UK Court Says Elliott, Jane Street can Sue LME for Cancelled Nickel Trades (Reuters)
A British court has granted permission for U.S.-based hedge fund Elliot Associates and Jane Street Global Trading to sue the London Metal Exchange (LME) for cancelling nickel trades in March, a court document showed. Elliott and Jane Street are demanding damages of $456.4 million and $15.34 million respectively, after the nickel price topped a record $100,000 per tonne on March 8, prompting the LME’s suspension of nickel trading and voiding of trades.
Cathie Wood Warns Fed of Policy Error as Rate Hikes Hit ARK ETFs (Bloomberg)
Cathie Wood, whose innovation-themed ETFs have plummeted in this era of rising interest rates, is taking the Federal Reserve to task for its aggressive tightening campaign. In the latest market commentary from her firm ARK Investment Management, Wood pens an open letter to the Fed expressing concern that the central bank is making a policy error with its rapid rate hikes.
Paul Tudor Jones Believes We are in or Near a Recession and History Shows Stocks have More to Fall (CNBC)
Billionaire hedge fund manager Paul Tudor Jones believes the U.S. economy is either near or already in the middle of a recession as the Federal Reserve rushed to tamp down soaring inflation with aggressive rate hikes. “I don’t know whether it started now or it started two months ago,” Jones said Monday on CNBC’s “Squawk Box” when asked about recession risks. “We always find out and we are always surprised at when recession officially starts, but I’m assuming we are going to go into one.”
Phongphan/Shutterstock.com
This Hedge Fund Is Betting Hard Against GameStop Stock. Are Shorts Playing With Fire? (The Street)
Bireme Capital is one of the several brave hedge funds that have short positions in GameStop (GME). Based on business fundamentals, GameStop is an obvious short case, according to the fund. Even with broad market bearishness, GameStop stock has overperformed the S&P 500 during some significant stretches this year, most recently between July and August. Considering GameStop’s trading activity, does a strict fundamentalist viewpoint offer a full picture of the stock? Bireme Capital’s short thesis Bireme Capital is a hedge fund that describes its strategy as incorporating a mix of both qualitative and quantitative investing styles. Its Fundamental Value fund, with a long-term short bias, outperformed the market in Q2, returning -1.4% versus -16.1% for the S&P 500.
Billionaire Hedge Fund Founders are Readying Their Firms to Outlast Them. Here’s the Next Generation of Leaders as Industry Titans Like Ray Dalio Step Back. (Business Insider)
Some of the top hedge funds in the US are preparing to turn over their legacies to the next generation of leaders. Ray Dalio, the billionaire founder and longtime chief of Bridgewater Associates, recently relinquished control of his $150 billion firm, the biggest hedge fund in the world. Dalio will remain on Bridgewater’s board, publish research, and take on the role of “CIO mentor,” the company said.
Steve Cohen Hired the Best Mets Money Could Buy. They Were Still the Mets. (Bloomberg)
Steve Cohen’s dreams of bringing a third World Series to the New York Mets will have to wait at least another year. The team crashed out of the Wild Card round of the Major League Baseball playoffs Sunday night in ignominious fashion, mustering only one hit in a 6-0 loss to the San Diego Padres in the deciding game of their best-of-three series.
The Vultures at Alden Capital Want Us to Believe Their Neutrality Is in Good Faith (TheNation.com)
Less than a month out from a midterm election that will determine the viability of America’s flailing democracy, the nation’s second-largest newspaper chain weighed in with a curious announcement: It will refrain from endorsing candidates for national and statewide office. That’s right: Alden Global Capital, the avaricious hedge fund that now controls more than 200 newspapers, has spurned the notion that it might employ its outsize market role to aid public deliberation during one of the most consequential midterm cycles in our history.
Monday 10/10 Insider Buying Report: THO, RKT (Nasdaq.com)
On Wednesday, Thor Industries’, Peter Busch Orthwein, made a $1.45M buy of THO, purchasing 20,000 shares at a cost of $72.50 a piece. Thor Industries is trading up about 0.4% on the day Monday. Before this latest buy, Orthwein purchased THO at 4 other times during the past twelve months, for a total cost of $3M at an average of $90.83 per share. And at Rocket Companies, there was insider buying on Friday, by Chief Executive Officer Jay Farner who bought 58,800 shares for a cost of $6.78 each, for a trade totaling $398,792. Before this latest buy, Farner purchased RKT on 55 other occasions during the past year, for a total cost of $25.69M at an average of $8.46 per share. Rocket Companies is trading up about 0.1% on the day Monday.
Insider Trading: October 10, 2022 (BIV.com)
Insider Larry Childress, 10% owner. Company: Fireweed Metals Corp. (TSX:FWZ). Shares owned: 11,502,190. Trade date: Sept. 22. Trade total: $207,400. Trade: Acquisition of 346,000 shares at prices from $0.58 to $0.60 per share. Insider John Kim, director. Company: Well Health Technologies Corp. (TSX:WELL). Shares owned: 558,379. Trade date: Sept. 27. Trade total: $153,000. Trade: Sale of 50,000 shares at a price of $3.06 per share.
Tesla, Adobe And 2 Other Stocks Insiders Are Selling (Benzinga)
Tesla: The Trade: Tesla, Inc. (TSLA) CFO Zachary Kirkhorn sold a total of 3,750 shares at an average price of $250.50. The insider received around $939.38 thousand from selling those shares. Analog Devices: The Trade: Analog Devices, Inc. (ADI) Director Tunc Doluca sold a total of 2,400 shares at an average price of $150.00. The insider received around $360 thousand from selling those shares.
