In this article, we take a look at five stocks that are losing today. If you want to take a look at some more stocks that are declining on Monday and the latest market situation, go to Investors are Bearish on These 10 Stocks Today.
5. Shaw Communications Inc. (NYSE:SJR) has fallen 9.22% as of 11:56 AM ET after it was revealed that the Canadian Commissioner of Competition plans to oppose the company’s $16 billion merger with Rogers Communications Inc. (NYSE:RCI). The application will be filed with the Competition Tribunal. Shaw Communications Inc. (NYSE:SJR) intends to offload its wireless business, Freedom Mobile, to complete the merger. This action would be required to address the concerns related to the highly competitive wireless market following the merger. For the deal to go through, Rogers Communications Inc. has requested its competitor Quebecor Inc. to bid for Freedom Mobile.
Shaw Communications Inc. (NYSE:SJR) was held by 19 hedge funds at the end of Q4 2021.
4. Coinbase Global, Inc. (NASDAQ:COIN) has slipped 13.06% as of 11:57 AM ET after the stock of the Delaware-based cryptocurrency exchange platform came under pressure following a decline in cryptocurrency prices due to broad macroeconomic concerns. Coinbase Global, Inc. (NASDAQ:COIN) stock has lost more than 70% of its value since its IPO in April last year and is trading below the $100 level for the first time since going public. Since the start of the year, notable cryptocurrencies like Bitcoin, Ethereum, and Litecoin have declined by over 25%.
Catherine Wood’s ARK Investment Management was the leading hedge fund investor in Coinbase Global, Inc. (NASDAQ:COIN) as of Q1 2022. Overall, 57 funds held a stake in Coinbase Global, Inc. (NASDAQ:COIN) at the end of Q4 2021.
3. Rivian Automotive, Inc. (NASDAQ:RIVN) has crashed 13.69% as of 11:58 AM ET after the lockup period of the Irvine, California-based electric vehicle company came to an end today. It was revealed that Ford Motor Company (NYSE:F) will offload 8 million shares of the EV company following the expiry of the lockup period. The stock price of Rivian Automotive, Inc. (NASDAQ:RIVN) fell below the $30 level for the first time on Friday since going public in November last year. Moreover, it was shared that JPMorgan Chase also intends to offload a holding of 13 million to 15 million shares to an undisclosed seller. Rivian Automotive, Inc. (NASDAQ:RIVN) is expected to report its earnings after the closing bell on Wednesday.
Overall, 47 hedge funds held a stake in Rivian Automotive, Inc. (NASDAQ:RIVN) at the end of Q4 2021.
2. Occidental Petroleum Corporation (NYSE:OXY) has sunk 8.06% as of 11:58 AM ET. The Houston, Texas-based crude oil and natural gas exploration and production (E&P) company is absorbing the impact of a decline in crude oil prices. The West Texas Intermediate (WTI) crude oil benchmark is down 5.44% as of 11:58 AM ET as a new round of COVID-related lockdowns raised concerns related to the demand for crude oil. In response to this development, the Saudi-state owned energy giant Aramco has slashed its oil export prices for the first time in the last four months. The price reduction has come after multiple rounds of price hikes since the start of the Russia and Ukraine conflict.
According to Insider Monkey’s proprietary data, 58 hedge funds held a stake in Occidental Petroleum Corporation (NYSE:OXY) as of Q4 2021, with a combined value of $3.87 billion. Fisher Asset Management was long over 843,000 shares of Occidental Petroleum Corporation (NYSE:OXY) in Q1 2022.
1. Twitter, Inc. (NASDAQ:TWTR) has dipped 2.33% as of 11:59 AM ET after a new report issued by Hindenburg Research stated that the $44 billion acquisition by Tesla’s CEO Elon Musk could be repriced lower. The firm anticipates the share price of Twitter, Inc. (NASDAQ:TWTR) to decline to $31.40 following the tech sell-off. Analysts think that if Elon Musk pulls back, Twitter, Inc. (NASDAQ:TWTR) offers a downside risk of 50%, which makes it an attractive short. However, Musk will have to pay a breakup fee of $1 billion in case the deal does not go through.
Of the 924 hedge funds in Insider Monkey’s database, Twitter, Inc. (NASDAQ:TWTR) was held by 83 hedge funds as of Q4 2021.
You can also take a peek at the 10 European Defense Stocks to Buy Now and 10 Finance Stocks to Buy Today According to George Soros’ Soros Fund Management.
