After trending lower from open, the market is trying to make a comeback of sorts. The Dow Jones index is just down 23 points while the S&P is off a third of a percentage point. Among the stocks that are deep in the red this afternoon are Adeptus Health Inc (NYSE:ADPT), Weatherford International Plc (NYSE:WFT), Fairmount Santrol Holdings Inc (NYSE:FMSA), U.S. Silica Holdings Inc (NYSE:SLCA), and Hi-Crush Partners LP (NYSE:HCLP).
Let’s dive in and analyze why each equity is lower and examine hedge fund sentiment towards the five using the latest 13F filings.
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Adeptus Health Inc (NYSE:ADPT) shares are 32% in the red after the company disclosed that it has retained a financial advisor, Houlihan Lokey Capital, to advise on potential strategic alternatives. According to Reuters, the company’s affiliates have also entered into an amendment with creditors to provide additional extensions of credit in aggregate of around $7.5 million. The bridge loans mature March 31, 2017. Of the 742 elite funds we track, 12 funds owned $49.42 million of Adeptus Health Inc (NYSE:ADPT) and accounted for 30.60% of the float on December 31, versus 13 funds and $183.86 million respectively on September 30.
Weatherford International Plc (NYSE:WFT) has fallen by 6% today due to low oil prices. With WTI below $48 per barrel, some traders are afraid that new drilling might slow down as E&P’s take a more cautious stance toward production. If drilling slows, demand for Weatherford services could be negatively affected. The number of elite funds with holdings in Weatherford International Plc (NYSE:WFT) fell by 4 quarter-over-quarter to 27 at the end of December.
On the next page, we find out why Fairmount Santrol Holdings Inc, US Silica Holdings Inc, and Hi-Crush Partners LP are in the red.