Here’s Why These Three After-Market Lemons May Be Good Buys On The Dip

Meanwhile, Illumina, Inc. (NASDAQ:ILMN)’s shares were the largest losers among the three stocks in this discussion, plunging by nearly 15% in Monday after-hours trading after the firm reported weak preliminary results for its third quarter and disappointing guidance for the fourth quarter. The genome analysis firm said that it expects to report about $550 million in revenue in the third quarter, up by 14% from the same quarter last year on a constant currency basis, but still below analyst expectations of $568.60 million. For the fourth quarter, the firm anticipates reporting about $570 million in revenue, below the consensus of $602.83 million.

As mentioned before, however, hedge funds liked Illumina, Inc. (NASDAQ:ILMN) at the end of the second quarter, though their sentiment clearly declined during the trimester. They owned 12.50% of the company’s shares by the end of June, for a total investment worth $3.94 billion. This was up by 8.33% quarter-over-quarter, though below the 17.63% growth of the company’s stock. Furthermore, there were 64 hedge funds long Illumina on June 30, down by 11 from the previous period. Stephen Mandel’s Lone Pine Capital owned 5.68 million Illumina shares by the end of the second quarter.

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