In this article, we will discuss some of the popular stocks losing on Monday. To take a look at some more stocks that are in the news, go to Investors are Bearish on These 5 Stocks Today.
The US stocks have fallen to their lowest level since the start of the year as the S&P 500 Index has dropped 2.34% as of 11:59 AM ET to a YTD low of just over 4,000. The market is under pressure after closing in the red for the past five consecutive weeks. Moreover, The NASDAQ Composite Index has declined 3.11%, and the Dow 30 Index has plummeted 1.52% as of 11:59 AM ET. Popular companies that investors are bearish on today include Coinbase Global, Inc. (NASDAQ:COIN), Rivian Automotive, Inc. (NASDAQ:RIVN), and Twitter, Inc. (NASDAQ:TWTR).
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Let’s look at why these stocks are losing today and discuss how hedge funds are positioned in them.
10. Intel Corporation (NASDAQ:INTC) has declined 1.86% as of 11:56 AM ET after reports that the Santa Clara, California-based company is facing delays in launching its much anticipated Arc Alchemist series of graphic cards. Initially, the graphic card series launch was expected to take place last year, but Intel Corporation (NASDAQ:INTC) delayed it to Q2 2022. Now, there are reports that the launch is likely to take place between the start of July and the end of August. Intel Corporation (NASDAQ:INTC) shared that the delay in launch is due to software issues.
Out of the 72 hedge funds holding a stake in Intel Corporation (NASDAQ:INTC), Seth Klarman’s Baupost Group was the leading hedge fund investor in the company as of Q4 2021.
9. Tesla, Inc. (NASDAQ:TSLA) is 6.01% in the red as of 11:56 AM ET after the shares of the Austin, Texas-based electric vehicle company came under pressure due to investors’ concerns regarding the macroeconomic outlook and lockdowns in China. Furthermore, Volkswagen CEO Herbert Diess said that his company would not give up on its mission of overtaking Tesla, Inc. (NASDAQ:TSLA) to become the biggest seller of electric vehicles globally by 2025. Diess stated that Volkswagen’s diversified product offering comprising mass-market to luxury and premium EVs would aid in surpassing Tesla, Inc. (NASDAQ:TSLA) as the market leader.
As of Q4 2021, 91 hedge funds held a stake in Tesla, Inc. (NASDAQ:TSLA).
8. Palantir Technologies Inc. (NYSE:PLTR) has lost 21.02% of its value as of 11:49 AM ET after the Colorado-based software company specializing in big data analytics reported a slowdown in sales growth. Palantir Technologies Inc. (NYSE:PLTR) has been scaling its salesforce to expand its footprint in the middle of intense competition. The company highlighted that the recent conflict between Russia and Ukraine could provide a “wide range” of potential upside to its estimates due to more opportunities to render services to the US army and the CIA. However, Palantir Technologies Inc.’s (NYSE:PLTR) first-quarter results did not reflect any impact of this potential upside.
Out of the 924 hedge funds covered by Insider Monkey, 33 funds held a stake in Palantir Technologies Inc. (NYSE:PLTR) as of Q4 2021.
7. Advanced Micro Devices, Inc. (NASDAQ:AMD) is down 6.95% as of 11:56 AM ET. High-flying tech stocks are taking a hit due to a broad market sell-off. Shareholders are taking a cautious approach by liquidating their holdings and looking toward economic data and corporate earnings to understand the strength of the economy better. Investors are facing uncertainty from all fronts as the Federal Reserve increased the benchmark rates last week to combat inflation. Moreover, the conflict between Russia and Ukraine has created geopolitical tensions, contributing to a fear of recession. Such circumstances have created an adverse environment for tech companies such as Advanced Micro Devices, Inc. (NASDAQ:AMD) to achieve their growth objectives.
Advanced Micro Devices, Inc. (NASDAQ:AMD) was held by 69 hedge funds as of Q4 2021. Fisher Asset Management is the leading investor in Advanced Micro Devices, Inc. (NASDAQ:AMD) as of Q1 2022.
6. Uber Technologies, Inc. (NYSE:UBER) has plummeted 6.81% as of 11:57 AM ET after a letter from CEO Dara Khosrowshahi revealed that the San Francisco, California-based ride-hailing corporation intends to cut down its marketing expense and slow down new hiring. Uber Technologies, Inc. (NYSE:UBER) shared that the company’s driver pool is currently at its highest level since the start of the pandemic. The company intends to achieve break-even status on a free cash flow basis as opposed to the prior target of achieving breakeven at an adjusted EBITDA level.
Of the 924 hedge funds in Insider Monkey’s database, Uber Technologies, Inc. (NYSE:UBER) was held by 153 hedge funds as of Q4 2021.
Along with Uber Technologies, Inc. (NYSE:UBER), some other notable stocks that are declining today include Coinbase Global, Inc. (NASDAQ:COIN), Rivian Automotive, Inc. (NASDAQ:RIVN), and Twitter, Inc. (NASDAQ:TWTR).
Click to continue reading and see Investors are Bearish on These 5 Stocks Today.
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Disclose. None. Investors are Bearish on These 10 Stocks Today is originally published on Insider Monkey.
