What Drove These Three Stocks Lower On Friday?

While the markets started the last day of the trading week on a positive note, a number of stocks slumped in pre-market trading and extended their losses after the bell. In this article, we will take a look at three stocks that are losing ground today, will assess the news that sparked their declines, and will see whether the hedge fund sentiment towards them suggests whether today’s depreciation makes them more attractive for long-term investors.

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ClubCorp Holdings Inc (NYSE:MYCC)‘s stock opened around 3% lower Friday after the company disclosed its financial results for the third quarter after the bell on Thursday, reporting revenue of $255 million, up by 24.9% on the year, though its net income declined to $1.19 million from $3.27 million a year earlier. Likewise, the revenue was above analysts’ estimates of $252.8 million, but the earnings per share of $0.02 disappointed the Street, which expected EPS of $0.16. Still, despite Friday’s drop, the stock is up by over 15% year-to-date and the funds from our database are bullish on ClubCorp Holdings Inc (NYSE:MYCC) as they owned nearly 19% of the company at the end of June. A total of 26 funds reported stakes worth $292.16 million in the previous round of 13F filings, while the largest stake was held by Ken Griffin‘s Citadel Investment Group, which reported ownership of 3.35 million shares in its latest 13F, up by 86% on the quarter.

We’ll dissect two of Friday’s most prominent decliners on the following page.