Why Shares of StemCells, Coca-Cola Enterprises & Three Other Companies Tumbled Today

Technical Selling Continues In Chemours

Shares of Chemours Co (NYSE:CC) are trading down by roughly 4.75% on Tuesday, driven by what seems like technical selling. Shares of the performance chemicals provider spiked more than 234% between January 28 and May 17. However, since this last date, the stock has lost over 16.6% of its value, as the price hit what looks like a resistance point right below $10. Once again, 30 funds among those we track were long Chemours Co (NYSE:CC) at the end of the first quarter. Their combined stakes amounted to more than 24% of the company’s float. The second-largest institutional shareholder of record, trailing only the Vanguard Group, was David Einhorn’s Greenlight Capital, which increased its exposure to the stock by 161% over the first quarter, taking its holdings to 8.84 million shares, worth almost $62 million by March 31.

Hewlett Packard Enterprise Slips Slightly On Litigation

Also down on Tuesday trading is Hewlett Packard Enterprise Co (NYSE:HPE), which tumbled more than 1.3% in the morning, before recuperating some of the lost ground. The shares are down about 0.6% by 1:45 pm, as the company presents its opening arguments in a case against its former partner Oracle Corporation (NYSE:ORCL), for its alleged responsibility in the failure of one of the company’s (formerly Hewlett-Packard Co.) most profitable products. Hewlett Packard Enterprise is seeking $3 billion in damages from Oracle. Hewlett Packard Enterprise Co (NYSE:HPE) saw the number of hedge funds in our database long its stock advance by almost 11% over the first quarter of 2016. On March 31, 51 funds held more than 7% of its float, with David Cohen and Harold Levy’s Iridian Asset Management alone owning more than 1.5% of the total shares outstanding – the stake comprised 27.5 million shares.

Fidelity & Guaranty Life Acquisition Is Off For Now

Finally, there’s Fidelity & Guaranty Life (NYSE:FGL), whose shares are down about 4.5% on Tuesday afternoon, after Chinese company Anbang Insurance Group Co. retracted its request with the New York Department of Financial Services to acquire the insurer – mainly due to the regulators’ reservations. However, the Asian group said it plans to file another application in the future. Fidelity & Guaranty Life (NYSE:FGL) counted 11 hedge fund supporters in our database, including Jim Simons’ Renaissance Technologies, which boosted its stake by 174% over the quarter, disclosing ownership of 296,600 shares, or $7.78 million in stock, as of the end of March.

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