Hedge funds Lose After Adobe $ADBE Shares Fall Nearly 11%

Shares of Adobe (ADBE) fell Wednesday after the company announced that it would no longer be focusing on making Flash for mobile browsers. Specifically, ADBE stated, “Our future work with Flash on mobile devices will be focused on enabling Flash developers to package native apps with Adobe AIR for all the major app stores. We will no longer adapt Flash Player for mobile devices to new browser, OS version or device configurations.” The company is focusing its efforts on HTML5 instead. ADBE is also going through a major restructuring, laying off roughly 750 employees, reports Bloomberg. After closing at $30.42 a share Tuesday, ADBE was trading at just $27.14 at 11 am EST.

The following hedge funds lost the most:

1.Pennant Capital Management – Alan Fournier: Lost $18.5 million

2. Valueact Capital – Jeffrey Ubben: Lost $15.4 million

3. Legg Mason Capital Management – Bill Miller: Lost $10.7 million

4. Renaissance Technologies – Jim Simons: Lost $3.9 million

5. Citadel Investment Group – Ken Griffin: Lost $2.3 million

6. Highbridge Capital Management – Glenn Russell Dubin: Lost $1.5 million

7. Adage Capital Management – Phill Gross And Robert Atchinson: Lost $1.4 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in ADBE since the end of June. We did not take into account their option positions.