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Why These 10 Stocks Moved This Week

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·4 min read
In this article:
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  • KMI
  • MRNA
  • HES
  • MRK
  • SLB
  • PSX

In this article we will take a look at the some notable stocks that moved this week. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Moved This Week.

Some stocks that moved substantially this week include Phillips 66 (NYSE:PSX), American Express Company (NYSE:AXP), Moderna, Inc. (NASDAQ:MRNA), Merck & Co., Inc. (NYSE:MRK), Kinder Morgan, Inc. (NYSE:KMI), Schlumberger Limited (NYSE:SLB), and Hess Corporation (NYSE:HES). Let's find out why each stock moved and how elite funds were positioned among them.

Why do we care about hedge fund activity? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

10. Moderna, Inc. (NASDAQ:MRNA) rose more than 5.7% this week as the company's CEO believes its COVID-19 vaccine could be used for teens at some point in the future. If teens can also use Moderna's vaccine, the pandemic could end sooner and Moderna, Inc. (NASDAQ:MRNA) could potentially sell more products. Renaissance Technologies was long more than 3.18 million shares of Moderna, Inc. (NASDAQ:MRNA) at the end of June.

9. Merck & Co., Inc. (NYSE:MRK) rose 8.5% this week due in part to the company reporting Q3 adjusted EPS of $1.75 versus the consensus of $1.55. Sales were $13.2 billion versus the consensus of $12.33 billion. Merck & Co., Inc. (NYSE:MRK) CEO Robert Davis said, "We achieved notable clinical milestones in the key areas of oncology and COVID-19, including positive Phase 3 results for molnupiravir. We recently announced our proposed acquisition of Acceleron, which will strengthen our cardiovascular portfolio with complementary, cutting-edge science and an exciting late-stage candidate." Among the 873 elite funds in our database, Fisher Asset Management held the most valuable stake in Merck & Co., Inc. (NYSE:MRK), which was worth $802.3 million at the end of the second quarter.

8. Kinder Morgan, Inc. (NYSE:KMI) fell 5.2% this week likely due to profit taking. Shares of Kinder Morgan, Inc. (NYSE:KMI) have already rallied 23% year to date and it's not clear how much higher demand for oil and gas will go in the near term. At Q2’s end, a total of 38 of the hedge funds tracked by Insider Monkey were bullish on Kinder Morgan, Inc. (NYSE:KMI).

7. Schlumberger Limited (NYSE:SLB) fell almost 4.9% this week also likely due to profit taking. Many oil service stocks fell this week including Halliburton Company as the market awaits more data on oil supply and demand. Shares of Schlumberger Limited (NYSE:SLB) have rallied almost 47% year to date. At the end of June, a total of 41 of the hedge funds tracked by Insider Monkey were bullish on Schlumberger Limited (NYSE:SLB), a change of -18% from one quarter earlier.

6. Hess Corporation (NYSE:HES) fell 6.85% this week despite its Q3 earnings of $0.28 per share exceeding the consensus of $0.23 per share. For the period, Hess' sales of $1.81 billion also beat estimates of $1.42 billion. One reason for the decline this week could be profit taking. Hess Corporation (NYSE:HES) shares have rallied over 56% year to date. At the end of June, a total of 31 of the hedge funds tracked by Insider Monkey were long Hess Corporation (NYSE:HES), a change of 19% from the previous quarter.

Like Moderna, Inc. (NASDAQ:MRNA), Merck & Co., Inc. (NYSE:MRK), Kinder Morgan, Inc. (NYSE:KMI), Schlumberger Limited (NYSE:SLB), and Hess Corporation (NYSE:HES), Phillips 66 (NYSE:PSX) and American Express Company (NYSE:AXP) moved this week.

Click to continue reading and see Why These 5 Stocks Moved This Week.

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Disclosure: None. Why These 10 Stocks Moved This Week is originally published on Insider Monkey.