These Four Stocks Are Getting Creamed Today

Marriott International Inc. (NASDAQ:MAR) and Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) saw their shares fall after entering into a $12.2 billion merger agreement, which is expected to “deliver significant capital returns to shareholders.”

At the closing of the multiple step transaction, Starwood Hotels & Resorts Worldwide shareholders will receive 0.92 shares of Marriott International’s class A common stock and $2.00 in cash for each share of Starwood’s common stock. The merger will see the combined companies operate a portfolio of over 5,500 hotels all over the world.

Marriott International expects the transaction to be earnings accretive by the second year after the merger, not including the impact of transaction and transition costs. “This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders,” Marriott International President and CEO Arne Sorenson said.

At the end of June, 31 funds in our database held 2.50% of Marriott International Inc.’s (NASDAQ:MAR) outstanding stock, while 62 funds held 28.40% of Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT)’s common shares.

Biopharmaceutical company Clovis Oncology Inc. (NASDAQ:CLVS) has plunged by 67.67% following another delay in the review process for its lung cancer drug after the U.S. Food and Drug Administration requested more clinical data concerning it.

“We remain confident in rociletinib and its potential to treat patients with mutant EGFR T790M-positive lung cancer,” President and CEO Patrick  Mahaffy said. “We will continue to work diligently with the FDA on our NDA submission.”

The additional review could lead to an extension of the company’s March 30, 2016 Prescription Drug User Fee Act (PDUFA) date. By the end of June, 29 funds in our database held 28.90% of the Clovis Oncology Inc. (NASDAQ:CLVS)’s outstanding stock.

Disclosure: None