Popular Hedge-Fund Bet on PG&E Upended by California’s Deadliest Fire (The Wall Street Journal)
Utilities have long been considered ultrasafe bets. Some of Wall Street’s biggest investors are now learning that isn’t always true. The Baupost Group LLC, Viking Global Investors LP and BlueMountain Capital Management LLC were among the hedge funds that snapped up shares of California utility PG&E Corp. during the third quarter of 2018, just before the deadliest fire in California history started on Nov. 8.
Hedge Funds Bet on Brexit (Bloomberg)
Crispin Odey of Odey Asset Management, and a supporter of Brexit, thinks the U.K. will now stay in the EU and is betting on U.K. stocks. Meanwhile a Singapore hedge fund will be moving its headquarters to the U.K. Bloomberg’s Jason Kelly and Peggy Collins discuss on “Bloomberg Daybreak: Americas.” (Source: Bloomberg).
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Gannett Gets $1.36 Billion Hostile Bid From MNG Enterprises (Bloomberg)
(Bloomberg) — USA Today publisher Gannett Co. received an unsolicited $1.36 billion offer from MNG Enterprises Inc., a company that has bought newspapers across the country and is known for its drastic cost cuts. A deal would turn MNG, backed by hedge fund Alden Global Capital, into the largest owner of U.S. daily newspapers. MNG already has more than 200 daily and weekly titles, including the Denver Post and Orange County Register, and has been eliminating jobs to try to squeeze profits from the troubled sector. The moves have drawn protests from journalists.
Failed Brexit The Biggest Sterling Trade Since Soros’ $1.5bn ERM Win (Seeking Alpha)
Hedge fund titan George Soros first hit the global headlines in 1992 when he broke the Bank of England with a huge bet against Sterling, making $1.5 billion on this single trade. Other top hedge fund managers, including Paul Tudor Jones and Bruce Kovner joined this mega payday collecting another $2 billion, according to estimates made since then by Forbes George Soros correctly realised, ahead of the pack, that the pound was about to be forced to leave the then European Exchange Rate Mechanism, an outrider to the Euro’s birth in 1999 that brought the then separate eurozone currencies into closer alignment. And when the pound actually did drop out of the ERM Soros’ record short position paid its bumper profits.
ValueAct Takes This Kinder-Gentler Thing To A Whole New Level (DealBreaker)
A few years ago, being a nice-guy activist was all the rage. You didn’t have to be a kicking, screaming, f-bomb dropping sociopath dreaming up cutting new putdowns to destroy your opponents in print, anymore. In fact, it you didn’t make companies hate and fear you so much, maybe they’d even consider listening to you and not simply calling their lawyers. And no one was a nicer-guy activist than Jeff Ubben. He loves bank CEOs! He didn’t want to be mean to Brian Moynihan! He brought, well, nothing to a gun fight with Henry Kravis, because, you know, he doesn’t want to fight. And now, he’s taking passive activism to new heights by boldly, you know, not even asking for a board seat.
Insider Buying: Intrepid Potash, Inc. (IPI) Major Shareholder Acquires 203,470 Shares of Stock (WeekHerald.com)
Intrepid Potash, Inc. (NYSE:IPI) major shareholder Clearway Capital Management Lt purchased 203,470 shares of the company’s stock in a transaction dated Thursday, January 10th. The stock was purchased at an average cost of $3.18 per share, for a total transaction of $647,034.60. The purchase was disclosed in a filing with the SEC.
Insider Selling: Lululemon Athletica inc. (LULU) Major Shareholder Sells 847,000 Shares of Stock (MareaInformativa.com)
Lululemon Athletica inc. (NASDAQ:LULU) major shareholder Dennis J. Wilson sold 847,000 shares of Lululemon Athletica stock in a transaction that occurred on Wednesday, January 9th. The shares were sold at an average price of $136.53, for a total transaction of $115,640,910.00. Following the sale, the insider now owns 3,852 shares in the company, valued at approximately $525,913.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Insider Buying: Western Asst High Incm Opprtnty Fnd Inc. (HIO) Major Shareholder Acquires $1,703,812.50 in Stock (PressOracle.com)
Western Asst High Incm Opprtnty Fnd Inc. (NYSE:HIO) major shareholder Saba Capital Management, L.P. bought 365,625 shares of the business’s stock in a transaction dated Thursday, January 10th. The stock was bought at an average cost of $4.66 per share, for a total transaction of $1,703,812.50. The purchase was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Nanophase Technologies Co. (NANX) CEO Acquires 20,199 Shares of Stock (BaseballDailyDigest.com)
Nanophase Technologies Co. (OTCMKTS:NANX) CEO Jess Jankowski acquired 20,199 shares of the company’s stock in a transaction that occurred on Monday, December 24th. The shares were bought at an average cost of $0.81 per share, for a total transaction of $16,361.19. The transaction was disclosed in a document filed with the SEC.
Insider Buying: Eaton Vance Senior Floating-Rate Trust (EFR) Major Shareholder Acquires 114,781 Shares of Stock (Pressoracle.com)
Eaton Vance Senior Floating-Rate Trust (NYSE:EFR) major shareholder Group Ag Ubs purchased 114,781 shares of the business’s stock in a transaction dated Wednesday, January 2nd. The stock was bought at an average cost of $12.75 per share, for a total transaction of $1,463,457.75. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Insider Buying: E. W. Scripps (SSP) Major Shareholder Buys $489,625.52 in Stock (ModernReaders.com)
E. W. Scripps (NYSE:SSP) major shareholder Eaton M. Scripps bought 27,262 shares of the stock in a transaction that occurred on Friday, January 11th. The shares were purchased at an average cost of $17.96 per share, for a total transaction of $489,625.52. Following the completion of the acquisition, the insider now owns 1,165,890 shares of the company’s stock, valued at $20,939,384.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
