This is Driving The Declines at Nokia (NOK), Micron (MU), Alibaba (BABA), Xerox & Kinder Morgan Today

Micron Technology, Inc. (NASDAQ:MU) is down by just under 2% on Monday afternoon, along with oil and the broader market, even though analysts at Goldman Sachs upgraded the stock to ‘Neutral’ this morning. According to the firm, the decline that the stock experienced recently now makes its valuation attractive.

It seems like there are still many hedge funds bullish on Micron Technology, Inc. (NASDAQ:MU)’s long-term potential. As of the end of the third quarter, 71 funds in our database were long the stock and held 11.5% of its total shares. D E Shaw declared holding 12.41 million shares of the company, worth more than $185 million as of September 30.

Yet another stock tumbling on Monday is Alibaba Group Holding Ltd (NYSE:BABA), down by roughly 0.5% since the market opened, having rebounded from a steeper slide earlier in the day. The dip is probably due to the news that competitor JD.Com Inc(ADR) (NASDAQ:JD) has added the Calvin Klein and Under Armour Inc (NYSE:UA) brands to its site’s offerings. “While the brands will not be on JD.com exclusively, the deals are still significant for the company as it battles against Alibaba, its biggest rival, to attract more international sellers. The hope is that having more international products on its site will give Chinese consumers more reason to shop on the site,” an article from The Street explained.

In fact, Alibaba Group Holding Ltd (NYSE:BABA) seems to be losing popularity among hedge funds as well. Over the latest reported quarter, the number of hedge funds in our database with long positions in the company fell by almost 30% to 60. Also interestingly, ownership of Alibaba’s shares among the investors that we track stood at only 2.6% as of September 30.

Finally, there’s Xerox Corp (NYSE:XRX), down about 2.9% in the afternoon hours, after analysts at Morgan Stanley downgraded their rating on the stock from to ‘Equal Weight’ from ‘Overweight’. The experts also trimmed their price target by $1.50 to $12.00, even though they said they see the recently announced split of the company as a positive.

Last Friday, famed investor Carl Icahn said that his firm, Icahn Capital LP, held 92.38 million shares of Xerox Corp (NYSE:XRX). This stake accounts for 9.12% of the company’s outstanding common stock, and implies a substantial increase from the 82.31 million owned shares disclosed in December. Icahn also expressed his belief that the company’s split was a positive development.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.