In this article we will take a look at the some of notable stocks that moved this week. You can skip our detailed analysis of these stocks and go to read Why These 5 Tech Stocks Moved This Week.
This week has been a roller coaster ride for the market given China’s Evergrande situation and the Fed meeting. It has also been an eventful week for stocks such as salesforce.com, inc. (NYSE:CRM), Micron Technology, Inc. (NASDAQ:MU), Tesla, Inc. (NASDAQ:TSLA), Apple Inc. (NASDAQ:AAPL), Facebook Inc. (NASDAQ:FB), Amazon.com Inc. (NASDAQ:AMZN), and Alphabet Inc. (NASDAQ:GOOG). Let’s find out why the spotlight was on each stock this week and how elite funds were positioned among them.
Why do we care about hedge fund 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. Tesla, Inc. (NASDAQ:TSLA) shares rose almost 5.5% this week due to the broader market rally and Musk’s comments that the semiconductor chip shortage that has been a headwind for many automakers could be a short term problem. Further helping sentiment could be Tesla, Inc. (NASDAQ:TSLA)’s ‘beta button’ which allows owners to request the company’s most sophisticated version of autonomous driving software with a press of a finger. The ‘beta button’ went live on Friday. Although Tesla, Inc. (NASDAQ:TSLA)’s autonomous software isn’t really fully autonomous, it has potential to be sometime in the future. Catherine D. Wood‘s ARK Investment Management owned more than 5.4 million shares in Tesla, Inc. (NASDAQ:TSLA) at the end of June.
9. Apple Inc. (NASDAQ:AAPL) stock rallied more than 2% this week due to the rise in the market. With more certainty around the potential future path of interest rates after data was released from the Fed meeting this week, some investors are more optimistic and that’s likely helped Apple Inc. (NASDAQ:AAPL).
Apple Inc. (NASDAQ:AAPL) has also been in the news after a showbiz union said that Apple claimed it had fewer than 20 million TV+ subscribers in the United States and Canada as of the beginning of July. Given the scale of Apple’s other businesses, the current number of Apple TV+ subscribers isn’t a big deal for the stock. Many smart money funds seem bullish according to the latest 13F filing data. The number of elite funds that were long Apple Inc. (NASDAQ:AAPL) rose to 138 at the end of Q2 from 127 in Q1.
7. Amazon.com, Inc. (NASDAQ:AMZN) rose 0.87% this week as the stock continues to consolidate technically. Amazon.com, Inc. (NASDAQ:AMZN) has also been in the news with this week’s news that the company is planning on opening its own department stores which could increase its apparel sales. Amazon.com, Inc. (NASDAQ:AMZN) already has a brick and mortar business with its purchase of Whole Foods several years ago. Amazon.com, Inc. (NASDAQ:AMZN) was the most widely held smart money stock at the end of Q2 according to our database of 873 elite funds, with 271 funds we track owning shares of Amazon.
6. Alphabet Inc. (NASDAQ:GOOG) has risen around 2.6% this week as the company nears the $2 trillion market cap level. Meanwhile, Alphabet Inc. (NASDAQ:GOOG) remains the dominant search provider and according to The Information, Alphabet Inc. (NASDAQ:GOOG) is also seeking potential search deals for Instagram and TikTok videos. 190 top funds we track owned shares in the stock of Alphabet Inc.
Like Tesla, Inc. (NASDAQ:TSLA), Apple Inc. (NASDAQ:AAPL), Facebook Inc. (NASDAQ:FB), Amazon.com Inc. (NASDAQ:AMZN), and Alphabet Inc. (NASDAQ:GOOG), salesforce.com, inc. (NYSE:CRM) and Micron Technology, Inc. (NASDAQ:MU) also moved this week.
Click to continue reading and see Why These 5 Tech Stocks Moved This Week.
Disclosure: None. Why These 10 Tech Stocks Moved This Week is originally published on Insider Monkey.
This post was originally published on *this site*