Bloomberg – The Standard & Poor’s 500 Index and Nasdaq Composite Index capped their worst week since 2012, with stocks most beloved by hedge funds plunging amid concern valuations have climbed too high as earnings season starts.
Allegion Plc (ALLE:US), the S&P 500 company with the highest hedge fund ownership, had its biggest drop ever for the week. JPMorgan Chase & Co. declined 7.5 percent, the most since May 2012, as profit fell. Bed Bath & Beyond Inc. tumbled 8 percent after the retail chain’s earnings forecast trailed estimates. The Nasdaq Biotechnology Index sank a seventh week, the longest streak since 1998 as the gauge entered a bear market.
