Why Are Investors Selling These Four Stocks Today?

In other news, ON Semiconductor Corp (NASDAQ:ON) shares have fallen 6.6% today after an undisclosed buyer bid $21.70 per share in cash for Fairchild Semiconductor Intl Inc (NASDAQ:FCS), or $1.70 per share higher than ON’s bid of $20 in November. Investors are selling because they worry ON Semiconductor Corp (NASDAQ:ON) could bid more for Fairchild in its attempt to realize annual synergies of upwards of $150 million. Although the acquisition was originally considered a done deal when ON Semiconductor announced a ‘definitive agreement’ to acquire Fairchild in November, the new bid now throws a ratchet into everyone’s calculations. According to our extensive database, 29 funds were long the stock in the third quarter, down 11 from the second quarter. David Einhorn’s Greenlight Capital owned 17.31 million shares as of the latest 13F filing period.

Last but not least, Wabash National Corporation (NYSE:WNC) is 6% in the red in afternoon trading after the analysts at Stifel Nicolaus downgraded the transportation equipment maker to ‘Hold’ from ‘Buy’ ( although they kept their $12 price target on the company, giving the stock 10% upside). Because of today’s retreat, shares of Wabash National Corporation (NYSE:WNC) have lost around 11% year-to-date and trade at 8.4 times forward earnings. Despite today’s decline, hedge funds have been cautiously optimistic on the stock, with 24 elite funds owning shares in Q3, up from the 20 funds a quarter earlier.

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