These 4 Stocks Have Investors Scrambling for the Exits Today

U.S stocks are trading higher today, despite oil prices dipping into the red again. The energy sector is driving the bullishness nonetheless, advancing by approximately 2%, mainly due to Chevron Corporation (NYSE:CVX). In this article, however, we’ll take a look at the stocks that have not followed the herd. They are Accelerate Diagnostics Inc (NASDAQ:AXDX), First Solar, Inc. (NASDAQ:FSLR), Ciena Corporation (NYSE:CIEN) and Men’s Wearhouse Inc (NYSE:MW). Let’s find out what made investors dump these stocks today and what the smart money investors that we track think of their longer term outlook.

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Accelerate Diagnostics Inc (NASDAQ:AXDX) shares took a hit this morning after the company announced an underwritten public offering of roughly 5.6 million shares at $17 apiece. Underwriters were also offered 30-day options to purchase up to 838,235 shares at the public offering price. The offering is expected to close on December 15, 2015 and the company looks to raise approximately $95 million through it, which it plans to use for general corporate purposes. Shares of Accelerate Diagnostics plunged by as much as 10% during the first hour of trading today, but have since rebounded to currently trade down by about 3.57%.

The popularity of Accelerate Diagnostics Inc (NASDAQ:AXDX) among hedge fund managers took a tumble during the third quarter, as the number of holdings reported by elite funds dropped to 11, from 14 at the end of June. Matthew Strobeck of Birchview Capital is the biggest fan of this stock in our database, holding some 2.06 million shares valued at $33.4 million according to the fund’s latest 13F filing.

First Solar, Inc. (NASDAQ:FSLR) announced fiscal year 2016 forward guidance yesterday after the market close and the numbers were not pretty judging by the resultant trading action. The largest U.S manufacturer of solar panels reported that it expects earnings to range between $4.00 and $4.50 per share, on the back of $3.9 billion-to-$4.1 billion in revenue. The company also said that it expects costs to rise by $300 million-to-$400 million compared to fiscal year 2015. Analysts were looking for revenue of $4.07 billion and a profit of $4.09 a share for the 2016 fiscal year. First Solar shares are currently down by roughly 9.91% this afternoon.

By the end of the third quarter, First Solar, Inc. (NASDAQ:FSLR) could be found in the equity portfolios of 34 hedge funds, up from 30 at the end of the second quarter. Israel Englander was among the managers that drove that bullishness, boosting his stake by 433% during the quarter. In its latest quarterly report, Millennium Management indicated ownership of 1.05 million First Solar shares worth $45.2 million.

Shares of Ciena Corporation (NYSE:CIEN) are currently down by approximately 17% after the company announced a fiscal year 2015 fourth-quarter loss of $13.8 million. The fiber optics giant reported revenue of $692 million for the quarter, beating market expectations of $683.9 million. The company also posted a loss of $0.10 per share. When adjusted for amortization costs and stock option expense, earnings stood at $0.42 per share, above the Street’s estimate of $0.32 per share. What upset investors most was the company’s guidance for the current financial quarter: revenue between $555 million-to-$590 million, which is nowhere near analyst expectations of $636 million.

Ciena Corporation (NYSE:CIEN) also registered a boost in popularity among the hedge funds we follow, with 33 of them reporting a long position in the stock as of the end of September, up from 31 as of the end of June. Joel Greenblatt made a big play on this stock, increasing his holding by 780% during the quarter. Gotham Asset Management holds 1.55 million Ciena shares worth a little over $32.1 million. Israel Englander also stepped up his interest, boosting his stake to 1.89 million shares.

Jos. A. Bank sinks Men’s Wearhouse Inc (NYSE:MW) shares again, with them falling by under 20% today after the company reported a loss in its latest quarterly financial report, after having delivered a profit for the same period of last year. Third-quarter earnings stood at $0.50 a share, when adjusted for one-time costs, which was in-line with Wall Street’s expectations. The Houston-based company also registered revenue of $865.4 million, below the consensus estimate of $877 million. The company’s weak link continues to be Jos. A. Bank, as same-store sales for that brand plunged by 35% year-over-year during the latest quarter, compared to a 5.5% growth for other brands. Men’s Wearhouse said it is now looking for opportunities for cost reduction, including labor and advertising expenses.

Roughly 38% of Men’s Wearhouse Inc (NYSE:MW)’s common stock was held by 39 top funds at the end of the third quarter, up from 33 at the end of June. Ricky Sandler is betting big on this stock, having increased his investment by 25% during the quarter. His fund, Eminence Capital, reported ownership of 3.98 million shares valued at $169 million. Stephen V. Raneri‘s LionEye Capital Management was also buying MW shares during the quarter, taking its position to 2.51 million shares worth $106 million.

Disclosure: None