What’s Driving The Declines In These Stocks on Monday?

Prudential Plc Slips, Becomes A Bargain

Shares of Prudential Public Limited Company (ADR) (NYSE:PUK) are trading down more than 12% on Monday, accompanying most stocks of UK-based companies that are plummeting on the result of the Brexit referendum. Following such a decline – more than 26% between Friday and Monday, several analysts are arguing that the stock is a bargain, as it trades at less than 11 times the company’s earnings and pays out a 4.28% dividend yield right now. Prudential Public Limited Company (ADR) (NYSE:PUK) saw the number of hedge funds in our database long its stock rise by 140% over the first quarter to 12.

Follow Prudential Plc (NYSE:PUK)

Cruise Line Operators Sink Following Brexit

Another industry that received a strong blow after the Brexit was that of cruise line operators. Consequently, Carnival Corp (NYSE:CCL) has slipped by more than 4% on Monday. Among the elements helping drive the stock price down were EasyJet’s declarations that “that additional economic and consumer uncertainty is likely this summer,” when cruise lines usually see a substantial rise in demand rise substantially. On another note, Carnival will report its quarterly financial results on Tuesday. Carnival Corp (NYSE:CCL) counted on 48 funds from our database holding shares at the end of March, unchanged over the quarter. In this group we could highlight Kerr Neilson’s Platinum Asset Management, with 5.45 million shares, and Cliff Asness’ AQR Capital Management, with 4.89 million shares, or $258 million in stock.

Follow Carnival Corp (NYSE:CCL)

Finally, there’s Royal Caribbean Cruises Ltd (NYSE:RCL), which has sunk by 4.75% on Monday, accompanying other cruise liners like Carnival and Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH), which is down 3.65% on Monday. Among the funds we track, 51 funds held shares of Royal Caribbean Cruises at the end of March, having amassed 5.7% of its outstanding stock.

Follow Royal Caribbean Cruises Ltd (NYSE:RCL)

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.