Three of the five stocks most popular with hedge funds as of the end of the first quarter suffered sharp losses on Monday. Facebook, whose stock was held by at least 191 different hedge funds at the end of March, fell 2.3 percent, to close at $113.95. However, there was no apparent reason for the price drop. Apple — the fourth most popular stock, held by 168 different hedge funds — fell 1.5 percent, to $97.34. On Monday in introduced new software for its smart watch. Meanwhile, Microsoft, the fifth most popular hedge fund stock, fell 2.6 percent, to close at $50.14. Shareholders were probably not too happy it agreed to shell out $26.2 billion in cash to buy LinkedIn. This selloff, however, is typical for the stock of the buyer in a merger deal.

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Sachem Head Capital Management sold about one million shares of CDK Global, reducing its stake to about 10.5 million shares. As a result, the New York hedge fund firm now owns 6.8 percent of the software company that serves the auto industry. The shares were sold between April 14 and June 10, for roughly between $47 and $57 per share. The company is a target of an activist campaign being waged by Paul Singer’s New York-based Elliott Management Corp.

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Pershing Square Capital Management said it unwound call and put options for the same number of underlying shares of Valeant Pharmaceuticals International, which were due to expire in 2017. At the same time, it bought call options and wrote put options for the same number of shares that expire on January 18, 2019.