Here’s Why Bristol-Myers Squibb Co (BMY), Telefonica Brasil SA (ADR) (VIV) and Three Other Stocks Plunged on Monday

Dover Corp (NYSE:DOV) stock has sunk 6% so far today, after the company reduced its earnings and revenue forecast. Dover now expects full year EPS in the range of $3.00 to $3.05, down from the previous forecast of $3.35-$3.45. It also expects the revenue decline to be between 4% and 5%, compared to the previous 3%-5% drop. The company’s pending acquisition of Wayne Fueling Systems will likely close in first quarter of 2017 as U.K. regulators decided to refer the acquisition for a Phase II investigation. A total of 22 funds from our database have positions in Dover Corp (NYSE:DOV) worth $869 million as of the end of June, which is higher than $656 million in stock held by 23 funds a quarter earlier.

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Myriad Genetics Inc. (NASDAQ:MYGN) stock is trading 7% in the red as the positive results from Tesaro Inc (NASDAQ:TSRO) cancer drug were announced over the weekend (see details). The trial results from Tesaro’s experimental drug for ovarian cancer have questioned the need for a companion test made by Myriad Genetics. However, the benefits of Tesaro drug for patients which tested negative on Myriad Genetics test were much smaller than the benefits shown by positively tested patients. At the end of June, 28 funds tracked by us owned shares of Myriad Genetics Inc. (NASDAQ:MYGN) worth $513 million in aggregate, which compares to  21 funds and $638 million, respectively, a quarter earlier.

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Ocean Power Technologies Inc. (NASDAQ:OPTT) stock has dipped by 6% on the back of the company announcing its new underwritten public offering of 2.5 million shares of its common stock. Underwriters will be able to acquire an additional 375,000 shares. Ocean Power Technologies will use the proceedings for general corporate purposes including further developing, testing and demonstrating PowerBuoy system. Among the funds we track, only Jim Simons’ Renaissance Technologies held around 57,200 shares of Ocean Power Technologies Inc. (NASDAQ:OPTT) at the end of June.

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DISCLOSURE – NONE