A Look At Four Trending Stocks and Latest Developments Behind Their Moves

Next on our list is Fitbit Inc (NYSE:FIT), whose shares also opened lower but have since gained ground and are trading 3% in the green. There is no particular news behind the move, the stock most likely being dragged by the overall market bullishness. Among the funds in our database Fitbit Inc (NYSE:FIT) lost some appeal, with the number of funds long the stock falling by seven to 20 during the third quarter. John Griffin‘s Blue Ridge Capital cut its stake by 71% on the quarter to 1.04 million shares worth $39.0 million, as reported in its latest 13F filing.

On the other hand, Kennametal Inc. (NYSE:KMT)’s stock has plunged by more than 14% so far today after the company announced a reduction in its previous guidance for fiscal 2016. According to a statement, Kennametal expects a decline of as much as 30-60% in the previously announced guidance for the year Fiscal 2016 adjusted EPS. The expectations were negatively affected by further reductions in their end markets on the back of lower industrial production. Earlier the company said it expected adjusted EPS between $1.50 and $1.70 for the full fiscal 2016. John W. Rogers‘s Ariel Investments is the largest holder of Kennametal Inc. (NYSE:KMT) stock at the end of the quarter among the funds we follow. In its latest 13F filing, Ariel Investments reported 9.61 million shares valued at $239.26 million.

Disclosure: none.