In this article, we will discuss some of the notable stocks losing ground today. To take a look at some more stocks that are declining, go to These 5 Stocks are Losing Ground Today.
Overall, market sentiment appears to be promising today as investors are anticipating positive results from the negotiations between Russia and Ukraine. The S&P 500, Dow Jones Industrial Average (DJIA) Index and the NASDAQ Composite are up 0.47%, 0.29%, and 0.96%, respectively, as of 12:41 PM ET. However, stocks such as The Mosaic Company (NYSE:MOS), GameStop Corp. (NYSE:GME), and CVS Health Corporation (NYSE:CVS) were seen moving in the opposite direction to the market.
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Let’s analyze the reasons why these 10 stocks are losing value today and discuss how hedge funds are positioned in them.
10. NortonLifeRock Inc. (NASDAQ:NLOK) has dipped 4.9% as of 11:07 AM ET after the Tempe, Arizona-based cybersecurity software and services company received a downgrade in rating from Hamza Fodderwala at Morgan Stanley. The analyst downgraded the stock from an Overweight to an Equal-weight rating while maintaining a price target of $28. The target price is 18 cents or 0.6% lower than the last closing price. The macroeconomic environment and slowing sales offer a downside to the revenue forecast of NortonLifeRock Inc. (NASDAQ:NLOK) for FY23. Furthermore, NortonLifeRock Inc. (NASDAQ:NLOK) is facing a regulatory overhang related to the Avast deal. Due to these developments, the analyst sees limited catalysts in the stock to provide any upside. Of the 924 hedge funds in Insider Monkey’s database, 36 funds held a stake in NortonLifeRock Inc. (NASDAQ:NLOK) at the end of Q4 2021.
9. Reynolds Consumer Products Inc. (NASDAQ:REYN) has crashed by more than 2.9% as of 12:02 PM ET after the Lake Forest, Illinois-based packaging company was double downgraded from a Buy to a Sell rating by analyst Jason English at Goldman Sachs. Meanwhile, the target price was slashed by over 23% to $26, as opposed to $34 previously. The analyst updated his coverage on consumer staples and incorporated the impact of inflation in commodity prices and currency volatility due to the conflict between Russia and Ukraine. As of Q4 2021, 11 hedge funds had a holding in Reynolds Consumer Products Inc. (NASDAQ:REYN). Harris Associates had a stake worth over $21 million in Reynolds Consumer Products Inc. (NASDAQ:REYN), making it the leading investor in the company as of Q4 2021.
8. ConocoPhillips (NYSE:COP) is 3.7% in the red as of 11:26 AM ET as crude oil prices have declined significantly following hopes of successful negotiations between Russia and Ukraine. Russia is no longer demanding Ukraine to be free from western influence and would allow the country to become part of the EU, provided Ukraine agrees to remain neutral militarily and drop its aspiration to join NATO. Out of the 924 hedge funds covered by Insider Monkey, ConocoPhillips (NYSE:COP) was held by 56 hedge funds as of Q4 2021. Fisher Asset Management was long over 6 million shares of ConocoPhillips (NYSE:COP) at the end of the fourth quarter.
7. Elbit Systems Ltd. (NASDAQ:ESLT) has declined 8.7% as of 11:42 AM ET after the Israeli aerospace and defense company reported a lower than expected profit for Q4 2021. Elbit Systems Ltd. (NASDAQ:ESLT) reported revenue of $1.49 billion, which reflected an increase of 8% YoY. However, the non-GAAP EPS declined to $2.14, down from $2.38 during the same period last year. Elbit Systems Ltd. (NASDAQ:ESLT)’s backlog increased by 23.9% YoY to $13.66 billion as of December 31. Out of this, 72% of the backlog is from outside Israel, and 60% of the backlog delivery is expected to be done in 2022 and 2023. As of Q4 2021, Elbit Systems Ltd. (NASDAQ:ESLT) was held by 5 hedge funds, up from 4 in the third quarter.
6. Archer-Daniels-Midland Company (NYSE:ADM) has fallen 6.2% as of 11:50 AM ET as progress in peace talks between Russia and Ukraine is causing agricultural commodity prices to decline. On the Chicago Board of Trade, the most active wheat contract lost 7.3% of its value to fall below the $10 mark for the first time since early March. This reflects that the war premium in commodity prices has started to diminish. Russia and Ukraine are responsible for 30% of wheat exports globally. Out of the 924 hedge funds covered by Insider Monkey, 41 funds had a holding in Archer-Daniels-Midland Company (NYSE:ADM) as of Q4 2021.
In addition to Archer-Daniels-Midland Company (NYSE:ADM), stocks such as The Mosaic Company (NYSE:MOS), GameStop Corp. (NYSE:GME), and CVS Health Corporation (NYSE:CVS) reported a decline in the stock prices today.
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Disclose. None. These 10 Stocks are Losing Ground Today is originally published on Insider Monkey.
