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Why These 10 Stocks Are Getting Crushed on Wednesday

·4 min read

In this article, we will discuss some of the notable stocks getting crushed today. To take a look at some more stocks that are moving down, go to Why These 5 Stocks Are Getting Crushed on Wednesday.

Despite the S&P 500 Index, the Dow Jones Industrial Average (DJIA) Index, and the NASDAQ Composite Index all trading in the green, numerous notable stocks such as Johnson & Johnson (NYSE:JNJ), Occidental Petroleum Corporation (NYSE:OXY), and Yamana Gold Inc. (NYSE:AUY) are among the top decliners for the day.

Let’s look at the reasons for the decline and how hedge funds are positioned in these stocks.

stock market, short, low, crash
stock market, short, low, crash


10. NortonLifeLock Inc. (NASDAQ:NLOK) is down more than 10% as of 10:17 AM ET following updates that the Tempe, Arizona-based cybersecurity provider’s $8.6 billion acquisition of Avast has hit a roadblock. Competition and Markets Authority (CMA) has announced that it will take a deeper look into the proposed merger of the two entities before making a final decision. The CMA claims that the merger would reduce competition and would result in British consumers getting a worse deal for cybersecurity solutions. NortonLifeLock Inc. (NASDAQ:NLOK) has announced that it expects the deal to be completed by mid to end of this year, instead of the April 4 deadline shared previously. Of the 924 hedge funds in Insider Monkey's database, 36 funds reported owning a stake in NortonLifeLock Inc. (NASDAQ:NLOK) at the of Q4 2021, up from 34 in the preceding quarter.

9. Lockheed Martin Corporation (NYSE:LMT) has declined 6.5% as of 10:49 AM ET following the announcement by the Pentagon that it will request to buy 61 F-35s as opposed to the previously planned number of acquiring 94 Lockheed Martin Corporation’s (NYSE:LMT) stealth jets. Six F-35s are currently in action in the Eastern European region following the start of the conflict between Russia and Ukraine. They are performing an ‘air policing’ mission between Estonia and Romania. The F-35s are facing issues during flight following a hardware and software upgrade that has cost $14 billion. According to data compiled by Insider Monkey, 42 hedge funds have a holding in Lockheed Martin Corporation (NYSE:LMT) as of Q4 2021, with a cumulative value of $976.1 million. D E Shaw is one of the leading investors in Lockheed Martin Corporation’s (NYSE:LMT) as of Q4 2021.

8. Baker Hughes Company (NYSE:BKR) has tumbled over 4% as of 10:50 AM ET after crude oil prices continue to fall following the report by the Energy Information Agency (EIA), reflecting a build-up in crude oil reserves by 4.3 million barrels. Meanwhile, the American Petroleum Institute (API) had estimated the inventory to grow by 1.87 million barrels during the same period. Crude oil prices have retracted significantly after reaching multi-year highs earlier this month as fresh concerns related to demand came out of China following an increase in COVID-19 cases and broader restrictions. Overall, 35 hedge funds held a stake in Baker Hughes Company (NYSE:BKR) at the end of Q4 2021.

7. Northrop Grumman Corporation (NYSE:NOC) is down more than 4.9% as of 10:55 AM ET, following renewed hope for a breakthrough in peace talks. The Ukrainian President Volodymyr Zelensky has revealed that negotiations are becoming ‘more realistic.’ Meanwhile, Russian Foreign Minister Sergei Lavrov has shared that there is “some hope for compromise.” As of Q4 2021, 33 hedge funds held a position in Northrop Grumman Corporation (NYSE:NOC) with a combined stake value of $561.4 million. Yacktman Asset Management is long over 400,000 shares of Northrop Grumman Corporation (NYSE:NOC) as of Q4 2021.

6. Peabody Energy Corporation (NYSE:BTU) has crashed by more than 7.3% as of 11:11 AM ET. The coal price is giving back some of its gains after the recent rise following the start of the conflict between Russia and Ukraine. Russia is the third-largest exporter of coal in the world. Coal prices and the stock prices of coal-producing companies have risen significantly due to supply constraints. Australia was facing floods, which hampered its ability to export coal, while the Indonesian government also implemented an export ban in the recent past. However, the outlook of coal looks grim in the future due to its adverse impact on the environment. The front-month future of coal is trading at $303.35 per ton, down $32.80 per metric ton for the day. Of the 924 hedge funds in Insider Monkey’s database, 28 held a stake in Peabody Energy Corporation (NYSE:BTU) at the end of Q4 2021.

In addition to Peabody Energy Corporation (NYSE:BTU), stocks such as Johnson & Johnson (NYSE:JNJ), Occidental Petroleum Corporation (NYSE:OXY), and Yamana Gold Inc. (NYSE:AUY) also reported a decline today.

Click to continue reading and see Why These 5 Stocks Are Getting Crushed on Wednesday.

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Disclosure. None. Why These 10 Stocks Are Getting Crushed on Wednesday is originally published on Insider Monkey.