Stocks that were losing ground in afternoon trading yesterday included National Bank of Greece (ADR) (NYSE:NBG), SouFun Holdings Ltd (NYSE:SFUN), HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), and Youku Tudou Inc (ADR) (NYSE:YOKU). Let’s take a closer look at what triggered these slides and their follow-up performance today, as well as who the money managers are that have been left with a sullen face in the wake of their disappointing day.
First off is the 12.4% dip in National Bank of Greece (ADR) (NYSE:NBG)’s shares. With the uncertainty surrounding Greece’s bailout, the underlying forces at play here are fairly obvious, especially given that the company’s sector of operation, finance is in the most vulnerable spot if negotiations between the Greek government and troika fail. So far this year, the stock has slid by almost 47% following another 4% drop today as Greece’s representatives met with the troika without any new proposal, bewildering and angering some involved. Kevin Kenny‘s Emerging Sovereign Group is the largest stockholder of National Bank of Greece (ADR) (NYSE:NBG) within our database, owning some 13.22 million shares valued at $16.92 million. However, the holding formed a meager 0.59% of the fund’s portfolio value.
The operator of a real estate Internet portal in China, SouFun Holdings Ltd (NYSE:SFUN) slid by more than 14% as Chinese equities continue to nosedive despite the government’s endorsement of a plan to buy $19.3 billion worth of securities to provide some support to the tumbling market. However, the longterm trend in the stock exhibits weakness as well, since it has depreciated by more than 37% over the last year, and another 7.43% in trading today. Among the funds that we track, Kerr Neilson’s Platinum Asset Management held the largest stake in the company, owning some 13.06 million shares valued at $78.35 million. The stake amassed about 1.56% of its portfolio.
HORSEHEAD HOLDING CORP. (NASDAQ:ZINC)’s stock fell by more than 16% as BB&T downgraded it to ‘Hold’ from ‘Buy’ given the shortfall in the production of zinc during June from the Mooresboro facility amid weakening prices for the metal. So far this year the stock has slid by over 41%, and by more than 2% today. This compares rather unfavourably with the 3.38% rise in the Industrial Metals & Minerals industry. Mohnish Pabrai, who manages the hedge fund by the same name, holds about 6.33 million shares of HORSEHEAD HOLDING CORP. (NASDAQ:ZINC) valued at $80.18 million. The holding represents almost 15% of the fund’s portfolio, so this week’s action may have left Pabrai with a sweaty brow.