Here’s Why TASER International, Heron Therapeutics and Three Other Stocks Are Trading Lower on Monday

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SeaDrill Limited (NYSE:SDRL) has dipped by more than 6% so far today, erasing some of the gains made in the past trading session. The stock had seen a steep uptick following the news of OPEC deal for limiting crude production to 32.5 million barrels a day. The deal is like to provide a floor to continuously falling crude oil prices. A total of 17 funds from our database have positions in SeaDrill Limited as of the end of June, compared to 22 funds a quarter earlier.

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Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s stock has declined by 5% following news of mass layoffs and the resignation of its CEO. The company announced that it hasd more or less completed the task of cutting 22% of its workforce. Its CEO and President Robert Mulroy stepped down with immediate effect and board Chairman Gary Crocker has been appointed as interim CEO. The company is looking to cut its operating costs by $200 million over the next two years and expects to incur a one-time charge of $4.5 million to $5.0 million. The number of funds tracked by us long Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) declined by two to 11 during the second quarter.

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Teradata Corporation (NYSE:TDC) stock has plunged following a rating downgrade from UBS. Analyst Brent Thill  downgraded the stock to ‘Sell’ from ‘Neutral’ and reduced the price target to $27 from $29, citing the stock’s year-to-date outperformance among reasons for the downgrade. At the end of June, 26 funds followed by our team held about $775 million worth of Teradata stock, compared to 23 funds with $768 million worth of stock a quarter earlier.

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Disclosure: none

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