In this article, we will take a look at the 10 trending stocks to watch today. If you want to see some more companies on the list, go directly to 5 Trending Stocks to Watch Today.
U.S. stocks edged higher on Monday, with all three key indices in green as of 01:20 PM ET. On the other hand, the 10-year Treasury dropped back to 4.20 percent in mid-day trading after hitting a high of 4.28 percent this morning.
Meanwhile, Chinese stocks, including Alibaba Group Holding Limited (NYSE:BABA), JD.com, Inc. (NASDAQ:JD) and NIO Inc. (NYSE:NIO), fell sharply today after Chinese President Xi Jinping was named party chief for a third term. The latest selloff was apparently driven by investors’ concerns related to Xi’s tightening policies around China’s tech sector.
Besides Alibaba Group Holding Limited (NYSE:BABA), shares of Tesla, Inc. (NASDAQ:TSLA) and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) also dropped this morning.
Tesla, Inc. (NASDAQ:TSLA) shares fell after the company lowered the prices of some models in China. On the other hand, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) shares slid after the semiconductor giant reportedly stopped shipping advanced silicon to Chinese intelligent chip design firm Biren Technology.
In addition, Meta Platforms, Inc. (NASDAQ:META) and AT&T Inc. (NYSE:T) also made their way into the headlines this morning. Check out the remaining article to see why these stocks are trending on Monday.
10. HNI Corporation (NYSE:HNI)
Number of Hedge Fund Holders: 10
HNI Corporation (NYSE:HNI) caught investors’ attention this morning after releasing financial results for the third quarter. The office furniture manufacturer reported adjusted earnings of 71 cents per share, up from 43 cents per share in the year-ago period.
In addition, HNI Corporation (NYSE:HNI) posted revenue of $598.8 million, up 2.1 percent on a year-over-year basis. Analysts were looking for earnings of 64 cents per share on revenue of $642.29 million.
Looking forward, HNI Corporation (NYSE:HNI) expects its fourth-quarter adjusted profit to drop on a sequential basis. However, it expects the numbers to come slightly higher than the comparable period of 2021.
9. Myovant Sciences Ltd. (NYSE:MYOV)
Number of Hedge Fund Holders: 10
Myovant Sciences Ltd. (NYSE:MYOV) is next on the list of 10 trending stocks to watch today. The biopharmaceutical company’s shares climbed to a new high this morning after Japan-based Sumitomo Pharma improved its offer to buy the remaining shares of Myovant.
Sumitomo already holds nearly 52 percent stakes in Myovant Sciences Ltd. (NYSE:MYOV). It has now lifted its bid to $27 per share to buy the remaining shares. The offer represents a decent improvement from its previous bid of $22.75 per share, which was refused by Myovant earlier this month.
Goldman Sachs Group is offering advisory services to Myovant Sciences Ltd. (NYSE:MYOV) on the deal. The two companies expect the transaction to close in the first quarter of 2023.
8. Dorman Products, Inc. (NASDAQ:DORM)
Number of Hedge Fund Holders: 15
Shares of Dorman Products, Inc. (NASDAQ:DORM) turned red before the opening bell today after the aftermarket automotive parts supplier posted mixed Q3 results and cut its profit outlook for the full year.
Dorman Products, Inc. (NASDAQ:DORM) earned $1.17 per share on an adjusted basis, missing the consensus of $1.21 per share. On the bright side, revenue for the quarter rose 19 percent versus last year to $413.5 million, surpassing expectations of $407.54 million.
For fiscal 2022, Dorman Products, Inc. (NASDAQ:DORM) lowered its adjusted earnings guidance to a range of $4.70 – $4.90 per share, from its earlier forecast of $5 – $5.20 per share. The revised outlook also missed the expectations of $5.12 per share.
7. Kirby Corporation (NYSE:KEX)
Number of Hedge Fund Holders: 23
Shares of Kirby Corporation (NYSE:KEX) rose nearly three percent in pre-market trading Monday after announcing better-than-expected financial results for the third quarter. The marine transportation services provider reported earnings of 65 cents per share, contrary to a loss of $4.41 per share in the year-ago period.
Revenue for the quarter jumped 25 percent on a year-over-year basis to $745.8 million. Analysts expected Kirby Corporation (NYSE:KEX) to earn 59 cents per share on revenue of $725.8 million.
Kirby Corporation (NYSE:KEX) also released its segment-wise sales performance. Its marine transportation revenue increased to $433 million, from $338.5 million in the year-ago quarter. In comparison, its distribution and services revenue came in at $312.8 million, up from 260.4 million in the corresponding period of 2021.
Like Kirby Corporation (NYSE:KEX), Alibaba Group Holding Limited (NYSE:BABA), Tesla, Inc. (NASDAQ:TSLA), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) are also on the list of 10 trending stocks to watch today.
6. Vista Outdoor Inc. (NYSE:VSTO)
Number of Hedge Fund Holders: 25
Vista Outdoor Inc. (NYSE:VSTO) made its way into the headlines this morning after announcing the departure of its CFO Sudhanshu Priyadarshi and releasing preliminary results for its fiscal second quarter.
The outdoor sports products manufacturer reported that Priyadarshi would exit the company next month to pursue his career elsewhere. However, he will continue to fulfil his duties until his departure. Vista Outdoor Inc. (NYSE:VSTO) named Andrew Keegan as its interim CFO. Keegan is currently working as a vice president of finance and treasury at the company.
Vista Outdoor Inc. (NYSE:VSTO) also announced the preliminary results for its fiscal second quarter. It expects adjusted earnings of $1.71 per share on revenue of about $782 million. This compares to the consensus of $1.76 per share for earnings and $755 million for revenue.
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Disclosure: None. 10 Trending Stocks to Watch Today is originally published on Insider Monkey.