The markets are set to conclude the week in red following a steep drop in yields on bonds around the globe and a decline in oil prices. Some of the notable stocks losing ground today include Netflix, Inc. (NASDAQ:NFLX), GigPeak Inc (NYSEMKT:GIG), Genworth Financial Inc (NYSE:GNW), Second Sight Medical Products Inc (NASDAQ:EYES), and BHP Billiton plc (ADR) (NYSE:BBL). Let’s take a closer look at the specific reasons for these losses and see what famous investors think of these companies.
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Netflix Continues to Lose Ground
Netflix, Inc. (NASDAQ:NFLX)’s stock is down on Friday for the second consecutive day. Shares of the streaming media company have lost around 4% this week, pushing the stock below its 50-day moving average. Netflix, Inc. (NASDAQ:NFLX) is facing tough competition from Time Warner’s HBO and Amazon’s Prime Video. The company’s recent earnings report showed declining user growth in the U.S, though the streaming service continues to grow internationally.
64 hedge funds in our system were bullish on Netflix, Inc. (NASDAQ:NFLX) as of the end of the first quarter. The total worth of their positions were worth approximately $6.6 billion, lead by Chase Coleman’s Tiger Global Management, which owned around 17.99 million shares of the company.
GigPeak Announces Public Offering of Common Stock
GigPeak Inc (NYSEMKT:GIG) has plunged by more than 18% today following its announcement of a proposed public offering of common stock. The San Jose, California-based semiconductor company announced an underwritten public offering of an aggregate of 11.32 million shares of common stock at a price of $2.00 per share. Gross proceeds from the transaction are expected to be around $22.6 million, before deducting underwriting discounts and other estimated offering expenses. Jim Simons’ Renaissance Technologies owns 1.39 million shares of GigPeak Inc (NYSEMKT:GIG) as of the end of March.
On the next page we will see why shares of Genworth Financial, Second Sight Medical Products, and BHP Billiton are getting battered today.