Why Are These Stocks Trending In The Wrong Direction Today?

Quanta Services Inc (NYSE:PWR)

• Elite Investors with Long Positions (as of June 30): 38
• Aggregate Value of Elite Investors’ Holdings (as of June 30): $870 Million
• Percentage of Shares Owned by Elite Investors (as of June 30): 14.60%

Quanta Services Inc (NYSE:PWR) is down by 28.23% today after it slashed its earnings forecast for the third quarter to a range of $0.22-to-$0.24 per share, well below its previous guidance of $0.34-to-$0.40 per share. Analysts will be even more taken aback, given that their consensus EPS estimate for the quarter stood at $0.45. The stock has now plunged to a four-year low as a result of today’s drop, which is further due to Quanta Services Inc (NYSE:PWR) also warning that its prior fourth quarter revenue guidance may come up short as well, by as much as $200 million. That will surely irk billionaire Ken Griffin, who held a large stake in the electrical contracting services company of 7.50 million shares.

Halliburton Company (NYSE:HAL)

• Elite Investors with Long Positions (as of June 30): 69
• Aggregate Value of Elite Investors’ Holdings (as of June 30): $4.21 Billion
• Percentage of Shares Owned by Elite Investors (as of June 30): 11.50%

Lastly is Halliburton Company (NYSE:HAL), which is now down by 4.42% today. The dip appears to be triggered by investor unease leading into Halliburton’s third quarter earnings release on Monday, particularly given the recent warnings issued by rival Schlumberger Limited. (NYSE:SLB), which is also down by over 4% today. In its own earnings release last night, Schlumberger CEO and Chairman, Paal Kibsgaard suggested the industry downturn would last for “decades” and that crude oil continues to face heavy pressure.

Nonetheless, elite investors see a lot to like about Halliburton Company (NYSE:HAL), as sentiment for the oil field services company was strong among the investors that we track during the second quarter. Ownership of the stock rose by nine firms, while the value of the aggregate stakes collectively held by those firms jumped by over $1.2 billion, despite the stock declining in value slightly during that time.

Disclosure: None