David Einhorn Sees Profit in Tesla Short With `Unending Losses’ (Bloomberg)
Hedge fund manager David Einhorn said he expects to make a profit off his short on Tesla Inc. as the electric-car maker faces a “stream of unending losses.” “We have a negative view toward Tesla,” Einhorn said Tuesday on a first-quarter earnings call for Greenlight Capital Re Ltd., the reinsurer tied to his hedge fund, Greenlight Capital. “We think the stock is overvalued and the risk reward on the long side is exceedingly poor. The company’s business has deteriorated remarkably.”
SAP CEO Welcomes ‘Fantastic’ Activist Shareholder Elliott (Reuters)
(Reuters) – SAP CEO Bill McDermott on Tuesday welcomed a $1.3 billion investment by activist investor Elliott Management, saying the U.S. hedge fund group was aligned with his goal of expanding margins by driving top-line growth. “They have been a fantastic investor. I am very proud they have chosen SAP,” McDermott told reporters on Tuesday at Sapphire Now, SAP’s annual U.S. user conference in Orlando, Florida.
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Warren Buffett Needs More Sweethearts (The Wall Street Journal)
Berkshire Hathaway may be too big to fail, but it is also getting too big to succeed. Warren Buffett’s investment vehicle has a lean management structure, massive war chest and an iconic leader at the helm that puts it in a unique position when corporate America comes calling. The $10 billion he recently pledged to Occidental Petroleum for its purchase of rival Anadarko Petroleum shows Berkshire at its best. It was agreed upon over a weekend, Mr. Buffett explained to the investors in Omaha, Neb., on Saturday for his annual…
Hedge Fund Managers Present Their Best Ideas at Sohn (Opalesque.com)
Big name hedge fund managers gathered at the Sohn Investment Conference in New York to share their best ideas. Presenters this year offered a diverse set of opportunities from hotel chains to emerging markets. Here are the top calls. Longs: Lauren Taylor Wolfe, of Impactive Capital got things started with a long call on Wyndham Hotels. “There’s no hotel we’d rather own,” she said of the chain. Despite the upbeat sentiment, Wolfe is taking an activist stance on Wyndham. In her presentation, she listed several things the hotel could do to improve shareholder value and sustainability. Wolfe sees more than 50% upside for the stock and plans to be a long-term investor, pushing for changes at the hotel including an improved environmental record and greener operations.
Hedge Fund VGI Partners to Float on ASX, Raise for Listed Fund (AFR.com)
High profile Australian hedge fund VGI Partners is set to list on the Australian Securities Exchange in a deal valuing its three key stockpickers at about $300 million. Street Talk can reveal VGI will seek to raise $75 million in fresh funds for a $370 million market capitalisation, in a deal overseen by stockbroker Moelis and law firm MinterEllison. The deal would see VGI’s three shareholders – managing director Rob Luciano and partners Doug Tynan and Robert Poiner – retain an 80 per cent stake in the manager, which would be subject to a five year escrow.
1Sharpe Capital and Builders Capital Close Strategic Partnership to Fund $1billion+ of Loans (BusinessWire.com)
OAKLAND, Calif.–(BUSINESS WIRE)–1Sharpe Capital, a leading global asset manager, and Builders Capital, a prominent private construction lender headquartered in Seattle, have closed a long-term strategic partnership where 1Sharpe has entered into a multi-year agreement to purchase construction loans from Builders Capital. The partnership brings together Builders Capital’s regional construction lending expertise and 1Sharpe Capital’s strong balance sheet and structured credit expertise. “We are excited to be working with 1Sharpe, who worked diligently to structure a creative and comprehensive capital solution to facilitate construction lending in the North West,” said Curt Altig, CEO and co-founder of Builders Capital.
A rising hedge fund star is shorting the Australian wine company that owns popular brands Beringer and 19 Crimes (Business Insider)
Millennials are not killing the wine industry, but they certainly aren’t helping it. The largest generational cohort prefers liquor to wine and beer, and a growing percentage of millennials are choosing marijuana over alcohol, said Angela Aldrich, founder of Bayberry Capital Management, during her presentation at the Sohn Investment Conference on Monday.
Tuesday 5/7 Insider Buying Report: NLY, NVUS (Nasdaq.com)
At Annaly Capital Management (NLY), a filing with the SEC revealed that on Monday, Chairman, CEO & President Kevin Keyes bought 300,000 shares of NLY, at a cost of $9.62 each, for a total investment of $2.89M. Annaly Capital Management is trading up about 0.7% on the day Tuesday. And on Thursday, Director Erez Chimovits bought $2.00M worth of Novus Therapeutics (NVUS), buying 646,204 shares at a cost of $3.10 a piece. Novus Therapeutics is trading up about 1.6% on the day Tuesday. Investors can buy NVUS even cheaper than Chimovits did, with the stock changing hands as low as $2.60 at last check today which is 16.1% under Chimovits’s purchase price.
Intuitive Surgical Inc (ISRG) President & CEO Gary S Guthart Sold $11.4 million of Shares (GuruFocus)
President & CEO of Intuitive Surgical Inc (NASDAQ:ISRG) Gary S Guthart sold 22,636 shares of ISRG on 05/06/2019 at an average price of $501.48 a share. The total sale was $11.4 million. Intuitive Surgical Inc designs, manufactures, markets da Vinci Surgical Systems, and related instruments. The da Vinci surgery, combines the benefits of minimally invasive surgery for patients with the ease of use, precision and dexterity of open surgery. Intuitive Surgical Inc has a market cap of $56.73 billion; its shares were traded at around $491.39 with a P/E ratio of 51.13 and P/S ratio of 15.20. Intuitive Surgical Inc had annual average EBITDA growth of 12.40% over the past ten years.
What Did This CEO Just Do with Personal Shares of Idexx Laboratories (NASDAQ: IDXX)? (AnalystRatings.com)
Today, the COB, Pres & CEO of Idexx Laboratories (IDXX), Jonathan Ayers, sold shares of IDXX for $6.97M. Following Jonathan Ayers’ last IDXX Sell transaction on February 22, 2019, the stock climbed by 41.3%. This is Ayers’ first Sell trade following 13 Buy transactions. Based on Idexx Laboratories’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $576 million and quarterly net profit of $103 million. In comparison, last year the company earned revenue of $538 million and had a net profit of $89.45 million. IDXX’s market cap is $21.61B and the company has a P/E ratio of 56.54. Currently, Idexx Laboratories has an average volume of 493.5K.
Insider trading: May 7, 2019 (BIV.com)
The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week ended May 1, 2019. The information comes from a compilation of required reports filed with the BC Securities Commission obtained from DisclosureNet.com. Insider Jozef Maria Hendrik Raats, 10% owner. Company: Immunoprecise Antibodies Ltd. (TSX-V:IPA). Shares owned: 4,543,130. Trade date: April 26, 29. Trade total: $139,750. Trade: Sale of 172,500 shares at prices ranging between $0.77 and $0.84 per share.
The CEO of Tesla (NASDAQ: TSLA) is Buying Shares (Analyst Ratings)
Yesterday, the CEO of Tesla (TSLA), Elon Musk, bought shares of TSLA for $25M. Based on Tesla’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $4.54 billion and GAAP net loss of $702 million. In comparison, last year the company earned revenue of $3.41 billion and had a GAAP net loss of $710 million. Currently, Tesla has an average volume of 10.83M. The Company has a Price to Book ratio of 9.6291.
