Markets tumbled on Friday following a disappointing jobs report from the Labor Department, according to which just 38,000 new jobs were created in May, the lowest since 2010. Analysts had predicted 158,000 new jobs. Some of the stocks worth watching today are McKesson Corporation (NYSE:MCK), Baidu Inc (ADR), (NASDAQ:BIDU), CST Brands Inc (NYSE:CST), Toyota Motor Corp (ADR) (NYSE:TM) and Chemours Co (NYSE:CC). Let’s see why these stocks are moving today and find out what elite investors think about each of them.
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McKesson Corporation To Let Go of Its IT Unit
McKesson Corporation (NYSE:MCK) is in the spotlight today after the Wall Street Journal reported that the company is considering to sell or spin off its Information Technology business due to the pricing difficulties it is facing in its core medicine delivery business. The source said that it is not yet clear whether the company would sell the complete business or only a part of it. McKesson Corporation’s IT business, dubbed as Technology Solutions, provides software solutions and services to doctors and hospitals. A total of 66 hedge funds from our database are long in McKesson Corporation (NYSE:MCK) as of the end of the first quarter of 2016.
Baidu To Mass Produce Driverless Cars
Baidu Inc (ADR) (NASDAQ:BIDU)’s stock has inched down after its Senior Vice President Wang Jing announced that the company is planning to launch driverless cars in five years. He was speaking at The Wall Street Journal’s Converge Technology Conference in Hong Kong. Mr. Jing said that the market of self-driving cars is vast and a single company cannot dominate it. Out of nearly 766 funds tracked by Insider Monkey, 72 funds amassed $4.8 billion worth of s Baidu Inc (ADR) (NASDAQ:BIDU) shares at the end of March. Natixis Global Asset Management’s Harris Associates owns more than 4.6 million shares of the company.
We will see why CST Brands, Toyota Motor Company and Chemours are in the spotlight today on the next page.
Seven & I Holdings Acquires CST Brands Stores and Gas Stations
Investors are watching CST Brands Inc (NYSE:CST) after Seven & I Holdings’ U.S. unit, 7-Eleven Inc, announced the acquisition of CST Brands’ 79 gas stations and convenience stores in California and Wyoming. The company didn’t not disclose the purchase price. Reuters reported on Thursday that CST Brands Inc (NYSE:CST) had received takeover bids from Alimentation Couche-Tard Inc and Seven & i Holdings Co Ltd, the world’s largest convenience store operator based in Tokyo, Japan. Seven & I Holdings’ spokesperson Minoru Matsumoto said that the company is interested in acquiring the whole of CST Brands. At the end of the first quarter, David Cohen And Harold Levy’s Iridian Asset Management had more than 7.5 million shares of CST Brands Inc (NYSE:CST) and was one of the 28 investors bullish on the stock from our database.
Toyota Motors Halts Production at 3 Plants
Toyota Motor Corp (ADR) (NYSE:TM) has announced to cease production at three of its assembly plants in Japan from Friday morning following an explosion at a supplier plant. The explosion took place on Monday at Aisin Advics factory, a producer of braking systems used in Toyota automobiles. Toyota said that production will be resumed by the start of the next week. Only 12 hedge funds were long Toyota Motor Corp (ADR) (NYSE:TM) at the end of the first quarter. Phill Gross and Robert Atchinson’s Adage Capital Management has more than 1.3 million shares of the company.
Chemours Down After a Battering Report by Citron
Chemours Co (NYSE:CC)’s keeps losing ground after a report from Citron Research, which called the chemical company a “bankruptcy waiting to happen.” The report said that Chemours inherited a lot of liabilities from DuPont, the chemical company from which Chemours was spun off last year. Citron said that DuPont passed major liabilities to Chemours such as C8, a chemical which is toxic at extremely low levels of exposure, and $4 billion of debt. The report also claimed that Chemours Co (NYSE:CC) had to rewrite the terms of its adjusted EBITDA to avoid breaching debt covenants just within three months of spinoff. Chemours released a statement on Thursday, “strongly” refuting the report by Citron.A total of 30 funds among those tracked by Insider Monkey were bullish on Chemours Co (NYSE:CC) at the end of the quarter of 2016, up from 22 funds a quarter earlier.
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