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Hedge Funds Lose Big After $BBY Drops 11%

Best Buy Co. (BBY) lost 11% to $25 at 11:40 AM EST today after the company reported its third quarter earnings. Its net income fell to $154 million, and EPS dropped to $0.42, from $217 million, or $0.54 per share, last year, according to Forbes. The result missed Wall Street expectations and pushed BBY down 11% on Tuesday. BBY closed at $28.07 on Monday. So it’s a $3.07 decrease.

David Einhorn

Here is a list of hedge funds which may suffer big losses due to BBY’s sudden decline:

1. Greenlight Capital – David Einhorn: lost $21,539,120

2. Legg Mason Capital Management – Bill Miller: lost $10,149,555

3. Citadel Investment Group – Ken Griffin: lost $5,603,656

4. SAC Capital Advisors – Steven Cohen     : lost $3,732,196

5. AQR Capital Management – Cliff Asness: lost $2,612,481

6. Dreman Value Management – David Dreman: lost $2,333,258

7. D E Shaw – D. E. Shaw: lost $1,049,839

8. Bridgewater Associates – Ray Dalio: lost $811,171

9. Balyasny Asset Management – Dmitry Balyasny: lost $669,260

10. Pacifica Capital Investments – Steve Leonard: lost $638,624

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in BBY since the end of September. We did not take into account their option positions.