Here’s Why These Five Stocks Are in the Red Today: Clovis Oncology, Tyson Foods, Lloyds Banking Group, and More

Tyson Foods, Inc. (NYSE:TSN) is 10% in the red on the back of Pivotal Research cutting its price target on the stock to $40 from $100 and downgrading Tyson to ‘Sell’ from ‘Buy’. The research firm cut its rating because it feels a relatively new class action lawsuit alleging systematic collusion could lead to more investor scrutiny over the sustainability of chicken producer’s margins. The additional scrutiny could cause Tyson’s valuation multiple to shrink. Of the around 749 top funds that we track, 40 owned $1.77 billion worth of Tyson Foods, Inc. (NYSE:TSN)’s stock, which accounted for 7.10% of the float on June 30, versus 40 funds and $2 billion, respectively, on March 31.

Acacia Communications, Inc. (NASDAQ:ACIA) has retreated by 6% after the company announced the pricing of a follow-on public offering. According to Acacia, the pricing of the public offering of 4.5 million shares of common stock will be set at $100 per share. Acacia is selling 1.21 million shares while Acacia’s certain existing stockholders are selling 3.289 million shares. As is tradition, underwriters have been given a 30-day option to purchase 15% more of the offering. 6 elite funds owned shares of Acacia Communications, Inc. (NASDAQ:ACIA) at the end of June.

Lloyds Banking Group PLC (ADR) (NYSE:LYG) shares are off by 5% today on the news that the sale of the British public’s stake in Lloyds will re-commence in the coming days. Here’s the relevant excerpt from the British government’s site:

“Speaking in Washington, the Chancellor, Philip Hammond announced that the government will begin to sell its 9.1% stake in Lloyds via a trading plan, withdrawing the planned retail sale… A trading plan involves gradually selling shares in the market over time, in an orderly and measured way. The trading plan has been initiated today and sales may commence in the coming days. The plan will be in place for approximately 12 months.”

The number of funds from our database with holdings in Lloyds Banking Group PLC (ADR) (NYSE:LYG) rose by three quarter-over-quarter to 10 at the end of June.

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