Citigroup (C) fell more than 8.55% in early trading on Tuesday “on worries that a planned Greek referendum could scuttle a plan reached last week to resolve Europe’s debt crisis,” reports MoneyWatch. “The Greek government shocked financial markets with news that it would put its cost-cutting plan to a popular vote, which could lead the country to default on its debt.” Citigroup had closed Monday at $31.59. It was trading at $28.89 at 9:37 am EST. The decrease came in spite of Citigroup’s upgrade from Credit Suisse, which brought the bank from a Neutral to Outperform, reports TheStreet.
The following hedge funds lost the most:
1. Paulson & Co - John Paulson: Lost $90.5 million
2. Fairholme (Fairx) - Bruce Berkowitz: Lost $71.2 million
3. Pershing Square - Bill Ackman: Lost $63.5 million
4. Maverick Capital - Lee Ainslie: Lost $29.0 million
5. Brookside Capital - Bain Capital: Lost $22.9 million
6. Appaloosa Management Lp - David Tepper: Lost $19.4 million
7. Lone Pine Capital - Stephen Mandel: Lost $17.7 million
8. Adage Capital Management - Phill Gross And Robert Atchinson: Lost $17.0 million
9. Lansdowne Partners - Paul Ruddock And Steve Heinz: Lost $16.5 million
10. Capital Growth Management - Ken Heebner: Lost $14.9 million
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in C since the end of June. We did not take into account their option positions.