U.S stocks are trading higher today, despite oil prices dipping into the red again. The energy sector is driving the bullishness nonetheless, advancing by approximately 2%, mainly due to Chevron Corporation (NYSE:CVX). In this article, however, we’ll take a look at the stocks that have not followed the herd. They are Accelerate Diagnostics Inc (NASDAQ:AXDX), First Solar, Inc. (NASDAQ:FSLR), Ciena Corporation (NYSE:CIEN) and Men’s Wearhouse Inc (NYSE:MW). Let’s find out what made investors dump these stocks today and what the smart money investors that we track think of their longer term outlook.
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Accelerate Diagnostics Inc (NASDAQ:AXDX) shares took a hit this morning after the company announced an underwritten public offering of roughly 5.6 million shares at $17 apiece. Underwriters were also offered 30-day options to purchase up to 838,235 shares at the public offering price. The offering is expected to close on December 15, 2015 and the company looks to raise approximately $95 million through it, which it plans to use for general corporate purposes. Shares of Accelerate Diagnostics plunged by as much as 10% during the first hour of trading today, but have since rebounded to currently trade down by about 3.57%.
The popularity of Accelerate Diagnostics Inc (NASDAQ:AXDX) among hedge fund managers took a tumble during the third quarter, as the number of holdings reported by elite funds dropped to 11, from 14 at the end of June. Matthew Strobeck of Birchview Capital is the biggest fan of this stock in our database, holding some 2.06 million shares valued at $33.4 million according to the fund’s latest 13F filing.
First Solar, Inc. (NASDAQ:FSLR) announced fiscal year 2016 forward guidance yesterday after the market close and the numbers were not pretty judging by the resultant trading action. The largest U.S manufacturer of solar panels reported that it expects earnings to range between $4.00 and $4.50 per share, on the back of $3.9 billion-to-$4.1 billion in revenue. The company also said that it expects costs to rise by $300 million-to-$400 million compared to fiscal year 2015. Analysts were looking for revenue of $4.07 billion and a profit of $4.09 a share for the 2016 fiscal year. First Solar shares are currently down by roughly 9.91% this afternoon.
By the end of the third quarter, First Solar, Inc. (NASDAQ:FSLR) could be found in the equity portfolios of 34 hedge funds, up from 30 at the end of the second quarter. Israel Englander was among the managers that drove that bullishness, boosting his stake by 433% during the quarter. In its latest quarterly report, Millennium Management indicated ownership of 1.05 million First Solar shares worth $45.2 million.