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Why Are These Stocks Trading Deep in Red on Friday?

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The key technical levels of 18,000 for the Dow and 2,100 for the S&P seem out of reach today as each index is in the red on the back of disappointing earnings reported by several tech giants. Among the stocks that plunged on Friday are Hawaiian Holdings, Inc. (NASDAQ:HA), SVB Financial Group (NASDAQ:SIVB), Chemours Co (NYSE:CC), Exelixis, Inc. (NASDAQ:EXEL), and Visa Inc (NYSE:V). Let’s find out why traders are selling and see what the smart money investors from our database think about these five companies.

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Hawaiian Flies Lower on Mixed Quarter

Hawaiian Holdings, Inc. (NASDAQ:HA)’s stock is 10.7% in the red after the airline reported a mixed first quarter, with EPS of $0.80 on sales of $551.18 million, versus estimates of $0.76 per share and $558.23 million. Guidance is a bit soft, with management expecting full-year Available Seat Miles to rise between 2.5% to 5.5% and Cost per ASM, excluding fuel, to be up low single digits. Of the around 786 funds we track, 23 funds owned $220.13 million of Hawaiian Holdings, Inc. (NASDAQ:HA)’s shares, which accounted for 11.70% of the float on December 31, versus 22 funds and $186 million, respectively, on September 30.

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SVB Declines on Earnings Miss

SVB Financial Group (NASDAQ:SIVB) reported a disappointing first quarter and its stock is down 6.17% because of it. For the time period between January 1 and March 31, SVB Financial earned $1.52 per share on sales of $367.5 million, missing by $0.18 per share and $9.02 million, respectively. The company’s average loan balance increased 8% year-over-year to $17 billion, while net interest margin inched up 13 basis points to 2.67%. CEO Greg Becker said:

“Our core business remained healthy in the first quarter, with outstanding loan growth and solid core fee income. Credit overall remained sound, although softness in the VC markets pressured our early-stage loan portfolio and drove lower warrant and VC-related investment gains.”

Ken Fisher’s Fisher Asset Management owned more than 1.4 million shares of SVB Financial Group (NASDAQ:SIVB) at the end of December.

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On the next page, we will take a look at the news behind the moves of Chemours Co, Exelixis, and Visa.

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