Why Are These Stocks in the Red Today?

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NXP Semiconductors Sells Unit

Shares of NXP Semiconductors NV (NASDAQ:NXPI) have inched down by around 1.6% despite the company having successfully sold off its Standard Products division for $2.75 billion to a Chinese consortium. Traders thought the unit would yield a minimum of $2 billion when NXP management put the division for sale earlier in the year. The transaction is expected to close in the first quarter of 2017. Among the funds tracked by us, 52 funds owned shares of NXP Semiconductors NV (NASDAQ:NXPI) as of the end of March.

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Staples Introduces ‘Staples Rush’

Not to be outdone by Amazon.com, Inc. (NASDAQ:AMZN), Staples, Inc. (NASDAQ:SPLS) is introducing its same-day delivery service called Staples Rush. The service will allow orders placed by 3:00 p.m. local time Monday – Friday on Staples.com to be delivered by 7 p.m. in eight major cities across the United States. Hopefully the same day delivery service will ramp up revenues and profits at the giant. Shares of the stock are down almost 2% today due to broader market weakness. Jim Simons’ Renaissance Technologies owned almost 9 million shares at the end of March.

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Synchrony Financial Loan Losses Larger Than Expected 

Synchrony Financial (NYSE:SYF) is around 12% in the red after the company disclosed that it expects a 20-30 basis point increase in net charge-off rates over the next 12 months. As a result, the company expects higher reserve builds and for its allowance coverage ratio to increase 20-30 basis points from the first quarter of 2016. The company also noted that its current loss rate in its portfolio is at historically low levels. The number of funds from our database with holdings in Synchrony Financial (NYSE:SYF) fell by 15 quarter-over-quarter to 67 at the end of March.

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Disclosure: none

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