Hedge Funds Lose Big After NetApp $NTAP Shares Fall Almost 13%

NetApp Inc (NTAP) shares sunk from $40.74 at close Wednesday to trade at just $35.57 a share as of 3:30pm EST. NTAP prices fell almost 13% “after the company said late Wednesday that for its fiscal third-quarter, it expects to earn between 36 cents and 40 cents a share, or between 56 cents and 60 cents a share, excluding certain items, on revenue in a range of $1.52 billion to $1.61 billion. That forecast fell short of the 63 cents a share on $1.65 billion in revenue estimated by analysts surveyed by FactSet Research,” reports MarketWatch.

The following funds lost the most:

1. Lone Pine Capital – Stephen Mandel: Lost $39.1 million

2. Fisher Asset Management – Ken Fisher: Lost $28.6 million

3. Coatue Management – Philippe Laffont: Lost $14.4 million

4. Maverick Capital – Lee Ainslie: Lost $13.7 million

5. Conatus Capital Management – David Stemerman: Lost $11.3 million

6. Cadian Capital – Eric Bannasch: Lost $11.2 million

7. Citadel Investment Group – Ken Griffin: Lost $8.2 million

8. D E Shaw – D. E. Shaw: Lost $5.1 million

9. Paulson & Co – John Paulson: Lost $5.0 million

10. Navellier & Associates – Louis Navellier: Lost $4.3 million

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