A Look At Five Of Today’s Top Losers And Developments Behind Their Moves

Freeport-McMoRan Inc (NYSE:FCX) is also in the red today on the back of oil prices. Moreover, the recent departure of its Chairman & Co-Founder, James R. Moffett, could spell trouble for the company’s operations in Indonesia. Freeport-McMoRan is currently in negotiations with the Indonesian government to extend the contract on its Grasberg mine, a site discovered by Mr. Moffett. It is understood that he played a key role in the relationship between the company and Indonesia’s officials. In 2014, roughly 93% of Freeport-McMoRan’s gold and a sixth of its copper production were attributed to the Grasberg mine, racking up $3 billion in revenues.

The number of hedge funds that have reported a long position in Freeport-McMoRan Inc (NYSE:FCX) rose to 44 by the end of September, from 41 three months earlier. Carl Icahn has made a huge play on this stock during the quarter, building up a position that amassed exactly 100 million shares, worth close to $1 billion when Icahn Capital filed its latest quarterly report.

Seadrill Ltd (NYSE:SDRL) is another victim of today’s slump in oil prices, with the shares down by 5% from yesterday’s closing price. Although the stock made two attempts to rally in January and April, none were successful and it has been steadily declining since the middle of May, currently down by 70% year to date. Financial-wise the company has not been doing great either, with revenues falling in the last four quarters. For the 2015 third quarter, Seadrill posted a loss of $1.83 billion or $3.70 per share. When adjusted for investment costs and asset impairment costs, earnings stood at $0.21 per share. The company also announced revenues of $985 million, down by roughly 24% year over year.

Jim Simons‘ Renaissance Technologies holds a significant stake in Seadrill Ltd (NYSE:SDRL), having also reported a 9% increase in its holding over the third quarter. According to its latest 13F filing, RenTech now holds 2.97 million shares worth roughly $17.5 million. Seadrill has gained a boost of popularity during the third quarter, with the number of funds with long positions having increased by five, as 23 elite funds reported a stake in the company at the end of September.

Disclosure: none.