What Sent These Four Stocks Deep in Red Territory on Tuesday?

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Knowles Corp (NYSE:KN)‘s stock has slumped by nearly 20% after the company announced its financial results on Monday and provided a weak outlook for the fourth quarter. In the third quarter, Knowles Corp delivered revenue of $294.6 million, down from $300.8 million posted a year earlier, while non-GAAP EPS of $0.16 dropped from $0.38. The company also said it expects revenue between $290 million and $310 million for the fourth quarter, non-GAAP EPS in the range of $0.18-to-$0.24, and revenue of $313.63 million. During the second quarter, Knowles Corp lost some popularity among smart money investors, as 16 funds reported Knowles’ stakes, compared to 21 a quarter earlier. These funds held 9.30% of Knowles’ outstanding common stock. Meanwhile, Ken Fisher‘s Fisher Asset Management initiated a stake in Knowles Corp (NYSE:KN) during the third quarter, disclosing holding 122,669 shares in its latest 13F filing.

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Xerox Corp (NYSE:XRX)‘s has extended its losses for a second straight day after tumbling by around 3% yesterday. The stock is currently over 6% in the red today as investors and analysts become more concerned over the company’s growth. Yesterday, Xerox reported its financial results for the third quarter, which included a GAAP loss of $0.04, compared to a profit of $0.22 a year earlier, and said that its board of directors will conduct “a comprehensive review of structural options” for its portfolio. Earlier today, Brean Capital and Barclays lowered their price targets on Xerox Corp (NYSE:XRX)’s stock to $12.00 and $9.00 respectively, along with ‘Buy’ and ‘Underweight’ ratings. Fitch Ratings has also placed the company’s ratings on ‘Rating Watch Negative’ on the back of the board’s decision to review the portfolio. The smart money investors from our database are also underweight Xerox Corp, as 30 of them reported stakes equal to less than 4% of the company’s outstanding stock as of the end of June. Fisher Asset Management owns 11,400 shares of Xerox as of the end of September.

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Disclosure: None

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