Hedge Funds Lost Big After $JOY Dropped 10.77%

Joy Global Inc. (JOY) dropped 10.77% on Wednesday after the company warned that production growth could moderate due to weaker demand for commodities, and it expects production to grow “at a more tempered pace” as demand for commodities weakens, according to The Street. Meanwhile, the company released its FY 2012 guidance, which is in line with analysts’ predictions. JOY closed on Wednesday at $75.44, down $9.11 or 10.77%.


Here is a list of hedge funds that might lose a lot due to JOY’s price movement.

1. Citadel Investment Group – Ken Griffin: lost $6.89 million

2. Alydar Capital – John Murphy: lost $2.73 million

3. Renaissance Technologies – Jim Simons: lost $2.66 million

4. Fisher Asset Management – Ken Fisher: lost $1.97 million

5. Vinik Asset Management – Jeffrey Vinik: lost $1.59 million

6. Bridgewater Associates – Ray Dalio: lost $1.29 million

7. Capital Growth Management – Ken Heebner: lost $1.09 million

8. Adage Capital Management – Phill Gross and Robert Atchinson: lost $724 thousand

9. Millennium Management – Israel Englander: lost $720 thousand

10. Balyasny Asset Management – Dmitry Balyasny: lost $592 thousand

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in JOY since the end of September. We did not take into account their option positions.

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