US stocks are trading slightly lower on Monday afternoon, as the major indexes retrieved from all-time highs reached on Friday, and a spike in energy stocks was not enough to counter the decline seen in the healthcare segment.
Among the stocks on the move today are Dean Foods Co (NYSE:DF), Bristol-Myers Squibb Co (NYSE:BMY), Netflix, Inc. (NASDAQ:NFLX), Chesapeake Energy Corporation (NYSE:CHK) and Ceragon Networks Ltd (NASDAQ:CRNT). In this article we’ll take a look into the news behind the moves registered by these stocks, and see what the funds in our database think about the companies in question.
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Dean Foods Tumbles On Disappointing Quarter
Let’s start with Dean Foods Co (NYSE:DF), which has tumbled by nearly 4%, after the company reported its second-quarter results. The firm posted revenue of $1.85 billion, down by 8% year-over-year, but in line with expectations, while EPS of $0.38 missed the estimates by $0.02. However, not only the earnings miss was weighing on the stock; a 3.2% drop in total volume and a 10 basis points slip in its share of US fluid milk volumes were also negatively received by investors. For the third quarter, management said it expects diluted EPS of $0.28 to $0.36, adjusted EPS of $0.32 to $0.40, and a decline in total volumes in the low single digits. At the end of the first quarter, Dean Foods Co (NYSE:DF) saw 20 funds in our database holding long positions. Among them was Israel Englander’s Millennium Management, with 2.67 million shares, and Cliff Asness’ AQR Capital Management, with 2.61 million shares.
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Bristol-Myers Opdivo Fails Trials
Next up is Bristol-Myers Squibb Co (NYSE:BMY), which has lost around 4.7% so far today, extending last week’s losses, which were prompted by disappointing trial results from its late-stage clinical trial of Opdivo for lung cancer. Also pushing the shares down was a downgrade from Credit Suisse, which cut its rating to ‘Neutral’ from ‘Outperform’, while trimming its price target to $63 from $86. Conversely, the firm upgraded competitor Merck & Co., Inc. (NYSE:MRK) to ‘Outperform’ from ‘Neutral’, boosting its price target by $11 to $73. A total of 59 funds among those we track were long Bristol-Myers Squibb Co (NYSE:BMY) at the end of March. This group included Ken Griffin’s Citadel Advisors, which last disclosed ownership of 5.02 million shares as of the end of the first quarter.
