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Why Target, Movado, & Other Stocks Tumbled Today?

Shares of Movado Group, Inc (NYSE:MOV) have lost more than 7.1% on Thursday, following the announcement of the company’s fourth-quarter financial results. While earnings of $0.40 per share came in $0.01 ahead of expectations and revenue of $143.3 million also beat estimates by $2.6 million, guidance for the ongoing year disappointed investors. For fiscal 2017, management said it expects EPS between $1.85 and $2 on revenue in the range of $585 million to $600 million, well below the Street’s consensus of $2.27 and $615 million. Finally, the company also announced that its Chief Operating Officer Rick Coté will be retiring in June, and boosted its quarterly dividend to $0.13 per share from $0.11.

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A total of 14 funds among those we track were long Movado Group, Inc (NYSE:MOV) at the end of 2015 and their combined holdings accounted for more than 10% of the company’s outstanding stock. The largest position was reported by Chuck Royce’s Royce & Associates, which last disclosed ownership of 1.19 million shares of the company.

Also tumbling on Thursday is Anacor Pharmaceuticals Inc (NASDAQ:ANAC), whose shares are 7% in the red. On Wednesday, the company announced a private offering of $250 million aggregate principal amount of Convertible Senior Notes due 2023. Initial purchasers will be granted a 30-day option to buy up to an additional $37.5 million of the Convertible Notes.

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Hedge fund support for Anacor Pharmaceuticals Inc (NASDAQ:ANAC) has been declining recently. Over the fourth quarter, the number of funds long the stock, among those we track, fell by 33% to 24. Thomas Steyer’s Farallon Capital Management sold all of its 340,000 shares of the company during the October-December period.

PBF Logistics LP (NYSE:PBFX)’s stock has slid by 8%, after the company priced its public offering of 2.5 million common units representing limited partner interests for total gross proceeds of $46 million. The partnership will use the net proceeds from the offering “to fund a portion of the purchase price for the previously announced acquisition of four refined product terminals located in the greater Philadelphia region from an affiliate of Plains All American Pipeline, L.P. for total cash consideration of $100.0 million, and, pending such use, to reduce indebtedness outstanding under its revolving credit facility and for general partnership purposes,” the company said in a press release.

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Only two funds among those we track were long PBF Logistics LP (NYSE:PBFX) at the end of 2015. One of them was Matthew Hulsizer’s Peak6 Capital Management, which last declared holding 92,290 shares of the company, worth slightly less than $2 million.

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

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