Why Apple, IBM, AMD, Goldman Sachs & Metlife Are All Tumbling Today

Just like International Business Machines Corp. (NYSE:IBM), Advanced Micro Devices, Inc. (NASDAQ:AMD) reported its fourth quarter financial results on Tuesday evening. The small-cap semiconductor company suffered a net loss of $0.10 per share on revenue of $958 million, in-line with consensus expectations, as weakness in demand from the PC market lingered. Nonetheless, shares have slid by 8% today on the results.

Hedge funds seem to be turning their back on Advanced Micro Devices, Inc. (NASDAQ:AMD). According to our database, hedge fund interest declined by more than 36% in the third quarter. As of September 30, only 11 hedge funds among those we track disclosed long positions in the stock. Moreover, the two largest investors (excluding options holders), Cliff Asness’ AQR Capital Management and D. E. Shaw both trimmed their stakes substantially over the third quarter, to roughly 1.7 million shares and 307,819 shares, respectively.

Finally, there’s Metlife Inc (NYSE:MET), which is trading down by approximately 3.3% in afternoon trading. The decline followed yesterday evening’s announcement of a $1.4 billion joint real estate investment venture with the New York State Common Retirement Fund.

Same as in the case above, hedge fund interest in Metlife Inc (NYSE:MET) seems to be falling. Over the third quarter, the number of funds long the stock tumbled by 14.5% to 47. The largest hedge fund investor in our database, Richard S. Pzena’s Pzena Investment Management disclosed a 1% reduction to its position in the stock; the firm reported holding 5.97 million shares of the company as of September 30.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.