The shares of Freeport-McMoRan Inc (NYSE:FCX), Citigroup Inc (NYSE:C), and Yahoo! Inc. (NASDAQ:YHOO) started the day on a bad note. Shares of Freeport-McMoRan Inc (NYSE:FCX) have declined by 4.26% as of the time of publishing, while the shares of Citigroup Inc (NYSE:C) were down by 2.21%. Yahoo! Inc. (NASDAQ:YHOO) was also suffering alongside Alibaba Group Holding Ltd (NYSE:BABA)‘s dip, dropping by 1.42%. Alibaba’s afternoon rebound from its all-time low has helped likewise bouy Yahoo’s shares in the afternoon, as they were down by nearly 4% earlier in the day.
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Let’s start with Yahoo! Inc. (NASDAQ:YHOO) which had ridden in the back seat of Alibaba’s share price rollercoaster, as the decline in the shares of the Chinese e-commerce company have weighed on Yahoo, which still holds a 15% stake in the it. The shares of the e-commerce company have rebounded a bit since their morning lows of $76.55 and are trading at $79.49 as of publishing. The weakness in the Chinese stock market is nonetheless a reason to worry for all major markets, as the local government’s efforts are falling short of being effective at stemming the tide. Yahoo! Inc. (NASDAQ:YHOO) was able to attract 104 hedge fund investors at the end of the first quarter, compared to 99 investors which held stakes in the company three months prior. However, the aggregate holdings of the hedge fund managers fell to $6.48 billion from $7.59 billion between those two periods. David E. Shaw’s D E Shaw held a large position in Yahoo at the end of the first quarter, with ownership of 12.43 million shares valued at $552.52 million.