Why Are These Stocks Deep in Red Today?

Gold Miners Off on Profit Taking

Vista Gold Corp. (NYSEMKT:VGZ) and Barrick Gold Corporation (USA) (NYSE:ABX) are off by 5% and 1.5% respectively due to lower gold futures prices and profit taking. Given the surge in gold miner shares since Britain’s decision to leave the EU last Thursday, many traders are taking some money off the table to preserve their gains. Although the Brexit will have a negative effect on global growth and could cause substantial black swan events, many traders are uncertain what central banks around the world will do. If the Fed decides to raise rates in December or later, gold prices could still decline. In addition, the British government could potentially work out a deal with the EU so that the country has access to the region’s ‘one market’ and still retain some sovereignty over its immigration policies. If that happens, the ‘risk-off’ sentiment could reverse. Three funds tracked by us owned shares of Vista Gold Corp. (NYSEMKT:VGZ) and 49 top funds were long Barrick Gold Corporation (USA) (NYSE:ABX) at the end of the first quarter.

COMSCORE Audit Review Takes Longer Than Expected

COMSCORE, Inc. (NASDAQ:SCOR) is 19% in the red today after the company disclosed in a regulatory filing that its audit committee and board of directors require more time to evaluate the information collected concerning potential accounting matters. The accounting matters have delayed the company’s annual report and quarterly report to the SEC. The company originally said that it would provide an informed update by June 27, which traders took as the deadline that COMSCORE would issue a conclusive report over its accounting matters. Apparently the actual deadline is later than that. At the end of March, 22 funds tracked by us had a long position in COMSCORE, Inc. (NASDAQ:SCOR) at the end of March, up by one from the previous quarter.

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