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Why These 10 Stocks Are Trending on Wednesday

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·4 min read
In this article:
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In this article we take a look at the some of notable stocks that are trending today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Are Trending on Wednesday.

Some stocks trending in the after market on Wednesday include APA Corporation (NASDAQ:APA), Pioneer Natural Resources Company (NYSE:PXD), Roku, Inc. (NASDAQ:ROKU), QUALCOMM Incorporated (NASDAQ:QCOM), SunPower Corporation (NASDAQ:SPWR), Booking Holdings Inc. (NASDAQ:BKNG), and Take-Two Interactive Software, Inc. (NASDAQ:TTWO). Let's examine why each stock is trending 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. Roku, Inc. (NASDAQ:ROKU) is in the spotlight after reporting third quarter EPS of $0.48 per share, beating the consensus by $0.41. Sales for the period rose 50.5% year over year to $680 million but were $0.82 million under the average estimate. For Q4, Roku, Inc. (NASDAQ:ROKU) sees revenue of $885 million to $900 million, which is below the consensus of $944.4 million. Of the 873 elite funds in our database, Roku, Inc. (NASDAQ:ROKU) was in 61 elite funds' portfolios at the end of June.

9. QUALCOMM Incorporated (NASDAQ:QCOM) rose in after hours after the company reported fourth quarter EPS of $2.55 versus the consensus of $2.26. Adjusted revenue for the period of $9.32 billion was also ahead of estimates of $8.86 billion. For Q1, the company sees adjusted EPS of $2.90-$3.1 versus the average estimate of $2.6. At Q2’s end, a total of 72 of the hedge funds tracked by Insider Monkey held long positions in QUALCOMM Incorporated (NASDAQ:QCOM).

8. SunPower Corporation (NASDAQ:SPWR) fell in the after market despite reporting third quarter adjusted EPS of $0.06 versus the consensus of $0.02 per share. One reason could be that the company sees fourth quarter sales of $330 million to $380 million excluding CIS and Legacy segments, which may have been under some estimates. D E Shaw was long 3,197,920 shares of SunPower Corporation (NASDAQ:SPWR) at the end of June.

7. Booking Holdings Inc. (NASDAQ:BKNG) rose in extended market trading after reporting Q3 adjusted EPS of $37.7, versus the consensus of $32.90. Sales for the period were $4.7 billion, versus the consensus of $4.3 billion. Booking Holdings Inc. (NASDAQ:BKNG) CEO Glenn Fogel said, "We are encouraged by the signs of recovery we saw in many parts of the world in the third quarter, and our teams are working hard to continue to strengthen our company's position and execute against our strategic priorities." Yacktman Asset Management was among the elite fund holders of Booking Holdings Inc. (NASDAQ:BKNG) at the end of September.

6. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is trending after the company reported second quarter EPS of $0.09 missing the consensus by $0.51. Net bookings rose 2.9% year over year to $984.85 million, beating the average estimate by $109.16 million. Take-Two Interactive Software, Inc. (NASDAQ:TTWO) has a FY22 net bookings outlook of $3.3 billion to $3.4 billion. Arrowstreet Capital owned 680,269 shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) at the end of Q2.

Like Roku, Inc. (NASDAQ:ROKU), QUALCOMM Incorporated (NASDAQ:QCOM), SunPower Corporation (NASDAQ:SPWR), Booking Holdings Inc. (NASDAQ:BKNG), and Take-Two Interactive Software, Inc. (NASDAQ:TTWO), APA Corporation (NASDAQ:APA) and Pioneer Natural Resources Company (NYSE:PXD) are trending.

Click to continue reading and see Why These 5 Stocks Are Trending on Wednesday.

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Disclosure: None. Why These 10 Stocks Are Trending on Wednesday is originally published on Insider Monkey.