Why Are These Stocks Deep in the Red Today?

Immunomedics Declines After Not Presenting at ASCO

Immunomedics, Inc. (NASDAQ:IMMU) is 15% lower today after the company was removed from the ASCO Cancer Conference. Immunomedics, Inc. (NASDAQ:IMMU) was apparently trying to present data on IMMU-132, its refractory/relapsed metastatic triple-negative breast cancer treatment candidate, that was previously presented elsewhere, and that’s against the conference’s rules. Although Immunomedics is trying to reverse the ASCO decision, the company doesn’t have much time to convince the decision makers before the point is moot. The conference starts today and runs to the 7th. Nine elite funds owned slightly over 11% of the company at the end of the first quarter.

Follow Immunomedics Inc (NASDAQ:IMMU)

Gogo Declines on Lost Orders

Gogo Inc (NASDAQ:GOGO) shares have retreated by more than 14% after American Airlines Group Inc (NASDAQ:AAL) split an in-flight, satellite internet service order between Gogo and its rival, ViaSat. Investors were hoping that Gogo Inc (NASDAQ:GOGO) would get more of the order rather than just part of it. American Airlines will use Gogo for around 140 planes and for ground-based ATG connectivity while it will use ViaSat for around 100 planes. The number of savvy fund holders with holdings in Gogo fell by three quarter-over-quarter to 16 as of the most recent 13-F reporting period.

Follow Gogo Inc. (NASDAQ:GOGO)

Globalstar Tumbles on Speculation of FCC No-Vote

Globalstar, Inc. (NYSEMKT:GSAT) is 60% in the red on rumors that Jessica Rosenworcel, an FCC Commission member, will vote ‘No’ along with fellow member Ajit Pai on  Globalstar’s potential use of unlicensed spectrum for a Wi-Fi service. Seeing as there are five members that can vote concerning the matter, Globalstar’s Wi-Fi hopes might run into serious trouble if fellow member Michael O’Rielly gives the proposal a thumbs down. Of the around 766 elite funds we track, 15 funds owned $163.74 million of Globalstar, Inc. (NYSEMKT:GSAT) and accounted for 10.70% of the float on March 31, versus 13 funds and $149.07 million respectively on December 31.

Follow Globalstar Inc. (NYSEMKT:GSAT)

Disclosure: none