Catalent Reaches Settlement with Elliott to Explore Strategic Review (Reuters)
Contract drug maker Catalent Inc (CTLT.N) said on Tuesday it had added four new directors to its board and will conduct a strategic review after reaching a settlement with activist investor Elliott Investment Management. The company, which has struggled with manufacturing problems at three plants and has been the target of takeover interest from both private equity firms and strategic buyers in recent months, also reported a double-digit drop in quarterly revenue.
Millennium Lures Ex-Goldman Trader Back to Oil From Stint in Crypto (Bloomberg)
Hedge fund Millennium Management hired Benoit Bosc, a former Goldman Sachs Group Inc. oil trader who briefly moved to cryptocurrencies, for a crude-trading role, people familiar with the matter said. Bosc will start his new position on David Zimbler’s team later this year and will be based in New York, the people said. He had spent nearly a decade trading oil at Goldman before becoming global head of product at cryptocurrency-trading firm GSR.
Photo by Austin Distel on Unsplash
Inside Citadel’s $19,000-a-Month Summer Internship, Where Math Whizzes are Coached on Everything from Coding to Drafting Emails (Business Insider)
Hedge fund Citadel and trading firm Citadel Securities run a highly-coveted summer internship program that runs for 11 weeks. It is an understatement to say it’s tough to get in. In 2023, only 300 candidates were picked from a pool of 69,000 applicants. The internship was scheduled to start in June. As part of the summer program — where interns are paid $120 an hour, or roughly $19,200 a month — they are treated to luxury stays and eats, alongside training and exposure to Citadel executives, Bloomberg reported on Tuesday.
What Happened To Michael Burry After The Big Short In Real Life (Screen Rant)
Michael Burry, portrayed by Christian Bale in The Big Short, capitalized on his knowledge of the housing market crash by shorting mortgage-backed securities, ensuring he would profit from the 2007-2008 financial crisis. Following the backlash and audits from the IRS, Michael Burry closed his hedge fund Scion Capital in 2008 but continued to focus on personal investments and wrote an op-ed for The New York Times.
Weiss Multi-Strategy Axes Four Trading Strategies (Hedge Week)
Weiss Multi-Strategy Advisers, a New York-based hedge fund firm with around $3bn in assets under management, has axed four of its trading strategies as part of a review of its investment teams, according to a report by Bloomberg. The report cites unnamed sources with knowledge of the matter as confirming that the strategies include commodities as well as an information science team that focused on bets on companies involved in the tech upgrade of industrial and consumer markets. Weiss has also terminated a trading options strategy and an event-driven group that focused on wagers on large-cap stocks in North America, according to Bloomberg’s sources.
Och Asks Sculptor to Free Bidders from Non-Disclosure Agreements (Bloomberg)
Dan Och and four other former executives of Sculptor Capital Management are again demanding the hedge fund firm release them and bidders for the company from non-disclosure agreements that prevent them from speaking publicly. The move is the latest in a heated feud between Och and Sculptor Capital, the firm he founded. In November, they resolved a legal dispute and Sculptor formed a special committee to explore potential transactions. Rithm Capital Corp. agreed in July to buy Sculptor, but Och has questioned whether better options from other bidders were available.
Anonymous Hit Piece on Tiger Global Is the Hedge Fund World’s Hottest Beach Read (The Messenger)
In the hedge fund world, this summer’s hottest beach read is a juicy industry mystery that has hedgies all atwitter: a bogus article being passed around by insiders that purports to show major problems between two of the top dogs at $50 billion Tiger Global Management. The article, which has been seen by The Messenger, claims to be a work-in-progress at The New Yorker magazine and contains vivid allegations that the Tiger is facing a litany of issues, especially infighting between billionaire founder Chase Coleman and private equity chief Scott Shliefer, also a billionaire.
Tuesday 8/29 Insider Buying Report: HFFG, OUST (Nasdaq.com)
At HF Foods Group, a filing with the SEC revealed that on Monday, Chief Executive Officer Xiao Mou Zhang bought 55,048 shares of HFFG, for a cost of $4.82 each, for a total investment of $265,231. HF Foods Group is trading off about 0.2% on the day Tuesday. This buy marks the first one filed by Zhang in the past year. And at Ouster, there was insider buying on Friday, by Virginia Boulet who bought 41,600 shares at a cost of $5.77 each, for a trade totaling $239,960. Before this latest buy, Boulet bought OUST at 2 other times during the past year, for a total investment of $246,038 at an average of $6.00 per share. Ouster is trading up about 1.4% on the day Tuesday. Investors have the opportunity to grab OUST even cheaper than Boulet did, with shares trading as low as $5.41 at last check today — that’s 6.2% below Boulet’s purchase price.
$2.8M Bet On This Tech Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Impinj: The Trade: Impinj, Inc. (PI) Director Patrick Daniel Gibson acquired a total of 48,171 shares an average price of $58.45. To acquire these shares, it cost around $2.82 million. Funko: The Trade: Funko Inc. (FNKO) 10% owner Chan Kenneth Hsiangtze acquired a total of 71,247 shares at an average price of $6.21. To acquire these shares, it cost around $442,665.
