Why Wells Fargo, Gilead, Newfield, Amgen, and Chesapeake Energy Are Trending

Newfield Exploration Co. (NYSE:NFX) is on many watchlists after OPEC failed to agree to terms that would result in a freeze in production. Due to the group’s failure to achieve a consensus, WTI futures are down by 3.5% and Newfield shares are off by 2.7%. In addition, the company has also reiterated it previous production guidance for the third quarter of 2016, after the successful closing of its previously disclosed sale of some Texas assets for around $380 million. 45 funds in our database were long Newfield Exploration Co. (NYSE:NFX) as of the most recent 13F reporting period date.

Amgen, Inc. (NASDAQ:AMGN) is 1.2% in the red after the company announced disappointing top-line results from a Phase 3 trial evaluating Kyprolis, prednisone, and melphalan versus Velcade, prednisone and melphalan for patients with a certain form of multiple myeloma. Unfortunately, the trial did not show superiority in terms of progression-free survival and did not meet the primary endpoint. Some analysts, while disappointed, are awaiting more information from another Phase 3 trial before making a final judgement. 58 funds that we track had a long position in Amgen, Inc. (NASDAQ:AMGN) at the end of June, down by two funds from the end of March.

Like Newfield Exploration, Chesapeake Energy Corporation (NYSE:CHK) shares are down substantially due to OPEC’s failure to freeze production during a meeting in Algeria. As a result, WTI futures are off by more than 3.5% and Chesapeake shares have sunk by over 8%. Also hurting sentiment is the news that Vincent Intrieri and John Lipinski have both resigned from the company’s Board, effective September 26. Intrieri is regarded by some traders as a representative of Carl Icahn of Icahn Capital, which, along with partners, recently cut its stake in the company to 35.3 million shares from the previous total of 73 million shares. 31 funds that we track owned $696.95 million worth of Chesapeake Energy Corporation (NYSE:CHK) shares at the end of June, which accounted for 23.80% of the float.

Disclosure: None