Amgen, Esperion, AmTrust Financial and More: What is Going On With These Falling Stocks?

AmTrust Financial Services Inc (NASDAQ:AFSI) shares are off 17% after the it disclosed that ‘additional time is needed for the Company to complete its consolidated financial statements and assessment of internal controls over financial reporting for the fiscal year ended December 31, 2016, and, as a consequence, for the Company’s auditor, KPMG LLP, to complete its audit procedures and audit of the consolidated financial statements included in the Form 10-K. Accordingly, the Company will file its Form 10-K for the year ended December 31, 2016 as soon as practicable.’ Given that shareholders dislike uncertainty, AmTrust is off substantially. 21 elite funds had a bullish position in AmTrust Financial Services Inc (NASDAQ:AFSI) at the end of December, down one from the previous quarter.

Bank of America Corp (NYSE:BAC) shares are off by 1% due to profit taking. Given the huge run-up since the November election and the fact that the Federal Reserve has implied only two more rate hikes in 2017, many bulls are taking some money off the table as a big chunk of the good news has already been priced in. Although many believe shares are still a good long term buy and the stock could still rally in the short term, some traders are being a little bit cautious for now. 139 elite funds owned shares of Bank of America Corp (NYSE:BAC) as of the most recent 13-F reporting period, up 27 funds from the previous quarter.

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