In this article, we will discuss some of the notable stocks crashing on Friday. To take a look at some more stocks that are declining, go to 5 Stocks Tumbling Today.
The US equity markets are under pressure following the results of some major technology companies. The S&P 500 Index is on its way to recording its third monthly loss in the last four months. As of 10:51 AM ET, the S&P 500 Index, the Dow 30 Index, and the NASDAQ Composite Index are all down 1.72%, 1.19% %, and 1.77%, respectively. Some other notable stocks that are taking a beating today include Exxon Mobil Corporation (NYSE:XOM), Intel Corporation (NASDAQ:INTC), and Colgate-Palmolive Company (NYSE:CL).
Let’s look at why these stocks are tumbling today and discuss how hedge funds are positioned in them.
10. AbbVie Inc. (NYSE:ABBV) has lost 8.30% of its value as of 10:31 AM ET after the pharmaceutical company missed top-line estimates for the quarter as it was hurt by competition in Europe for Humira. Humira is AbbVie Inc.’s (NYSE:ABBV) blockbuster drug against rheumatoid arthritis. A rival drug will be available in the US from 2023 as the drug loses its patent protection. AbbVie Inc. (NYSE:ABBV) has been working on other drugs to combat the impact of declining sales of Humira by getting expanded approval for Rinvoq and Skyrizi. Rinvoq is to be used in the treatment of rheumatoid arthritis, while Skyrizi will be used to treat plaque psoriasis.
According to Insider Monkey’s proprietary data, AbbVie Inc. (NYSE:ABBV) was held by 82 hedge funds as of Q4 2021. Axel Capital Management is the leading investor in AbbVie Inc. (NYSE:ABBV) as of Q1 2022, with a stake worth over $9.5 million.
9. Amazon.com, Inc. (NASDAQ:AMZN) is 11.78% in the red as of 10:31 AM ET after the Seattle, Washington-based tech giant reported a decline in online sales and higher costs that resulted in the company reporting its first loss since 2015 and the stock price slipping to its 52-week low. Amazon.com, Inc. (NASDAQ:AMZN) reported a loss of $3.8 billion in Q1 2022, mainly due to its investment in Rivian Automotive Inc. (NASDAQ:RIVN). The stock price of the electric vehicle manufacturer has lost nearly half of its value during the quarter.
Amazon.com, Inc.’s (NASDAQ:AMZN) revenue increased by 7% YoY, compared to revenue growth of 44% YoY experienced during the same period last year. This is the second consecutive quarter that Amazon.com, Inc. (NASDAQ:AMZN) has reported single-digit YoY growth in revenue and the lowest YoY growth number since the dot-com bubble in 2001.
Out of the 924 hedge funds covered by Insider Monkey, 279 funds held a position in Amazon.com, Inc. (NASDAQ:AMZN) as of Q4 2021.
8. Apple Inc. (NASDAQ:AAPL) has plummeted 0.20% as of 10:32 AM ET after the company revealed that it anticipates a loss in revenue of $4 billion to $8 billion in the current quarter. Apple Inc. (NASDAQ:AAPL) shared that the company was facing supply chain-related challenges and weaker demand from China due to lockdowns. Since the start of COVID-19 in February 2020, Apple Inc. (NASDAQ:AAPL) has stopped providing revenue guidance due to pandemic-related uncertainty.
According to Insider Monkey’s proprietary data, 134 hedge funds reported owning a stake in Apple Inc. (NASDAQ:AAPL) at the end of Q4 2021. Bailard Inc was long over 935,537 shares of Apple Inc. (NASDAQ:AAPL) during Q1 2022.
7. Mastercard Incorporated (NYSE:MA) has declined 3.38% as of 10:36 AM ET after the New York-based payment technology solutions company was downgraded from a Neutral to an Underweight rating by Christopher Donat at Piper Sandler. The analyst lowered the price target on Mastercard Incorporated (NYSE:MA) from $360 to $357, reflecting a potential downside of 5% from the last closing price. Donat has cited macro challenges in Europe as the main reason for the downgrade. The analyst thinks that Europe can enter a recession next year, which would harm payment transactions that could drive down the revenue of Mastercard Incorporated (NYSE:MA).
Overall, 144 hedge funds held a stake in Mastercard Incorporated (NYSE:MA) as of Q4 2021.
6. Comcast Corporation (NASDAQ:CMCSA) has declined 3.98% as of 10:49 AM ET after the Philadelphia, Pennsylvania-based telecommunications conglomerate was downgraded from a Buy to a Neutral rating by Jessica Reif Ehrlich at Bank of America. The analyst slashed the target price on Comcast Corporation (NASDAQ:CMCSA) from $67 to $50. Jessica believes that after a long period of limited competition, the fast deployment of fixed wireless access and fast fiber builds reflect a “real threat” to the broadband subscriber base of Comcast Corporation (NASDAQ:CMCSA).
As of Q4 2021, Comcast Corporation (NASDAQ:CMCSA) was held by 80 hedge funds.
Along with Comcast Corporation (NASDAQ:CMCSA), some other notable stocks tumbling today include Exxon Mobil Corporation (NYSE:XOM), Intel Corporation (NASDAQ:INTC), and Colgate-Palmolive Company (NYSE:CL).
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Disclose. None. 10 Stocks Tumbling Today is originally published on Insider Monkey.