U.S stocks are mixed in Wednesday trading, as investors await the Fed’s decision on monetary policy. Among the stocks posting large moves in both directions today are Akamai Technologies, Inc. (NASDAQ:AKAM), Molson Coors Brewing Company (NYSE:TAP), Cemex SAB de CV (ADR) (NYSE:CX), Level 3 Communications, Inc. (NYSE:LVLT), and State Street Corp (NYSE:STT). Let’s take a look into the events behind the movement in these stocks and see what the hedge funds in our database think about the companies involved.
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Akamai Plummets On Revenue Miss, Customer Concerns
Let’s start with Akamai Technologies, Inc. (NASDAQ:AKAM), which has plummeted by more than 16.6% in Wednesday trading following the announcement of the company’s second quarter results. While EPS of $0.64 was in-line with the Street’s expectations, revenue of $572 million missed estimates by $2.86 million. Also weighing on the stock were concerns about the company’s clients turning toward in-house solutions, to the detriment of external sources like Akamai.
As of the end of the first quarter, 31 funds among those we track held long positions in Akamai Technologies, Inc. (NASDAQ:AKAM). One of the largest shareholders was David Blood and Al Gore’s Generation Investment Management, which started a position comprising 5.1 million shares during the quarter.
Molson Coors Slips On Sympathy Dive
Next up is Molson Coors Brewing Company (NYSE:TAP), which was down by 5.7% on Wednesday afternoon on reports that SABMiller plc (ADR) (OTCMKTS:SBMRY) has stopped integration tasks with Anheuser Busch Inbev SA (ADR) (NYSE:BUD). While the deal hasn’t been scuttled, the mere possibility of such an outcome would be a blow to Molson Coors, which is set to acquire SABMiller’s stake in the MillerCoors brewing venture as part of that deal going down.
52 funds in our database were long Molson Coors Brewing Company (NYSE:TAP) at the end of March. Among them was First Eagle Investment Management, which disclosed ownership of 3.24 million Molson Coors shares worth more than $311 million in stock as of March 31.
We’ll run through the volatile performance of three other stocks today on the next page.