Why These Five Stocks Are Trending Today?

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Shares of Facebook Inc (NASDAQ:FB) are trading slightly in the green on below-average volume. However, the stock has been in the headlines in connection with a lawsuit that claims the social network company invades users’ privacy by using facial recognition technology for photo-tagging. Facebook had asked for the lawsuit to be dismissed, but a federal judge in San Francisco rejected the request yesterday. The company is in breach of the Biometric Information Privacy Act passed in 2008 in Illionois, which states that companies have to get a consent from consumers before collecting biometric data, such as ‘faceprints’ that are used by Facebook and Google (among other companies) to identify people in photos. Facebook Inc (NASDAQ:FB) contradicts that photo-tagging is mentioned in its terms of service and users are allowed not to use the feature. Columbus Circle Investors and Fisher Asset Management reported holding 2.80 million shares and 256,520 shares of Facebook Inc (NASDAQ:FB) as of the end of March. Both investors trimmed their exposure to the company during the first quarter.

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Medivation Inc (NASDAQ:MDVN) and Sanofi SA (ADR) (NYSE:SNY) have gained attention in the media since April 28, when Sanofi announced an unsolicited bid of $52.50 per share to acquire Medivation (see article). The deal was rejected immediately due to the low price. Yesterday, Sanofi SA (ADR) (NYSE:SNY) disclosed a letter sent to Medivation Inc (NASDAQ:MDVN)’s board, in which it said that following talks with the latter’s top shareholders, which support the deal. In this way, Sanofi SA (ADR) (NYSE:SNY) plans to go through with the deal using any measures, including engaging in talks with shareholders, and ousting and replacing the entire board of directors. A total of 34 funds from our database held shares of Medivation Inc (NASDAQ:MDVN) at the end of 2015, having amassed over 17% of the company’s outstanding stock. In Sanofi SA (ADR) (NYSE:SNY), 31 funds held less than 1% of the stock.

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Disclosure: none

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