NuVasive, Basic Energy Services, Mariott Vacations Worldwide: Why Did These Three Stocks Get Slammed Today?

Shares of Basic Energy Services, Inc (NYSE:BAS) were down by nearly 10% in the early afternoon but managed to recover almost half of those losses by mid afternoon. The $194.59 million provider of well site services to oil and natural gas drilling companies was downgraded today by Cowen & Company to ‘Market Perform’ from ‘Outperform’. So far this year the stock price has slumped by more than 40%.

The downgrade was in direct contrast to the hedge fund sentiment surrounding the company at the end of the second quarter. A total of 15 firms held $93.25 million worth of Basic Energy Services, Inc (NYSE:BAS) shares at the end of June representing about 29% of the outstanding stock, up from 12 firms with $68.73 million worth of holdings at the end of March. Millennium Management held more than 3.07 million shares valued at $23.16 million. Anand Parekh‘s Alyeska Investment Group is second in line with  about 2.50 million shares,

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