Sportech Confirms It Rejected Approaches from US Hedge Fund (Proactive Investors)
Sportech plc (LON:SPO) has confirmed it received and rejected two bid approaches from New York hedged fund Standard General. The approaches regarding potential cash offers to buy the company were pitched at 25p and 28.5p a share respectively, with the most recent received on October 28. Sportech told investors that its board believes the proposed offer prices fundamentally undervalue its businesses and prospects.
David Einhorn Calls Out Tesla ‘Mania,’ Teases New Short Positions, and Says the Tech Bubble is Already Popping (Business Insider)
Investor David Einhorn called out Tesla’s breathless stock rally, predicted tech stocks will tumble, and announced new short positions during Greenlight Capital Re’s earnings call on Thursday. Einhorn chairs the reinsurer’s board and manages its investment portfolio, which eked out a 1.4% gain last quarter — a fraction of the S&P 500’s 8.9% return over the same period.
America Not The Only Thing Putting Painful Chapter Behind It This Week (Deal Breaker)
For six-and-a-half years, the hedge fund formerly known as Och-Ziff Capital Management has been rather eager to put its African misadventures – specifically those involving bribes paid to public officials in exchange for some exciting mining rights – behind it. It spent $400 million and had a subsidiary plead guilty. It (eventually) cut ties with its founder. It changed its very name. And still, the scandal continued to hang over its head, in part because – like the Justice Department—the victims of its little scheme would not just go the hell away. At last, however, they have.
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Tiger Global Is Seeking More Capital (Institutional Investor)
The firm is one of the better-performing hedge funds this year despite October’s setback. Tiger Global Management is seeking to raise capital to “replenish” its commitment structure that co-invests with its long-short fund, according to the firm’s third-quarter letter obtained by Institutional Investor.The letter, which did not provide the amount Tiger is targeting, said subscription documents are due November 13 and the structure will be…
ANALYSIS: New ESG Hedge Fund Tops Activist List in Third Quarter (Bloomberg Law)
Inclusive Capital Partners LP, a new hedge fund, has joined the top ten list of activist organizations by the number of campaigns conducted, according to data from the Bloomberg Terminal. During the third quarter, the fund managed four campaigns in total. Inclusive Capital Partners LP is an ESG-focused hedge fund founded in June 2020 by Jeffrey Ubben after he stepped down as CEO of ValueAct Capital Management LLC. Inclusive Capital has been making investments in companies that promote environmental protection, support greenhouse gas emissions reduction, or pursue other sustainability-related goals.
Winning Streak Comes to an End (Hedge Nordic)
Stockholm (HedgeNordic) – The six-month streak of positive returns for Nordic equity hedge funds – that included their best summer on record – came to an end in October. Equity hedge funds in the Nordic Hedge Index fell by 1.2 percent on average last month (87 percent reported), trimming the group’s year-to-date advance to 5.2 percent. Global equity markets were down 2.3 percent in Euro terms in October despite strong gains in the first week of the month. Global equities are now down 5.3 percent year-to-date through the end of October. Eurozone equities, meanwhile, declined by 5.9 percent last month to extend the year-to-date decline to 16.4 percent.
Spring Valley Asset Management Launches Commodity Advantage Portfolio (Hedge Week)
Spring Valley Asset Management, an alternative investment manager specialising in the application of systematic investment strategies, has launched the Commodity Advantage Portfolio. The portfolio pursues a multi-strategy systematic approach to investing across a diverse selection of highly liquid commodity markets (including precious metals, industrial metals, energies, grains, foods, fibres and meats), offering the potential for attractive risk-adjusted returns, controlled downside volatility and distinct correlation benefits within a cash efficient (ie, low margin) investment vehicle.
Billionaire Leon Cooperman Started with Nothing: ‘I Had Negative Net Worth’ (CNBC)
Billionaire investor Leon Cooperman wasn’t always rich. The Omega Family Office chairman/CEO was born to working-class Polish immigrants and grew up in a one-bedroom apartment in New York City’s South Bronx neighborhood. His father was a plumber. “I’m the first generation in my family born in America, first generation to go to college,” Cooperman, 77, said in a CNBC interview on Tuesday night.
What Did This CEO Just Do with Personal Shares of Oshkosh (NYSE: OSK)? (Analyst Ratings)
Yesterday, the CEO of Oshkosh (OSK), Wilson Jones, sold shares of OSK for $3.34M. The company has a one-year high of $95.62 and a one-year low of $46.72. Currently, Oshkosh has an average volume of 531.03K. OSK’s market cap is $4.77 billion and the company has a P/E ratio of 15.50. Based on 9 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $87.11, reflecting a -19.9% downside.
Dolby Laboratories Inc (DLB) EVP, GEN. COUN. & SECRTY Mark Andrew Sherman Sold $2 million of Shares (Guru Focus)
EVP, GEN. COUN. & SECRTY of Dolby Laboratories Inc, Mark Andrew Sherman, sold 25,000 shares of DLB on 11/03/2020 at an average price of $80 a share. The total sale was $2 million. Dolby Laboratories Inc is an audio and imaging technologies company that transforms entertainment and communications at the cinema, at home, at work and on mobile devices. It derives its revenue from licensing audio technologies.
SEC Accuses Former Aceto CFO of Insider Trading After Retirement (Reuters)
The U.S. Securities and Exchange Commission sued the former chief financial officer of Aceto Corp in Brooklyn federal court on Thursday alleging he learned inside information about the now-defunct generic drug company’s precarious financial condition before his 2018 retirement and cashed out his stock days later. The agency said Douglas Roth of East Northport, New York, avoided more than $305,000 in losses by trading ahead of Aceto’s April 2018 announcement that it would write down intangible assets by at least $230 million and was negotiating with lenders over debt covenants, causing its share price to drop 64 percent.
Corporate Insider Buying Plummets: Bad Portent? (AI-CIO.com)
The stock market has sprung back this month after September’s slide. But there’s one bearish indicator that has been growing grimmer and grimmer: corporate executives’ lack of interest in scooping up their own companies’ shares. These insiders have increasingly been buying less company stock, according to a new tally by the Washington Service research group. In October, only 396 executives bought their employer’s shares, the lowest level in four years. Purchasing last month lagged behind selling, which also has ebbed to a degree, by the most since January.
Dodd-Frank SEC Whistleblower Protection Post-Digital Realty (NatLawReview.com)
Ten years ago, Congress created a whistleblower reward program at the U.S. Securities and Exchange Commission (SEC). Under the program, the SEC is required to issue awards to eligible whistleblowers who provide original information that leads to successful enforcement actions with total monetary sanctions in excess of $1 million. In exchange for the valuable information, the SEC will pay whistleblowers between 10% and 30% of the total monetary sanctions collected. Since the inception of the SEC whistleblower program, whistleblower tips have enabled the SEC to recover more than $2.5 billion in financial remedies, most of which has been, or is scheduled to be, returned to harmed investors.
Westlake Chemical Corp (WLK) EVP and CFO Mark Steven Bender Sold $1.8 million of Shares (Guru Focus)
EVP and CFO of Westlake Chemical Corp., Mark Steven Bender, sold 24,996 shares of WLK on 11/05/2020 at an average price of $73.99 a share. The total sale was $1.8 million. Westlake Chemical Corp is a manufacturer and supplier of basic chemicals, vinyls, polymers and fabricated products that enhance the daily lives of people around the planet.
