Hedge Fund Seeks Takeover of Atlantic City Newspaper (New Jersey Globe)
The newspaper chain that owns The Press of Atlantic City and more than 70 daily newspapers across the U.S. is fighting back a hostile takeover by a hedge fund with a history of making draconian costs cuts and layoffs. Alden Global Capital made a similar bid to purchase Gannett in 2019 but was unsuccessful. The Atlantic City newspaper, one of just two remaining New Jersey publications that still aggressively covers local news, is currently owned by Lee Enterprises. The hedge fund had offered $24 a share to but the newspaper chain.
Expert Networks Aren’t Just for Hedge Funds Anymore (Institutional Investor)
Demand from traditional asset managers pushed GLG and Third Bridge into the top-20 highest-paid investment research providers. For the first time, expert networks — which provide managers access to specialists in everything from pharmaceuticals and clinical trials to clean energy and other technologies — are among the highest-paid research firms. And while hedge funds were once the primary clients of experts networks, traditional, long-only asset managers are now helping drive the growth in the sector, which many consider to be primary research.
Tuesday 11/30 Insider Buying Report: EOG, EVRG (Nasdaq.com)
On Friday, EOG Resources’ Director, Michael T. Kerr, made a $4.3M buy of EOG, purchasing 50,000 shares at a cost of $86.00 a piece. So far Kerr is in the green, up about 2.7% on their purchase based on today’s trading high of $88.30. EOG Resources is trading off about 0.7% on the day Tuesday. And at Evergy, there was insider buying on Monday, by Director C. John Wilder who purchased 21,045 shares at a cost of $65.19 each, for a trade totaling $1.37M. Before this latest buy, Wilder purchased EVRG at 10 other times during the past twelve months, for a total cost of $130.4M at an average of $51.34 per share. Evergy is trading down about 0.7% on the day Tuesday.
The Executive Chair of HubSpot (NYSE: HUBS) is Selling Shares (Analyst Ratings)
Yesterday, the Executive Chair of HubSpot (HUBS), Brian Halligan, sold shares of HUBS for $1.05M. Following Brian Halligan’s last HUBS Sell transaction on January 19, 2021, the stock climbed by 463.4%. This is Halligan’s first Sell trade following 6 Buy transactions. Based on HubSpot’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $339 million and GAAP net loss of -$13,735,000. In comparison, last year the company earned revenue of $228 million and had a GAAP net loss of $22.5 million.
SEC Obtains Final Judgment Against Trader in International Insider Trading Scheme (HedgeCo.net)
(HedgeCo.Net) The United States District Court for the Southern District of New York has entered a final consent judgment against Israeli citizen Dov Malnik in connection with his participation in a prolific insider trading scheme. To settle the charges against him, Malnik agreed to pay a civil penalty of more than $2.8 million and consented to injunctive relief. According to the SEC’s complaint, filed in March 2020, Malnik generated millions of dollars in profits by trading in the securities of U.S. public companies in advance of news that these companies had been targeted for acquisition between 2013 and 2015. Malnik allegedly received the illicit tips through a network that included two London-based investment bankers, both of whom the SEC charged in October 2019. Malnik carried out the alleged scheme by trading in a variety of personal and corporate accounts including the accounts of hedge funds that he managed.
5 Stocks Insiders Are Selling (Benzinga)
Atlas Air Worldwide: The Trade: Atlas Air Worldwide Holdings, Inc. (AAWW) EVP and CMO Michael Steen disposed a total of 19954 shares at an average price of $93.70. The insider received $1,869,680.98 as a result of the transaction. Cisco: The Trade: Cisco Systems, Inc. (CSCO) Chair and CEO Charles Robbins sold a total of 162959 shares at an average price of $55.45. The insider received $9,036,500.24 from selling those shares. Dropbox: The Trade: Dropbox, Inc. (DBX) President Timothy Young sold a total of 9639 shares at an average price of $24.58. The insider received $236,898.67 as a result of the transaction.
