What is Going on With These Five Falling Stocks?

Nike Retreats Due to Basketball Concerns

Nike Inc (NYSE:NKE)’s shares are 2% in the red due to the broader market weakness and concerns that the company’s cash-cow basketball business could experience more competition from Under Armour Inc (NYSE:UA). Although Nike counts LeBron James as one of its endorsers, Under Armour has Stephen Curry under an endorsement contract. Curry is currently the star in perhaps the best team in NBA history and is several years younger than LeBron. Adding to the concerns is the unexpected step down of Michael Jackson, the head of Nike Global Basketball. The number of funds from our database with holdings in Nike Inc (NYSE:NKE) inched up by one quarter-over-quarter to 64 at the end of March.

Lower Crude Causes Energy Related Names To Decline

Whiting Petroleum Corp (NYSE:WLL) and Transocean LTD (NYSE:RIG) are off by 7% and 5% respectively on the back of lower crude prices. After surging by over 80% from their February lows, some traders are taking profits and cutting back exposure to the commodity as supply comes back onto the marketplace from Canada and as Britain’s vote on leaving the EU rapidly approaches. If Britain leaves the EU, some traders worry that global demand for crude could take a hit and the current supply/demand imbalance could worsen. Given the potential effects, it’s not surprising that crude futures are off 3.5% today, with WTI trading around $46.30 per barrel. Whiting Petroleum and Transocean will both do worse if crude prices decline. Among the investors in our database, 43 funds had a long position in Whiting Petroleum Corp (NYSE:WLL) and 39 top funds were long Transocean LTD (NYSE:RIG) at the end of the first quarter.

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