Why Are These Stocks Deep In the Red Today?

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SouFun Holdings Ltd (NYSE:SFUN) and Qunar Cayman Islands Ltd (NASDAQ:QUNR) both experienced some executive turnover of late, as Kent Huang replaced Lan Guan as SouFun Holdings Ltd (NYSE:SFUN)’s CFO and Zhenyu Chen replaced co-founder C.C. Zhuang as Qunar’s CEO. In addition to naming a new CEO, Qunar also made CFO, COO, and board changes.

SouFun Holdings Ltd (NYSE:SFUN), Qunar Cayman Islands Ltd (NASDAQ:QUNR), and Las Vegas Sands Corp. (NYSE:LVS) are also down because the Shanghai index fell 7% to start the new year. Many Chinese investors were spooked because the latest PMI data showed the country’s manufacturing sector continued to contract despite the Yuan depreciating against the dollar considerably. Chinese investors are also worried that more shares could come onto the market in the coming months. Hedge funds have become more optimistic on Las Vegas Sands Corp. (NYSE:LVS), as the number of funds long the stock increased by 10 to 29 during the third quarter.

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Disclosure: none

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