In this article, we will discuss some of the popular stocks trending today. To take a look at some more stocks that are in the news, go to 5 Hottest Stocks to Watch on Wednesday.
The US stock market is in the green today, with investors absorbing the earnings results of some notable companies. The S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index are all up 0.67%, 0.51%, and 1.52%, respectively, as of 11:47 AM ET. The indices are expected to close positively for the first time this week. Some of the popular movers for the day are PayPal Holdings, Inc. (NASDAQ:PYPL), JPMorgan Chase & Co. (NYSE:JPM), and NVIDIA Corporation (NASDAQ:NVDA).
Let’s discuss why these stocks are making headlines today and look at how elite funds are positioned in them.
10. Delta Air Lines, Inc. (NYSE:DAL) is up 4.8% as of 11:47 AM ET after the company reported strong results for Q1 2022 due to an increase in bookings and fares, countering the negative impact of rising fuel prices. Revenue for the three months increased by 159% YoY to $9.35 billion and outperformed consensus estimates of $8.99 billion. Meanwhile, the adjusted loss per share was posted at $1.23, four cents lower than the analysts’ estimates of $1.27.
Delta Air Lines, Inc. (NYSE:DAL) anticipates double digits increase in revenue in Q2 2022 compared to 2019. Furthermore, the company expects total revenue to recover as much as 97% of sales generated three years before the pandemic. To ensure this, Delta Air Lines, Inc. (NYSE:DAL) intends to operate at 84% of its capacity in 2019.
Of the 924 hedge funds in Insider Monkey’s database, 47 funds reported owning a stake in Delta Air Lines, Inc. (NYSE:DAL), with a combined value of nearly $1.15 billion as of Q4 2021.
9. Antares Pharma, Inc. (NASDAQ:ATRS) has rocketed 49.2% as of 11:52 AM ET following the news that the New Jersey-based company has been acquired by Halozyme Therapeutics, Inc. (NASDAQ:HALO) for $960 million. This translates into a per-share valuation of $5.60, representing a premium of nearly 50% from the last closing price. In March 2022, Antares Pharma, Inc. (NASDAQ:ATRS) received complete approval from the FDA for its oral testosterone replacement therapy, TLANDO. The deal is expected to be completed during the first half of this year.
As of Q4 2021, Antares Pharma, Inc. (NASDAQ:ATRS) was in the portfolio of 12 hedge funds. Rubric Capital Management was long over 10.8 million shares of Antares Pharma, Inc. (NASDAQ:ATRS) during the fourth quarter.
8. Sierra Oncology, Inc. (NASDAQ:SRRA) is 38.5% in the green as of 11:48 AM ET after GlaxoSmithKline plc (NYSE:GSK) announced that it would acquire Sierra Oncology, Inc. (NASDAQ:SRRA) for $1.9 billion in cash to boost its oncology division. As per the agreement, the outstanding shares of Sierra Oncology, Inc. (NASDAQ:SRRA) will be canceled, and in return, the shareholders will be entitled to receive $55 per share. The per-share price represents a premium of over 39% from the last closing stock price. The main drug in Sierra Oncology’s portfolio is momelotinib for the treatment of myelofibrosis, a form of bone marrow cancer. The deal is expected to be completed by Q3 2022.
As of Q4 2021, 15 hedge funds reported owning Sierra Oncology, Inc. (NASDAQ:SRRA). Vivo Capital was the leading investor in Sierra Oncology, Inc. (NASDAQ:SRRA), with a stake worth over $41 million.
7. PVH Corp. (NYSE:PVH) has risen 6.1% as of 11:48 AM ET following the announcement by the New York-based fashion retail company that it expects high single-digit compound annual growth in its revenue moving forward. PVH Corp. (NYSE:PVH) also shared that it expects the top line to reach around $12.4 billion by 2025. The analysts’ forecast stood at $10.34 billion before the announcement. PVH Corp. (NYSE:PVH) expects to meet this target by achieving high single-digit growth from the American and the European business, mid-teens through the Asia Pacific region, and more than 20% CAGR from the e-commerce channel.
Out of the 924 hedge funds in Insider Monkey’s database, PVH Corp. (NYSE:PVH) was held by 38 funds as of Q4 2021.
6. Twitter, Inc. (NASDAQ:TWTR) has inched up 2.65% as of 11:49 AM ET after an investor sued Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk for delaying the disclosure of a 5% stake in the social media company. Marc Bain Rasella has filed a case in the Manhattan court claiming that Musk has committed securities fraud by not revealing his stake in Twitter, Inc. (NASDAQ:TWTR). This kept the stock price depressed and allowed Musk to accumulate more shares and raise his stake to over 9.2%.
According to the filing with the SEC, Musk hit the 5% level on March 14 and could have disclosed his stake within 10 days by March 24 through a 13-D filing. Instead, he decided to increase his stake further and disclose his total holdings in Twitter, Inc. (NASDAQ:TWTR) on April 4.
On a sequential basis, the number of hedge funds invested in Twitter, Inc. (NASDAQ:TWTR) has decreased by 11 to 83 funds as of Q4 2021.
Apart from Twitter, Inc. (NASDAQ:TWTR), popular stocks such as PayPal Holdings, Inc. (NASDAQ:PYPL), JPMorgan Chase & Co. (NYSE:JPM), and NVIDIA Corporation (NASDAQ:NVDA) are moving today.
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Disclose. None. 10 Hottest Stocks to Watch on Wednesday is originally published on Insider Monkey.