The Dow Jones (DJIA) is set to open Friday’s trading session in the green after the release of July’s retail sales data. UnitedHealth Group (UNH) is also providing a boost to the index after several notable hedge funds disclosed stakes in the embattled healthcare giant.
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July’s retail sales increased by 0.5% month-over-month, in line with the estimate. Core retail sales, which strip out volatile categories such as gas and autos, rose 0.3% month-over-month, also matching the estimate.
Hedge Funds Go Shopping for UNH Stock
UNH is the ninth-largest Dow Jones component with a 4.10% weight. Thursday marked the deadline for hedge funds to submit their equity and options positions for the second quarter, and UnitedHealth turned out to be a hedge fund favorite. Warren Buffett’s Berkshire Hathaway disclosed a 5.03 million share position, while David Tepper’s Appaloosa added 2.45 million shares. Michael Burry, star of The Big Short movie, joined in on the fun by buying calls on 350,000 shares.
Investors are taking notice of UnitedHealth’s growing popularity among hedge funds, with UNH stock up 11.53% in premarket trading.
