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It’s A Red Day for 5 Stocks, Including Netflix, GigPeak, and BHP Billiton; Here’s Why

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.

At Insider Monkey, we track around 765 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on, can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see the details here).

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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.

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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.

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On the next page we will see why shares of Genworth Financial, Second Sight Medical Products, and BHP Billiton are getting battered today.

Genworth Financial Keeps Plunging

Genworth Financial Inc (NYSE:GNW) is trading more than 2% in the red today. The stock has plunged by 80% over the past two years. In an article on Bloomberg, Gillian Tan recommended that Genworth Financial sell its U.S. mortgage-insurance division to lighten its debt and solve some of its financial problems. Christopher Pucillo’s Solus Alternative Asset Management was one of the 22 hedge funds in our database with stakes in Genworth Financial Inc (NYSE:GNW) at the end of the first quarter, owning 15.00 million shares.

Second Sight Medical Products Moves Back in the Red

Second Sight Medical Products Inc (NASDAQ:EYES) has given up some ground today after surging by more than 20% on Thursday following a Fox news story yesterday. According to the story, Second Sight Medical’s Argus II Retinal Prosthesis System helped Steve McMillin, a 59-year-old sufferer of retinitis pigmentosa, a rare degenerative eye disease that causes blindness, to gain back some of his vision. Only four hedge funds in our system were shareholders of Second Sight Medical Products Inc (NASDAQ:EYES) at the end of the first quarter.

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BHP Billiton’s Samarco Accused of Misconduct

BHP Billiton plc (ADR) (NYSE:BBL) is down by 3.90% today after Brazil’s police accused Samarco Mineração, a joint venture of BHP Billiton and Vale SA (ADR) (NYSE:VALE), of willful misconduct in relation to a dam burst last November. According to the police, the company prioritized production over safety, and ignored clear signs of a weakening dam. As of the end of March, 15 hedge funds in our system had stakes in BHP Billiton plc (ADR) (NYSE:BBL) worth approximately $253.3 million. Bernard Horn’s Polaris Capital Management owned 3.48 million shares of the company at the end of March.

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Disclosure: None

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