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Qiwi, Robert Half, Celator Pharma, Encana, and ArcelorMittal All Take Tumbles on Wednesday

Ahead of the Fed announcement on interest rates this afternoon, U.S stocks are mostly down, driven by large losses in tech stocks, which are reacting to disappointing results from Apple Inc. (NASDAQ:AAPL) and Twitter Inc (NYSE:TWTR). Among the day’s other big decliners are Qiwi PLC (NASDAQ:QIWI), Robert Half International Inc. (NYSE:RHI), Celator Pharmaceuticals Inc (NASDAQ:CPXX), Encana Corporation (USA) (NYSE:ECA), and ArcelorMittal SA (ADR) (NYSE:MT). Let’s take a look into the events driving the declines in these particular stocks today and see what the hedge funds in our database think about these companies.

Academic research has shown that certain insider purchases historically outperformed the market by an average of seven percentage points per year. This effect is more pronounced in small-cap stocks. Another exception is the small-cap stock picks of hedge funds. Our research has shown that imitating the 15 most popular small-cap stocks among hedge funds outperformed the market by nearly a percentage point per month between 1999 and 2012 (read more details here).

Qiwi Down on Regulatory Fears

Let’s start with Qiwi PLC (NASDAQ:QIWI), a small-cap provider of payment services in Russia and the Commonwealth of Independent States (CIS), which is down by more than 13.5% on Wednesday. While information about the company and the stock’s decline does not abound, the Russian portal of has recently reported that the Federal Financial Monitoring Service, the Bank of Russia, the Ministry of Finance, and several large banks are discussing measures to increase the safety of electronic payments, especially as it pertains to virtual wallets. The entities are particularly worried about anonymous electronic wallets, even though anonymous electronic transactions have been capped by recent laws. As one of the two...