Mutual Funds are Taking an Interest and Beginning to Invest in YY
Excerpts from an article:
5 Top Tech Stocks That Mutual Funds Are Scooping Up
By ELAINE LOW, INVESTOR'S BUSINESS DAILY
Posted 08:02 AM ET
Mutual fund ownership is a key factor for savvy investors. Institutional sponsorship is a sign that a company has strong growth prospects. And when funds are building big positions, stocks tend to move higher.
Today's Screen of the Day takes a look at IBD's Accelerating Mutual Fund Ownership list, with a focus on five technology stocks that mutual funds are snapping up right now. All five companies have an Accumulation/Distribution Rating of B or better, an indication that institutions are adding shares............
.............Another Chinese stock, YY (NASDAQ:YY), earned popularity, then profit, as an online social platform in which users can participate in real-time group activities on the Web, from conference calls to video gaming.
The company reported Q2 results late Wednesday. Earnings excluding items doubled to 70 cents per share vs. views for 59 cents. Revenue bolted 103% to $135.6 million, beating views for $121.9 million. YY has 171 mutual fund owners and a B- A/D rating.
YY shares initially fell Thursday on concerns about slowing gaming growth, but the stock rallied to close up nearly 4% to 85.80, a five-month closing high.