at the end of June.
4. Invesco Ltd. rose more than 3.3% on Tuesday after the company reported adjusted EPS of $0.77, beating estimates by $0.04. Invesco Ltd.’s revenue also rose 22% year over year to $1.33 billion. Invesco Ltd.’s top line met market estimates. Trian Partners owned more than 36.7 million shares of Invesco Ltd.at the end of Q2.
3. Hasbro, Inc. (NASDAQ:HAS) rose 3.2% on Tuesday after the company reported quarterly earnings of $1.96 per share, or 27 cents per share higher than the consensus forecast. Revenue of $1.97 billion was in-line with estimates. Jim Simons‘ Renaissance Technologies was long 376,800 shares of Hasbro, Inc. at the end of June.
2. Centene Corporation (NYSE:CNC) surged more than 4.4% after the company reported adjusted EPS of $1.26 for Q3, versus the consensus of $1.25. Sales rose 11.4% year over year to $32.41 billion. Viking Global owned almost 11.2 million shares of Centene Corporation at the end of June.
1. Las Vegas Sands Corp. (NYSE:LVS) increased 2.7% on Tuesday due to improved sentiment. Although there was no company specific news, Las Vegas Sands Corp. nevertheless has strong potential if its headwinds in Macau decrease. D E Shaw owned more than 5.8 million shares of Las Vegas Sands Corp. at the end of June.
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This article is originally published at Insider Monkey.
