May 21, 2024

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Why These 10 Stocks Surged on Tuesday

In this article we will take a look at the some notable stocks that rose today. You can skip our detailed analysis of these stocks and go to read Why These 5 Stocks Surged on Tuesday.

Despite the overall market not moving very much on Tuesday, several stocks such as Cadence Design Systems, Inc. (NASDAQ:CDNS), Invesco Ltd. (NYSE:IVZ), NVIDIA Corporation (NASDAQ:NVDA), Arista Networks, Inc. (NYSE:ANET), S&P Global Inc. (NYSE:SPGI), Ecolab Inc. (NYSE:ECL), and Baker Hughes Company (NYSE:BKR) were more volatile. Let’s analyze why each stock rose and how elite funds were positioned among them.

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10. NVIDIA Corporation (NASDAQ:NVDA) surged 6.7% after Facebook announced plans to substantially increase its capital spending for 2022 to build out its new products such as the metaverse. If Facebook spends substantially more, NVIDIA Corporation (NASDAQ:NVDA) could potentially sell more chips for AI and machine learning. Ken Fisher’s Fisher Asset Management owned more than 4.8 million shares of NVIDIA Corporation (NASDAQ:NVDA) at the end of September.

9. Arista Networks, Inc. (NYSE:ANET) rose 4.55% on Tuesday also due to Facebook’s spending plans. While Facebook spent an estimated $19 billion in capital expenditures in 2021, it expects to spend $29 billion to $34 billion in 2022. If Facebook spends more in capital expenditures, Arista Networks, Inc. (NYSE:ANET) could potentially sell more products. Steve Cohen’s Point72 Asset Management was a holder of Arista Networks, Inc. (NYSE:ANET) at the end of June.

8. S&P Global Inc. (NYSE:SPGI) increased over 3.8% after the company reported adjusted earnings per share of $3.54 and revenue of $2.09 billion. S&P Global Inc. (NYSE:SPGI) CEO Douglas Peterson said, “The strong global economic growth, elevated M&A activity, strong stock markets, and increased volatility realized in the third quarter created a solid underpinning for our businesses.” Cantillon Capital Management owned more than 2.3 million shares of S&P Global Inc. (NYSE:SPGI) at the end of September.

7. Ecolab Inc. (NYSE:ECL) rose almost 4% after the company’s top and bottom lines exceeded estimates for Q3. While Wall Street was expecting EPS of $1.30 and revenue of $3.27 billion, Ecolab had adjusted EPS of $1.38 and sales of $3.32 billion. Accelerated pricing was one key factor for Ecolab Inc. (NYSE:ECL)’s growth in the quarter. Cantillon Capital Management owned more than 1.88 million shares of Ecolab Inc. (NYSE:ECL) at the end of September.

6. Baker Hughes Company (NYSE:BKR) rose 2% on Tuesday due to the continued optimism over oil prices. If oil prices stay higher than before, demand for Baker Hughes Company (NYSE:BKR)’s services could be stronger than last year. Fisher Asset Management was among the elite holders of Baker Hughes Company (NYSE:BKR) at the end of September.

Like NVIDIA Corporation (NASDAQ:NVDA), Arista Networks, Inc. (NYSE:ANET), S&P Global Inc. (NYSE:SPGI), Ecolab Inc. (NYSE:ECL), and Baker Hughes Company (NYSE:BKR), Cadence Design Systems, Inc. (NASDAQ:CDNS) and Invesco Ltd. (NYSE:IVZ) also rose on Tuesday.

Click to continue reading and see Why These 5 Stocks Surged on Tuesday.

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Disclosure: None. Why These 10 Stocks Surged on Tuesday is originally published on Insider Monkey.