Hedge Fund Boss Who Made 40% Return Shorting Moderna Says Markets’ ‘Euphoria’ will Burst (Financial News)
Barry Norris, chief executive of Argonaut Capital, has been unabashedly vocal about his pessimism about a potential Covid-19 vaccine. He shorted pharma companies including Moderna – which is developing an inoculation against the virus – back in August. Other market participants haven’t shared his bearish views. Pfizer and BioNTech were first out of the gate with positive vaccine news – saying in early November that their coronavirus jab showed 90% efficacy and could be rolled out this year. It prompted a massive stock market rally, with pubs, restaurants, travel companies and finance firms among those to post sharp share price increases.
Hedge Fund Citadel Doubles Down, and More, on Shale Gas in Q3 (S&P Global Market Intelligence)
Legendary hedge fund CEO and investment manager Kenneth Griffin doubled down on shale gas stocks in the third quarter, banking on higher share prices across the sector as investors anticipate a sharp increase in winter commodity gas prices. Griffin’s Citadel Advisors LLC more than doubled its stakes in pure-play shale gas exploration and production companies CNX Resources Corp., Antero Resources Corp., Comstock Resources Inc., and National Fuel Gas Co. in the third quarter, according to institutional investor filings with the SEC. All four saw their share prices rise since the third quarter began, led by Antero, which was up 66% through Nov. 23.
Unacademy Raises Fresh Round from Tiger Global & Dragoneer at $2 bn Valuation (EnTrackr)
The ongoing rush of fundraising in edtech startups continues unabated with Unacademy raising an undisclosed amount in a fresh investment round from Tiger Global and Dragoneer Investment Group. In a statement, the company has claimed that the Uncademy group has been valued at $2 billion in this transaction. This is the third tranche of funding in Unacademy this year. It had raised a $110 million round led by General Atlantic followed by another $150 million round led by Softbank in September this year.
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Brad Gerstner’s Hedge Fund is Betting on Economy Reopening with Stocks Like Uber, Adds Snowflake IPO (CNBC)
Tech investor Brad Gerstner‘s hedge fund Altimeter Capital piled into a few red-hot software IPOs, while sticking with some apparent bets on an economic reopening as well.
Rio Tinto attacked by hedge fund Odey over Oyu Tolgoi financing (Proactive Investors)
Rio Tinto PLC (LON:RIO) has been urged to come clean over financing plans for the huge Oyu Tolgoi mine in Mongolia run by 50.8% owned subsidiary Turquoise Hill Hedge fund manager Odey today published a letter written to the mining giant’s board expressing its concerns about the fairness of the financing package surrounding Oyu Tolgoi and the sustainability of the agreements with Mongolia’s government.
No Need for Radical Change to Hedge Fund Rules, Says EU Official (Reuters)
LONDON (Reuters) – The European Union is not planning to radically overhaul its hedge fund rules given they are already a “success story”, an EU official said on Tuesday. The bloc is reviewing its “AIFMD” regulations for hedge funds and other alternative investment funds.
York Capital to Spin Off US$2.7b Asia Hedge Fund Firm (The Business Times)
[NEW YORK] York Capital Management‘s move to exit most of its hedge fund business will lead to the creation of a new Asia-based firm with US$2.7 billion of assets, according to a letter to investors. The Asia unit will be spun off next year and renamed MY Alpha Management. It will be led by Hong Kong-based regional chief investment officer Masahiko Yamaguchi, according to a letter from York’s chief executive officer Jamie Dinan and Mr Yamaguchi. Jonathan Gasthalter, a New York-based spokesman for the firm, declined to comment.
Hedge Funds Are Finally Beating the Market in 2020. Here Are Their Top Holdings. (Barron’s)
The most-owned stocks by hedge funds are handily topping the market’s performance this year, returning 32% from the start of 2020 through the end of last week. That compares with a roughly 12% gain for the S&P 500 in that period. That 20-point outperformance is the best showing by hedge funds since 2001, according to an analysis by Goldman Sachs. Within 45 days of the end of each quarter, hedge funds must report their holdings to the Securities and Exchange Commission on a regulatory form known as a 13F.
Ringcentral Inc (RNG) CEO & Chairman Vladimir Shmunis Sold $19.7 million of Shares (Guru Focus)
CEO & Chairman of Ringcentral Inc., Vladimir Shmunis, sold 66,340 shares of RNG on 11/23/2020 at an average price of $296.86 a share. The total sale was $19.7 million. RingCentral Inc provides software-as-a-service, or SaaS, solutions for business communications. Its solutions can be used in multiple devices including Smartphones, Tablets, PC’s and Desk Phones which allows for communication across multiple channels.
What Did This CEO Just Do with Personal Shares of LiveRamp Holdings (NYSE: RAMP)? (Analyst Ratings)
Yesterday, the CEO of LiveRamp Holdings (RAMP), Scott Howe, sold shares of RAMP for $19.66M. Following Scott Howe’s last RAMP Sell transaction on March 20, 2020, the stock climbed by 26.8%. This is Howe’s first Sell trade following 4 Buy transactions. Based on LiveRamp Holdings’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $105 million and GAAP net loss of -$23,968,000.
Wednesday 11/25 Insider Buying Report: CASI, CHMA (Nasdaq.com)
On Monday, CASI Pharmaceuticals’ CEO, Wei-wu He, made a $488,239 buy of CASI, purchasing 227,471 shares at a cost of $2.15 each. He was up about 38.4% on the buy at the high point of today’s trading session, with CASI trading as high as $2.97 in trading on Wednesday. CASI Pharmaceuticals, is trading up about 10.9% on the day Wednesday. Before this latest buy, He bought CASI at 4 other times during the past twelve months, for a total investment of $10.5M at an average of $1.85 per share. And also on Monday, Chief Executive Officer Raj Kannan purchased $480,492 worth of Chiasma, purchasing 120,000 shares at a cost of $4.00 a piece.
Insider Trading on Government Information (Law.com)
The federal government has always been a source of market-moving information, but its role in creating and distributing such information has been especially pronounced during the COVID-19 pandemic. Over the past 10 months, the government has made crucial decisions relating to partial economic shutdowns, the structure and size of stimulus programs, and the identification and promotion of testing, vaccines and treatments for COVID-19.
