Cosco turns 'sell' target for hedge fundsCosco turns 'sell' target for hedge funds COSCO Corp had been regarded by many investors as a safe haven to park their nest eggs until the global financial storm blows over. Until this week, that is. The stock of the shipbuilder and bulk-carrier company has hit choppy waters over the past few days as it came under strong attack from hedge funds. It has plunged by an eye-popping $1.08 since Monday to close at $3.90 yesterday, wiping off a staggering $2.42 billion in market value. As one of the best-performing stocks this year, Cosco has become a 'sell' target for index funds that need to rebalance their portfolios as regional markets tumble. It also came under attack from hedge funds that needed to liquidate their investments in a hurry to meet redemption calls. The biggest selling pressure on the counter was experienced yesterday, as Cosco's share price went on a roller-coaster ride, and tumbled by 62 cents during the day. Even though the stock managed to (more...)