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

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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.

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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.

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