IQ - Momentum stocks Chinese ADRs fall on speculation on large fund sales

Momentum stocks such as ViacomCBS (VIAC), Discovery Inc. (DISCA) and FarFetch (FTCH) as well as Chinese ADRs including GSX Techedu (GSX) and iQiyi Inc (IQ) all dropped.Market participants as well as some on social media are saying that a family office or hedge fund may being forced to sell down some or all of its holdings.Viacom, which has plunged 32% today,  was said to have offered a 35-m share block earlier today, according to Bloomberg. Discovery down 31%, earlier issued a press release saying that today's trading activity is not the result of transaction by Advance/NewHouse Programming or its affiliates.Stocks such as ViacomCBS, Discovery and FarFetch have had huge runs over the past few months. ViacomCBS was up 170% this year though March 22, before announcing a share sale.Farfetch is said to have offered a 10.5m share block at $42, while IQ is said to offer a block of 32.7m shares at $15.50.Earlier blocks

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Momentum stocks, Chinese ADRs fall on speculation on large fund sales