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Why Are These Stocks Deep in Red Today?

Canadian Pacific Trims Guidance

Canadian Pacific Railway Limited (USA) (NYSE:CP)’s shares are off 2.5% after the railroad company warned its second-quarter revenues will decline by around 12% year-over-year, and that its adjusted EPS will be CAD 2.0 due to lower-than-anticipated volumes in bulk commodities as well as the negative effects of the devastating wildfires in northern Alberta. Analysts were expecting earnings of CAD 2.48 per share. At the end of March, 36 funds tracked by us had a long position in Canadian Pacific Railway Limited (USA) (NYSE:CP), up by seven funds from the previous quarter.

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Werner Enterprises Guides Lower

Werner Enterprises, Inc. (NASDAQ:WERN) is another victim of soft guidance today, as shares of the trucking company have lost nearly 10%. Due to increasing wage pressures and sluggish freight market conditions, Werner anticipates earnings per share to be in the range of $0.21-$0.25, versus analyst estimates of $0.40 per share. The earnings could be lower on an adjusted basis due to a $3.4 million pre-tax gain on the sale of real estate. A total of 18e funds were long Werner Enterprises, Inc. (NASDAQ:WERN) at the end of the first quarter.

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Immunomedics Sells Off on Technicals

Immunomedics, Inc. (NASDAQ:IMMU) shares have retreated by another 11% today after the stock sliced through and closed below several key moving averages in the preceding days. Some traders evidently bought the stock in anticipation of a good ASCO presentation, but those bulls were disappointed after ASCO kicked Immunomedics out for trying to present previously-presented data elsewhere. Immunomedics is also in the news for appointing Michael Garone as CFO. Nine funds tracked by us held stakes in Immunomedics, Inc. (NASDAQ:IMMU) at the end of the first quarter, down by two funds from the previous quarter.

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Disclosure: none

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