What Sent These Five Stocks Lower on Monday?

Page 2 of 2

Iconix Brand Group Inc (NASDAQ:ICON)‘s stock has lost 23% so far today after the reports emerged that the company is being investigated by the US Securities and Exchange Commission in relation to accounting issues related to some of its joint ventures. The company has to restate several of its financial statements since 2013, as it stated earlier in November (the announcement on November 6 sent the stock 57% lower). Overall, Iconix Brand Group Inc (NASDAQ:ICON)’s stock is 83% in the red year-to-date and its popularity among the funds we track also plunged with 11 funds holding around 24% of the company’s outstanding stock at the end of September, versus 18 funds a quarter earlier.

Follow Iconix Brand Group Inc. (NASDAQ:ICON)

With oil down by over 3% earlier today on the back of fears about an extended oversupply, Chesapeake Energy Corporation (NYSE:CHK)‘s stock has declined by another 8% today, which erased the gains of the previous couple of days and sent the stock 79% down year-to-date. The company is currently working with Evercore on identifying solutions to reduce its huge pile of debt as natural gas and oil prices are forecasted to stay low in the near future. Not helping oil and gas prices was the warm weather that reduced the demand for natural gas in the US and Canada. Among the funds we follow, 34 investors reported holding shares of the company in their latest 13F filings for the end of September, slightly up from 33 a quarter earlier.

Follow Expand Energy Corp (NYSE:EXE)

Finally, Freeport-McMoRan Inc (NYSE:FCX)‘s shares have fallen by almost 8% after the company said that its Chairman of the Board and co-founder James R. Moffett is going to resign from the board of directors. Moffett will become a consultant to the board. The company added that Gerald J. Ford was elected as Non-Executive Chairman. A couple of months ago, activist Carl Icahn took an 8.8% stake in Freeport-McMoRan Inc (NYSE:FCX) and in October, the investor said that he intended to pursue the company to reduce the number of directors to 11 and to appoint two representatives on the board. Overall, 44 funds among those we track reported long positions in Freeport-McMoRan Inc (NYSE:FCX) as of the end of the third quarter.

Follow Freeport-Mcmoran Inc (NYSE:FCX)

Disclosure: none

Page 2 of 2