Apollo-Led Lenders Sell Yellow Loan to Citadel (The Wall Street Journal)
Apollo Global Management and other lenders exited a $500 million loan to trucking giant Yellow and sold it to investment firm Citadel as the bankrupt company negotiates with rival lenders for additional funding to wind down its business, according to people familiar with the matter. Apollo led a group of Yellow lenders that proposed extending an additional $142 million in credit in the form of a debtor-in-possession facility after the company filed for chapter 11. Apollo’s offer lost out to rival proposals, including from another trucking business that offered Yellow a bigger loan and more time—180 days—to wind down its business and sell assets.
Billionaire Bill Ackman Upped His Bet on Google Parent Alphabet. Here’s Why That Could Be a Smart Move (The Motley Fool)
This top hedge fund manager isn’t hedging at all with his investment in this tech giant. Some super-wealthy investors strongly believe in diversification. But not all of them. Bill Ackman is a good case in point. Ackman’s net worth currently stands at $3.6 billion, according to Forbes. His Pershing Square Capital Management owns only eight positions. And two of them are Google parent Alphabet (GOOG 0.03%) (GOOGL -0.06%), with the hedge fund holding both the class A shares and the class C shares. What’s more, Ackman just upped his bet on Alphabet. Here’s why that could be a smart move.
Tepper’s Appaloosa Bets Big on Tech and Semiconductor Stocks (Investopedia)
David Tepper‘s Appaloosa Management made a host of major tech-stock purchases in the second quarter, ballooning the hedge fund’s holdings to $5.4 billion from $1.9 billion, according to a recent 13F filing. Key Takeaways: Appaloosa Management nearly tripled its stockholdings to $5.4 billion in the second quarter. David Tepper’s hedge fund made sweeping purchases across the tech and semiconductor sectors, with a particular focus on companies based in China. All told, Appaloosa Management entered nearly 20 new positions last quarter. Tepper also boosted his existing positions in Alibaba, Amazon, Meta Platforms, Microsoft, and more. The hedge fund trimmed positions in a number of energy companies, and exited positions in Tesla, Disney, Salesforce, HCA Healthcare, among others.
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Exclusive: Bridgewater’s Flagship Fund was Bearish on US Stocks as Rally Fizzled (Reuters)
Bridgewater Associates‘ flagship fund had a bearish view on U.S. stocks in late July just as a rally that saw the benchmark S&P 500 soar this year was about to lose steam, according to a presentation to investors seen by Reuters. The July 25 investor briefing, a part of which was seen by Reuters and had not been previously reported, showed the hedge fund founded by legendary investor Ray Dalio was “moderately” bearish on U.S. stocks and Treasuries in its Pure Alpha pool.
Hedge Funds Upped Activision Stakes Ahead of Key Court Decision (Hedge Week)
Pentwater Capital Management, Jericho Capital Asset Management, Balyasny Asset Management, and Citadel Advisors, all upped their holdings in Activision Blizzard during Q2 ahead of a key court ruling on the video-game maker’s proposed $69bn merger with Microsoft, according to a report by Bloomberg. The report cites the latest 13-F filings as revealing that the funds’ move to boost their stock positions came before Microsoft’s court win over regulators in July which ended eight months of uncertainty over Activision’s future and cleared the way for the deal to proceed, subject to approval by the UK authorities.
Hedge Fund Says US Hard Landing and Sell-off Frenzy Ahead (Investment News)
Vantage Point Asset Management says people will be panicking. The rally in equities is set to grind to a halt as investors come to grips with slowing U.S. growth, and seasonal factors are likely to compound the selling pressure, according to Vantage Point Asset Management. Tighter lending standards and fledgling signs of slack in the labor market suggest that the U.S. economy is headed for a hard landing, said Nicholas Ferres, chief investment officer of the global macro fund. In July, the money manager took net long exposure for his firm’s main fund to 10% — “virtually flat,” in his words.
US Hedge Funds Cut Exposure in Chinese Companies Like Alibaba, Baidu, JD.com, Others in June Quarter (Live Mint)
US-based hedge fund investors have reduced their holdings in the Chinese companies during the June quarter amid concerns over the economic recovery in China and rising geopolitical tensions. Coatue Management LLC, founded by Philippe Laffont, decreased its positions in Chinese companies like Alibaba, Baidu, JD.com, Kanzhun, KE Holdings, Li Auto and PDD Holdings, Reuters reported citing regulatory filings.
The Tiger Funds Stayed Busy in the Second Quarter (Institutional Investor)
D1, Maverick, Viking, Light Street, and several other Tiger Cubs and Grandcubs made several big bets and fully exited a number of major holdings. Many of the best known funds with roots to Tiger Management were very active in the second quarter. They either established major new positions, sharply boosted existing positions into top holdings, or fully unloaded previously top positions, according to an analysis of second-quarter 13F holdings.
Wednesday 8/16 Insider Buying Report: OPCH, EOLS (Nasdaq.com)
At Option Care Health, a filing with the SEC revealed that on Friday, Director Harry M. Jansen Kraemer Jr. bought 55,000 shares of OPCH, for a cost of $34.63 each, for a total investment of $1.90M. Kraemer Jr. was up about 3.2% on the purchase at the high point of today’s trading session, with OPCH trading as high as $35.74 at last check today. Option Care Health is trading up about 1.4% on the day Wednesday. This purchase marks the first one filed by Kraemer Jr. in the past twelve months. And on Tuesday, Director Vikram Malik bought $1.3M worth of Evolus, buying 174,967 shares at a cost of $7.41 a piece. Evolus is trading up about 0.7% on the day Wednesday. So far Malik is in the green, up about 43.1% on their purchase based on today’s trading high of $10.61.
$3M Bet On Tidewater? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Joint Corp: The Trade: The Joint Corp. (JYNT) 10% owner Jefferson Gramm acquired a total of 788,528 shares an average price of $10.38. To acquire these shares, it cost around $8.18 million. Tidewater: The Trade: Tidewater Inc. (TDW) Director Robert Robotti acquired a total of 48,200 shares at an average price of $63.00. To acquire these shares, it cost around $3.04 million.
