Why These Five Stocks Are Trending on Wednesday?

Wall Street extended its losses for the second day on Wednesday following weaker-than-expected private jobs numbers and ahead of the Friday US non-farm payroll data. Meanwhile, five stocks that stand out among most losers are Under Armour Inc (NYSE:UA), Cray Inc. (NASDAQ:CRAY), Glu Mobile Inc. (NASDAQ:GLUU), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), and Relypsa Inc (NASDAQ:RLYP). Let’s take a closer look at the developments that sent these stocks deep in the red territory and assess the hedge fund sentiment towards them.

At Insider Monkey, we track nearly 800 hedge funds and other institutional investors as part of our small-cap strategy, which can help a retail investor beat Mr. Market by nearly one percentage point per month (see details). Additionally, we can use the data to see how hedge funds positioned themselves towards different other individual companies.

Under Armour Inc (NYSE:UA)’s stock took a hit on Wednesday morning and is currently almost 7% in the red after the day before the company announced that two top executives had resigned from the company. Chief Merchandising Officer, Henry Stafford, and Robin Thurston, Chief Digital Officer of Under Armour, will leave the company in July. After their departures, Kip Fulks, the current Chief Marketing Officer, will assume the responsibilities of the Chief Merchandise Office on an interim basis and Michael Lee, a senior vice president, will become the Chief Digital Officer of Under Armour Inc (NYSE:UA), the company said in a statement. Overall, 25 funds from our database held shares of Under Armour Inc (NYSE:UA) at the end of the fourth quarter of 2015, including Columbus Circle Investors, which, however, cut its stake by more than 50% on the quarter and reported 763,538 shares as of the end of March.

Cray Inc. (NASDAQ:CRAY)’s stock has dropped by almost 20% so far today after the company posted better than expected results for the first quarter, but provided weak guidance for the second quarter and full year. Cray’s first-quarter loss of $0.13 per share and revenue of $105.5 million, managed to beat both top- and bottom-line estimates by $0.12 and $4.70 million, respectively. However, for the current quarter, the company forecasted revenue of $100 million, below the current estimates of some $113 million, while for the full 2016, revenue is expected at $825 million also lower than the estimates of $826.28 million. John A. Levin‘s Levin Capital Strategies, with a stake of 624,647 shares, was among the 14 funds we track with long positions in Cray Inc. (NASDAQ:CRAY) at the end of 2015.

Head to the next page, where we discuss the events that triggered the decline of the three other stocks mentioned at the beginning of this article.