What is Going On With These Falling Stocks?

Brown & Brown Earnings Fall Short of the Mark

Brown & Brown, Inc. (NYSE:BRO) reported a mixed first quarter and shareholders have punished the stock with a 3.5% drop because of it. For the January-to-March period, Brown & Brown earned $0.44 per share on revenue of $424.2 million, beating earnings estimates by $0.02 per share but missing sales expectations by $0.89 million. Organic revenue increased by just 1.3% year-over-year. Joel Greenblatt‘s Gotham Asset Management owned 236,444 shares of Brown & Brown, Inc. (NYSE:BRO) at the end of December.

MGIC Falls on Earnings

MGIC Investment Corp. (NYSE:MTG) shares are 4% in the red after the company reported first quarter earnings of $0.17 per share on revenue of $258.6 million, versus expectations of $0.22 per share and $258.88 million, respectively. New insurance written dropped by 7.7% to $8.3 million while insurance in force rose by 5.4% to $175 million. In better news, the company’s primary delinquent inventory dropped by 23% year-over-year to 55,590 loans. Book value for MGIC Investment Corp. (NYSE:MTG) ended March at $6.88 per share. 42 top funds we track in our database owned slightly over one-third of the company’s float at the end of December.

Technical Selling Detected at Myriad 

Myriad Genetics, Inc. (NASDAQ:MYGN) shares have retreated by 7.8% on high volume due to technical selling. The stock has fallen below some key technical moving averages as sentiment isn’t as bullish as it was over the past few weeks. Myriad Genetics is expected to present at the 2016 American Association for Cancer Research Annual Meeting in New Orleans between the 16th and 20th of this month, highlighting early clinical trials of PARP inhibitors targeting the DNA repair pathway and the use of new biomarkers to select patients with various ailments for treatment. Jim Simons‘ Renaissance Technologies owned almost 1.00 million shares of Myriad Genetics, Inc. (NASDAQ:MYGN) at the end of December.

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