Why Are Investors Selling These Stocks Today?

Next up is AK Steel Holding Corporation (NYSE:AKS), whose stock is down more than 5%, as sentiment continues to deteriorate for the company. Spot prices for steel have fallen substantially in recent weeks, and many analysts think that the down cycle could last well into 2016 as the industry tries to correct its oversupply problem. Of the around 730 elite funds we track, 19 funds owned $53.45 million worth of AK Steel Holding Corporation shares in the third quarter, down from 20 funds in the second quarter. Shares ofAK Steel Holding Corporation (NYSE:AKS) are down by 61% year-to-date so far.

Last but not least, Micron Technology, Inc. (NASDAQ:MU) is off 4% as the stock has fallen below several key moving averages, leading to technical selling. Micron Technology, Inc. (NASDAQ:MU) shares have declined by over 50% year-to-date on industry oversupply concerns, but trade at a basement forward P/E ratio of 6.79. Given the wave of M&A in the industry, Micron Technology could use some additional synergies to get investors excited on the stock again. David Einhorn’s Greenlight Capital owned 12.37 million shares of Micron at the end of September (see Einhorn’s take on Micron from Greenlight’s latest investor letter).

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