The U.S stock market seems to have put Brexit fears behind it, with the main indices setting new record highs today. Japanese Prime Minister Shinzo Abe’s pledge to further stimulate that country’s economy has also spurred investors to drive the market higher. In this article we’ll take a look at some of the stocks that have followed the main trend but also a couple that are deep in the red today as the second quarter earnings season kicks into full gear.
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Study Fail Leads to 60% Plunge
Shares of CytRx Corporation (NASDAQ:CYTR) have plummeted by more than 60% this morning after one of its drugs failed a late-stage study. The stock is currently trading around the $0.85 level, heavily down from yesterday’s closing price of $2.51 per share. The company said its drug candidate aldoxorubicin did not show a significant improvement over doxorubicin, the classic chemotherapy drug, among patients suffering from soft tissue sarcoma. CytRx Corporation (NASDAQ:CYTR) said it hopes to conduct a second analysis, as half of the patients included in the study were excluded from the data because of an interruption of the study in November 2014. At the end of March, roughly 12% of CytRx Corporation (NASDAQ:CYTR)’s common stock was held by eight of the hedge funds in Insider Monkey’s database.
Manhattan Associates, Inc. (NASDAQ:MANH), an application software company, has seen its stock plunge by more than 7% during the first hours of trading, apparently due to technical trading. So far this year, the stock has been a steady performer, trending sideways since it managed to regain the ground that it lost amid the broader market sell off in the beginning of the year. Manhattan Associates, Inc. (NASDAQ:MANH) is scheduled to release its second quarter results on July 19 after the closing bell, with analysts predicting earnings of $0.44 per share on the back of $153 million in revenue. Shares are currently trading at a Price-to-Earnings (P/E) multiple of 42, lower than the industry average of 54, per Yahoo! Finance data.
The popularity of Manhattan Associates, Inc. (NASDAQ:MANH) among the funds that we track cooled down during the first three months of 2016, with the number of long positions among those hedge funds having dropped to 21 from 23.
Head to the next page to read about three more market movers.