Why Dean Foods, Bristol-Myers, and Three Other Stocks Are on the Move Today

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.

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.

Alibaba Won’t Snatch Netflix Yet

Shares of Netflix, Inc. (NASDAQ:NFLX) are trading down today after an Alibaba Group Holding Ltd (NYSE:BABA) spokesperson told Reuters that the eCommerce Chinese giant would not make an investment in the streaming champion right now, dispelling the rumors that had been circulating recently. Among the investors in our database, 64 funds held long equity stakes in Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter, including Chase Coleman’s Tiger Global Management, which held almost 18 million shares.

Chesapeake Rebounds On Stronger Crude

Opposite to its peers above, Chesapeake Energy Corporation (NYSE:CHK) is up today, helped by a rebound in oil prices – Brent Cruse rose almost 2.6% while WTI Crude spiked up 3%. Also helping the stock seemed to be a report out of RBC Capital Markets, which said the company is on a “long road to recovery,” after its second quarter results missed expectations last week. A total of 31 funds tracked by us were long Chesapeake Energy Corporation (NYSE:CHK) at the end of the first quarter.

Ceragon Results Fail To Impress

Finally, there’s Ceragon Networks Ltd (NASDAQ:CRNT), down by 11.95% after the micro cap tech firm reported non-GAAP EPS of $0.02 for the second quarter, down from $0.04 in the same quarter last year. Revenue of $70 million was also down by 26.1% year-over-year. However, “Strength in India and Latin America drove sequential improvement in bookings and revenues during the second quarter,” the company said in a press release. Only three investors among those we track were long Ceragon Networks Ltd (NASDAQ:CRNT) at the end of the first quarter.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.