Amazon Plunges: These Hedge Funds Lost A Bundle Today

Amazon.com, Inc. (NASDAQ:AMZN) is one of the biggest losers today, declining 8%. Bloomberg explains this movement as follows:

Amazon tumbled 8.1 percent to $370.50. The Seattle-based company said after yesterday’s market close that earnings rose to 51 cents a share in the fourth quarter, falling short of the 69-cent profit that analysts projected on average. Sales growth slowed outside the U.S., while holiday shipping costs surged. Revenue rose 20 percent to $25.6 billion, trailing the $26.1 billion average estimate.

Ken Fisher - FISHER ASSET MANAGEMENT

Here are some of the highlights from Amazon’s earnings release:

Amazon.com, Inc. (NASDAQ:AMZN) announced a record-setting holiday season for Amazon Prime, the annual membership program with tens of millions of members worldwide. Amazon is working hard to increase capacity for the Prime program. In December, Prime was so popular that Amazon limited new Prime membership signups during peak periods.

Operating cash flow increased 31% to $5.47 billion for the trailing twelve months, compared with $4.18 billion for the trailing twelve months ended December 31, 2012. Free cash flow increased to $2.03 billion for the trailing twelve months, compared with $395 million for the trailing twelve months ended December 31, 2012. Free cash flow for the trailing twelve months ended December 31, 2012 includes fourth quarter cash outflows for purchases of corporate office space and property in Seattle, Washington, of $1.4 billion. Common shares outstanding plus shares underlying stock-based awards totaled 476 million on December 31, 2013, compared with 470 million one year ago.

Net sales increased 20% to $25.59 billion in the fourth quarter, compared with $21.27 billion in fourth quarter 2012. Excluding the $258 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales grew 22% compared with fourth quarter 2012. Operating income increased 26% to $510 million in the fourth quarter, compared with $405 million in fourth quarter 2012. The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on operating income was $7 million. Net income increased to $239 million in the fourth quarter, or $0.51 per diluted share, compared with $97 million, or $0.21 per diluted share, in fourth quarter 2012.

Some of the hedge funds tracked by Insider Monkey lost big today because of this move. Here are the top 5 hedge funds and their loss today:

1. Ken Fisher’s Fisher Asset Management

Number of Amazon shares: 2,403,829

Loss: More than $81 million.

2. Paul Ruddock And Steve Heinz’s Lansdowne Partners

Number of Amazon shares: 2,380,517

Loss: More than $80 million.

3. Rob Citrone’s Discovery Capital Management

Number of Amazon shares: 1,285,287

Loss: More than $43 million.

4. John Griffin’s Blue Ridge Capital

Number of Amazon shares: 800,000

Loss: More than $27 million.

5. Philippe Laffont’s Coatue Management

Number of Amazon shares: 790,057

Loss: More than $26 million.

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