Why NVIDIA, Cisco, Bank of America and Targa Resources Sank Today

Bank of America Corp (NYSE:BAC) is down by more than 4% this afternoon after Citigroup Inc (NYSE:C) reported its fourth-quarter financial results. The fourth-largest bank in the U.S (which just fell from third place) delivered a beat on both the top and bottom lines, but analysts questioned the results, as a large number of one-time items prevented investors from getting a clear picture of what’s going on; some even said that “if you strip out gains on the sale of unwanted assets, Citi missed expectations by some distance” (CNBC).

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Much like NVIDIA Corporation (NASDAQ:NVDA), hedge funds have become increasingly bullish on Bank of America Corp (NYSE:BAC), with the number of firms betting on it having surged by over 13% during the third quarter of 2015, to 108. That made it the tenth-most popular stock among the hedge funds in Insider Monkey’s database. However, readers should note that these 108 firms own only 4% of the company’s total outstanding stock; Ken Fisher’s Fisher Asset Management holds the largest stake of those 108 investors, comprising 42.69 million shares, or 0.4% of the total shares.

Finally, there’s Targa Resources Corp (NYSE:TRGP), the largest decliner in this list. The small-cap utilities company was down by more than 13% in Friday trading, although no particular news aside from the hemorrhaging oil prices. The drop is a continuation of the long decline the stock has been experiencing thanks to said oil prices. Over the past six months, shares have fallen by almost 82%, with almost half of this loss being registered over the past month, when the stock lost over 42%.

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Despite the falling stock, hedge funds stayed put in Targa Resources Corp (NYSE:TRGP). As of the end of the third quarter, 22 funds in our database were long the small-cap natural gas company, same as at the end of the previous quarter. Leon Cooperman’s Omega Advisors held the largest stake, comprising 1.95 million shares, worth approximately $100 million.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.