Stocks fell sharply on Friday after a dismal May jobs report, marking the second consecutive month of weak jobs growth. This puts the much expected rate hike into question. However, some stocks are gaining ground today. They include Weatherford International Plc (NYSE:WFT), Eleven Biotherapeutics Inc (NASDAQ:EBIO), Vale SA (ADR) (NYSE:VALE), Freeport-McMoRan Inc (NYSE:FCX) and Coffee Holding Co., Inc. (NASDAQ:JVA). Let’s unravel the reasons behind these big gains and also see what elite funds think of these companies.
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Weatherford International Offering Notes
Shares of Weatherford International Plc (NYSE:WFT) have appreciated by more than 4% today after an announcement by the company on Wednesday that it is offering $1.1 billion of exchangeable senior notes due 2021 with a 5.875% interest rate. Proceeds from the note offering are expected to fund a separate cash tender offering, which is for notes coming due between 2017 and 2020, with greater priority given to the 2017 and 2018 notes. The notes will help the Texas based oil and gas company to pay its debt. The offering is slated to close on June 7. Hedge funds showed an increased interest in Weatherford International Plc (NYSE:WFT) during the first quarter. Our system shows that 37 funds were long the stock at the end of March, up from 28 a quarter earlier. Anand Parekh’s Alyeska Investment Group is the biggest shareholder of the company among these funds with more than 10.6 million shares.
Eleven Biotherapeutics Regains Minimum Bid NASDAQ Compliance
Eleven Biotherapeutics Inc (NASDAQ:EBIO)’s stock has skyrocketed more than 27% so far today after the company announced that it has regained the compliance with NASDAQ Listing Rule 5450(a)(1), which requires the Company to maintain the minimum bid price of $1.00 per share. NASDAQ Listing Qualifications Department notified the Massachusetts based pharmaceutical company that its common stock closing bid price was $1.00 per share or greater for 10 consecutive business days, from May 16, 2016 to May 27, 2016. As a result, the company is in compliance with the listing requirement. Just two hedge funds from our database held shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) as of the end of the first quarter.
Check out the next page to see why Vale SA, Freeport-McMoRan and Coffee Holding are gaining ground today.
Vale SA Up After Increasing Iron Ore Prices
Vale SA (ADR) (NYSE:VALE)’s stock has escalated by more than 7% so far today after iron ore prices advanced to their highest levels in a month. The Brazil-based metals and mining company is rebounding as Brazil’s benchmark stock index rose. Jonathan Barrett and Paul Segal’s Luminus Management is one of 26 hedge funds from our database having stakes in Vale SA (ADR) (NYSE:VALE) as of the end of March this year. It owns more than 11.4 million shares of the company.
Freeport-McMoRan Rebounding
Freeport-McMoRan Inc (NYSE:FCX) is rebounding after tumbling on Thursday due to the lack of consensus between the big oil producers in an OPEC meeting in Vienna. The declining copper prices metal after a weak manufacturing data from China also dented the stock price of Freeport-McMoRan earlier this month. The stock is trading 3.4% in the green so far today. As of the end of the first quarter, 34 funds tracked by Insider Monkey are bullish on Freeport-McMoRan Inc (NYSE:FCX), down from 37 funds a quarter earlier. Carl Icahn’s Icahn Capital LP stands out amongst them with 104 million shares.
Coffee Holding posts Second Quarter Results
Coffee Holding Co., Inc. (NASDAQ:JVA)’s stock has surged by more than 32% after the company posted fiscal second-quarter earnings of $0.14 per share, better than the loss of $0.33 per share reported a year earlier. Revenue in the quarter declined by 29.3% on the year to $21.4 million. In a statement, Coffee Holding Co ‘s CEO Andrew Gordon said that the company was able to increase its profitability in three key business areas despite of the competitive pressures due to coffee prices. Mr. Gordon said that the company is focusing more on farm identification, specialty gourmet micro lots of Arabica coffee and branding. Billionaire Jim Simons’s Renaissance Technologies is one of the three funds from our database having stakes in Coffee Holding Co., Inc. (NASDAQ:JVA) as of the end of March.
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