Why These 5 Stocks Are Pulling the Market Down on Tuesday

Pitney Bowes Inc. (NYSE:PBI) is another company that is hitting a 52-week low. Shares have fallen by more than 11% today after the company reported disappointing financial results for the fourth quarter of 2015. The company reported revenue of $936.95 million, while its profit declined to $0.48 per share from $0.51 a year earlier. Moreover, the results missed analysts’ estimates by $0.06 in EPS and $12.35 million in revenue. In addition to that, Pitney Bowes’ outlook for 2016 of $1.80-to-$2.00 in EPS came in lower than the Street’s expectations of $2.03 per share.

During the third quarter, Pitney Bowes Inc. (NYSE:PBI) also registered a decrease in popularity among the funds that we track, with 19 investors holding long positions at the end of September, versus 26 funds at the end of June. Among them, David Cohen and Harold Levy‘s Iridian Asset Management was the largest shareholder of Pitney Bowes Inc. (NYSE:PBI) in our system, with 14.88 million shares valued at $295.46 million at the end of September.

Last but not least, Citigroup Inc (NYSE:C) is in the red today. With no specific news at fault, the stock has plummeted by 4.3% and is now down by 21.3% on a year-to-date basis. The stock is probably being dragged down by the overall market, in which bank stocks (as well as energy stocks) are trending lower today. Other banks in the red include Bank of America Corp (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM).

121 funds in our system were long Citigroup at the end of the third quarter, down slightly from the end of the second quarter. Boykin Curry’s Eagle Capital Management reported holding a $1.21 billion position in the stock as of the end of September.

Disclosure: None