Why Are These Five Stocks Losing Ground on Tuesday?

Flotek Industries Inc (NYSE:FTK)‘s stock extended the losses by almost 30% today, following an 18% drop on Monday on the back of the report claiming that Flotek Industries Inc (NYSE:FTK) misled the investors while presenting the number of wells serviced by the company. Following the release of the report, several law firms announced investigations into the matter. Among the funds from our database, 14 reported long positions in Flotek Industries Inc (NYSE:FTK) as of the end of June, holding over 23% of the company’s outstanding stock.

ArcelorMittal SA (ADR) (NYSE:MT)‘s shares have lost over 4% after the company reported its financial results for the third quarter, which included sales of $15.59 billion, down from $20.07 billion a year earlier. The company also turned to a net loss of $0.40 per share, compared to a profit of $0.01 delivered in the third quarter of last year. ArcelorMittal SA (ADR) (NYSE:MT) also provided its outlook for the full year, saying that “operating conditions have deteriorated in recent months” citing the decline of steel prices and weaker order volume. ArcelorMittal SA (ADR) (NYSE:MT)’s projects an EBITDA in the range of $5.2 to $5.4 billion for the current year. A total of 22 funds from our database held shares of ArcelorMittal at the end of June, amassing over 2% of the company’s outstanding stock.

MannKind Corporation (NASDAQ:MNKD)‘s stock has slid by more than 10% also on the back of the third-quarter results. The biopharmaceutical company posted a flat revenue for the quarter, while its net loss expanded to $0.09 per share from $0.08 a year earlier. Analysts expected a net loss of $0.07.  The investors that we track are not very keen on MannKind Corporation (NASDAQ:MNKD), as just 13 of them reported stakes equal to 5.50% of the company as of the end of June.

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