Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Why AMD, Hovnanian, and Three Other Stocks Are Down Today

 The markets have been quiet so far today, amid news involving the ADP private payrolls rising by 173,000 for May and OPEC agreeing to maintain the status quo. The Dow and S&P 500 are down by just around 0.2% while the NASDAQ is off by 0.17%. Among the stocks that are underperforming the broader market are Advanced Micro Devices, Inc. (NASDAQ:AMD), Sarepta Therapeutics Inc (NASDAQ:SRPT), Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), Hovnanian Enterprises, Inc. (NYSE:HOV), and DeVry Education Group Inc (NYSE:DV). Let’s find out why traders are selling and see how the world’s greatest investors are positioned in each stock.
Biotech Stocks 7

We believe that imitating hedge funds and other large institutional investors can be helpful in identifying stocks capable of outperforming the broader market. Through extensive research that covered portfolios of several hundred large investors between 1999 and 2012, we determined that following the small-cap stocks that large money managers are collectively bullish on, can generate monthly returns nearly 1.0 percentage points above the market (see the details here).

Technical Selling Causes AMD to Retreat

Although Advanced Micro Devices, Inc. (NASDAQ:AMD) CEO Lisa Su expects the company to be profitable on an operating basis for the second half of 2016, shares of the company are nevertheless down by 7.22% today as traders take profit on the stock run-up. AMD shares have more than doubled from their February lows, and shares might need to consolidate a bit before the stock can find a stronger technical footing. Billionaire Jim Simons’ Renaissance Technologies owned almost 800,000 shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of March.

Follow Advanced Micro Devices Inc (NASDAQ:AMD)
Trade (NASDAQ:AMD) Now!

Sarepta Therapeutics Down on FDA Press Release

Sarepta Therapeutics Inc (NASDAQ:SRPT) is 19% lower after the FDA published a press release stating that it had completed its push to streamline the process used by doctors to request expanded access to investigational drugs for their patients. Some traders evidently thought the timing of the FDA press release concerning the agency’s finished efforts might increase the chance that the agency won’t approve eteplirsen, Sarepta’s lead candidate for the treatment of Duchenne muscular dystrophy. Some profit taking could also be another reason for today’s decline. Sarepta Therapeutics Inc (NASDAQ:SRPT) shares will likely continue to be volatile until the FDA makes a final decision on the drug. A total of 19 elite funds tracked by Insider Monkey owned around 1/3 of the company at the end of the first quarter.

Follow Sarepta Therapeutics Inc. (NASDAQ:SRPT)
Trade (NASDAQ:SRPT) Now!

On the next page, we examine Titan Pharmaceuticals, Hovnanian Enterprises, and DeVry Education Group.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.