In this article, we will take a look at the top 10 stocks to watch today. If you want to see some more companies trending on Tuesday, go directly to Top 5 Stocks to Watch Today.
Electric vehicle giant Tesla, Inc. (NASDAQ:TSLA), wind and solar energy producer NextEra Energy, Inc. (NYSE:NEE) and healthcare behemoth CVS Health Corporation (NYSE:CVS) made their way into the headlines on Tuesday morning.
Tesla, Inc. (NASDAQ:TSLA) was trending on reports that it is trying to cut the cost of batteries using dry-coating technology. On the other hand, CVS Health Corporation (NYSE:CVS) came into the spotlight after it decided to acquire Signify Health for roughly $8 billion.
Many other stocks, including FedEx Corporation (NYSE:FDX) and Bed Bath & Beyond Inc. (NASDAQ:BBBY), also caught investors’ attention this morning. See the complete article to find why these companies are trending today.
10. Tilray Brands, Inc. (NASDAQ:TLRY)
Number of Hedge Fund Holders: 14
Tilray Brands, Inc. (NASDAQ:TLRY) is first on the list of top 10 stocks to watch today. The company stated in a press release this morning that it has commenced discussions with German regulators regarding the legalization of cannabis in the country.
Tilray Brands, Inc. (NASDAQ:TLRY) added that Germany’s narcotic drugs commissioner Burkhard Blienert laid out the strategy surrounding cannabis legalization in a recent meeting. Blienert also reaffirmed the government’s intention to present the first draft of the bill in the coming months.
Referring to the discussions, Tilray Brands, Inc. (NASDAQ:TLRY) said it would assist government regulators in the legalization process by sharing its years-long experience in cannabis research.
Chief strategy officer of Tilray Brands, Inc. (NASDAQ:TLRY), Denise Faltischek, said in a statement:
“Tilray Brands has unmatched experience partnering with governments and regulators to help develop responsible cannabis regulations that protect the health and safety of patients and consumers, as well as, supporting significant economic growth in countries in which it operates. We applaud the German government in leading responsible adult-use cannabis legislation in Europe and we are proud to support this effort.”
9. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 14
Bed Bath & Beyond Inc. (NASDAQ:BBBY) once again came into the spotlight today after its CFO Gustavo Arnal’s death was declared a suicide. The company’s shares dropped over 13 percent this morning following the news.
Arnal recently died after falling from the 18th story of a residential skyscraper located in Manhattan. The death came just a few days after Bed Bath & Beyond Inc. (NASDAQ:BBBY) disclosed its turnaround strategy, which included store closures, job cuts and new financing.
Moving forward, Bed Bath & Beyond Inc. (NASDAQ:BBBY) now faces even bigger challenges surrounding its senior management. The company is already searching for a new CEO following the departure of Mark Tritton in June. Moreover, its chief operating officer is also leaving the company.
8. Rollins, Inc. (NYSE:ROL)
Number of Hedge Fund Holders: 27
Shares of Rollins, Inc. (NYSE:ROL) advanced over six percent this morning after RBC Capital improved its ratings for the consumer and commercial services company from “Sector Perform” to “Outperform”
RBC Capital analyst Ashish Sabadra thinks Rollins, Inc. (NYSE:ROL) has a recession-resilient model. He believes the aggressive pricing and a strong advertising push will drive the company’s revenue growth.
Last month, asset management company Baron Funds also discussed Rollins, Inc. (NYSE:ROL) in its second-quarter 2022 investor letter. Here’s what the firm said:
“Rollins, Inc. (NYSE:ROL), which provides pest and termite control services for residential and commercial customers, contributed to performance. The company reported solid quarterly earnings and continued its consistent execution despite macroeconomic uncertainties. We believe Rollins has a strong brand and leading market share within in an attractive and defensive end market. The company has historically raised its prices to offset growth in its operating expenses. We expect that Rollins should be able to continue compounding its revenues, earnings, and free cash flow for many years.”
7. Illumina, Inc. (NASDAQ:ILMN)
Number of Hedge Fund Holders: 44
Shares of Illumina, Inc. (NASDAQ:ILMN) rose over 5 percent this morning after the company said it would appeal the European Commission’s (EC) latest verdict that barred Illumina from buying biotechnology start-up Grail.
European regulators on Tuesday blocked the deal, saying the acquisition could give Illumina, Inc. (NASDAQ:ILMN) a big edge over rivals, besides hampering the ability of its competitors to develop their own cancer detection tests.
The latest ruling came nearly a year after Illumina, Inc. (NASDAQ:ILMN) proceeded with Grail acquisition without the consent of European Union (EU). Back then, the EU ordered the two companies to function independently until the final decision was made.
Moving forward, Illumina, Inc. (NASDAQ:ILMN) may have to divest Grail if European regulators refuse its appeal.
Like Illumina, Inc. (NASDAQ:ILMN), Tesla, Inc. (NASDAQ:TSLA), NextEra Energy, Inc. (NYSE:NEE) and CVS Health Corporation (NYSE:CVS), were also among the top 10 stocks to watch today.
6. Lululemon Athletica Inc. (NASDAQ:LULU)
Number of Hedge Fund Holders: 50
Lululemon Athletica Inc. (NASDAQ:LULU) came into the limelight on Tuesday morning after Barclays analyst Adrienne Yih raised her price target for the athletic apparel retailer from $435 per share to $446 per share.
Yih, who has an overweight rating for Lululemon Athletica Inc. (NASDAQ:LULU), was moved by the company’s Q2 results. Last week, Lululemon delivered impressive financial results for its fiscal second quarter.
Lululemon Athletica Inc. (NASDAQ:LULU) earned $2.20 per share on an adjusted basis, topping the expectations of $1.87 per share. In addition, the quarterly sales jumped 29 percent on a year-over-year basis to $1.87 billion, beating the estimates of $1.774 billion.
Looking forward, the company also raised its fiscal 2022 outlook. Lululemon Athletica Inc. (NASDAQ:LULU) now expects adjusted earnings in the range of $9.75 – $9.90 per share and revenue between $7.865 – $7.940 billion for the full year.
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Disclosure: None. Top 10 Stocks to Watch Today is originally published on Insider Monkey.
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