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Why These 10 Stocks Were in the Spotlight This Week

In this article, we’ll take a look at some notable stocks that have been in the spotlight this week. You can skip our detailed analysis of these stocks and read on Why these 5 stocks were in the spotlight this week.

Some of the stocks in the spotlight this week included Intel Corporation (NASDAQ:INTC), Tesla, Inc. (NASDAQ:TSLA), Alphabet Inc. (NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Bank of America Corporation (NYSE:BAC), and Citigroup Inc. (NYSE:C). Let’s take a look at why each stock made the news and how elite funds were positioned within it according to the latest 13F data.

Why do we care about hedge fund activities? Insider Monkey’s research was able to pre-identify a select group of hedge fund investments that have 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 yielded 186.1%, compared to 100.1. % for the SPY. Our stock selection outperformed the market by 86 percentage points (see details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should look out for. You can subscribe to our free newsletter on our homepage to get our stories delivered to your inbox.

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#10 Alphabet Inc. (NASDAQ:GOOGL) is trending after CNBC reported that the web giant is cutting the amount it is withholding from certain revenues from its cloud market. According to CNBC of its sources, “Google is reducing the amount of revenue it retains when customers buy software from other vendors on its cloud marketplace.”

While taking less income can be headwinds in the short term, Alphabet Inc. (NASDAQ:GOOGL) may gain more from the extra business and more competitiveness in the long run. By cutting rates, Alphabet Inc. (NASDAQ:GOOGL) may be able to grow faster in the massive cloud market. By the end of the second quarter of this year, 190 of the 873 hedge funds analyzed by Insider Monkey had owned GOOGL shares, which amounted to $26.8 billion.

Story continues

#9 Amazon.com, Inc. (NASDAQ:AMZN) is trending because of the Google news. Currently, Amazon.com, Inc. (NASDAQ:AMZN) arguably the leader in the cloud and as such Amazon.com, Inc. (NASDAQ:AMZN) must continue to innovate to maintain its competitiveness as Alphabet improves its competitiveness. Currently, the cloud operations of Amazon.com, Inc. (NASDAQ:AMZN) is doing very well, with an annual run rate of $59 billion as of July 2021. That’s more than the annual run rate of $43 billion around July 2020.

Of the 873 hedge funds surveyed by Insider Monkey in the second half, 271 held a stake in the company worth $60 billion in total.

#8 Microsoft Corporation (NASDAQ:MSFT) is also trending because of the Google news, as Microsoft Corporation (NASDAQ:MSFT) is one of the leaders in the cloud. According to Microsoft Corporation (NASDAQ:MSFT) in July 2021, “Microsoft Cloud capability is greater than ever with more than 95 percent of Fortune 500 companies using Azure… We are investing in our partner ecosystem to help partners do business with As of July 1, we have reduced our marketplace transaction costs from 20 percent to 3 percent.”

238 of the 873 hedge funds surveyed by Insider Monkey had a stake in the company by the end of the first half of this year, with a stake of $62.5 billion.

#7 Bank of America Corporation (NYSE:BAC) rose 7.01% this week, with the Fed meeting likely helping stocks rise this week. With the data released from the Fed meeting, it appears that interest rate expectations have risen. Since Bank of America Corporation (NYSE:BAC) has a significant commercial banking business, future earnings estimates for Bank of America Corporation (NYSE:BAC) are also likely to increase. Warren Buffett’s Berkshire Hathaway was a major holder of Bank of America Corporation (NYSE:BAC) at the end of the second quarter with a stake of 1,010,100,606 shares.

#6 Citigroup Inc. (NYSE:C) rose about 4.6% this week, also on the back of the Fed meeting likely to raise interest rate expectations. The shares of Citigroup Inc. (NYSE:C) may be helped by Fed Chariman Jerome Powell’s comments: “The situation in Evergrande seems very special for China, which has a very high debt to an emerging market economy. You’d worry it would affect the global financial situation through trust channels and things like that, but I wouldn’t draw a parallel with the US corporate sector.” Of the roughly 873 elite funds in our database, 87 were long Citigroup Inc. (NYSE: C) at the end of the second quarter, a decrease of 3 from the previous quarter.

Like Alphabet Inc. (NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Bank of America Corporation (NYSE:BAC), and Citigroup Inc. (NYSE:C), Intel Corporation (NASDAQ:INTC) and Tesla, Inc. (NASDAQ:TSLA) were in the spotlight this week.

Click to read on and see why these 5 stocks were in the spotlight this week.

Suggested Articles

10 Stocks to Buy and Hold According to Bill Gates

Here’s What Hedge Funds Think About Microsoft Corporation (MSFT)

Were hedge funds right about Amazon.com, Inc. (AMZN)?

Disclosure: none. Why these 10 stocks were in the spotlight this week was originally published on Insider Monkey.

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