Stanley Druckenmiller: If a ‘Crazy’ Democrat Beats Trump, Stocks will Drop ‘A Lot’ (CNBC)
Billionaire hedge fund investor Stanley Druckenmiller warned that if one of the “crazy” Democrat presidential candidates beats President Donald Trump in 2020, the stock market could see a big sell-off. Druckenmiller said he believes Trump will lose his re-election bid thanks to discontent in key swing states. He just hopes the winner is more centrist and not one espousing socialist policies.
Fortress Billionaire Wes Edens Bets on ‘Freedom Gas’ Exports (Bloomberg)
Wes Edens is an unlikely evangelist for the benefits of U.S. natural gas exports — or “freedom gas,” as the Department of Energy likes to call it. The 57-year-old billionaire is a creature of Wall Street. After stints at Lehman Brothers Holdings Inc. and BlackRock Inc., he co-founded Fortress Investment Group, the private equity and hedge fund firm. He has the trophy assets to go with his fortune: Co-ownership of the Milwaukee Bucks basketball team and storied English soccer club Aston Villa (newly promoted to the Premier League, too).
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Whitebox Founder Departs As Firm’s Bankruptcy Focus Grows (The Wall Street Journal)
Whitebox Advisors LLC founder Andy Redleaf is stepping away from the firm, a credit specialist that in recent years has been rewarded for investing more in bankrupt borrowers. Mr. Redleaf, Whitebox’s founding partner, will leave at the end of August to focus on other business interests, but will remain personally invested in investment funds managed by Whitebox, according to a letter sent Tuesday to the firm’s investors.
CQS Appoints Group CFO (HedgeWeek.com)
CQS has appointed Serge Harry as Group Chief Financial Officer. He will report to Xavier Rolet, CQS’ Chief Executive Officer, and he will join the CQS Executive Committee. Harry will also oversee the Human Resources function. Harry was previously a Member of the Executive Committee of the London Stock Exchange Group (LSEG), Chief of Staff to the Group CEO, and Group Country Head for France, Benelux and Germany.
U.S. Regulators Probe Embattled Hedge Fund Firm City Financial (Reuters)
LONDON (Reuters) – U.S. regulators are investigating City Financial Investment Company, a London-based hedge fund firm that entered administration three months ago, according to a notice published at UK companies registrar Companies House on Tuesday. The U.S. Securities and Exchange Commission (SEC) watchdog started an inquiry before two administrators from FRP Advisory were jointly appointed on March 21, the notice of administrator’s proposals said.
The Couple Who Feds Say Scammed Berkshire Hathaway for Millions (Bloomberg)
Jeff Carpoff had a lot to celebrate as friends and business associates gathered at his company’s Christmas party last year. The one-time auto mechanic and his wife, Paulette, had started a solar company about a decade earlier that was doing remarkably well — so well that it could count Warren Buffett’s Berkshire Hathaway Inc. as an investor. Their business, making mobile solar generators, had afforded them lavish goodies. They owned more than 90 cars, from classic Fords and Plymouths to Bentleys, at least 20 properties, and even a professional baseball team in Martinez, just northeast of San Francisco.
Activist Hedge Fund CIAM will ‘Strongly Oppose’ FCA-Renault Deal (Reuters)
LONDON (Reuters) – Activist hedge fund CIAM has written to the board of French automaker Renault to say it “strongly opposed” a planned $35 billion merger with Fiat Chrysler. Calling the deal “opportunistic”, the fund said the current deal terms strongly favored Fiat Chrysler and offered no control premium.
Nordic Hybrid Security Hedge Fund, a New Type of Diversifier (Hedge Nordic)
Stockholm (HedgeNordic) – Non-correlated returns have always been in high demand among institutional investors, more so in the current environment. Backed by Swedish real estate investor Erik Selin, the team at Carlsson Norén Asset Management launched a new hedge fund investing in hybrid securities with features of both debt and equity. The fund earned a positive return in each of the first five months of 2019, including May – a tough month for markets.
Singaporean Fined S$336,000 for Insider Trading on London Stock Exchange (Channel News Asia)
SINGAPORE: The Monetary Authority of Singapore (MAS) has fined a Singaporean man S$336,000 for insider trading, the authority announced on Tuesday (Jun 4). A civil penalty was imposed on Tham Wai Mun Raphael after he sold shares in Anhua Clean Energy (ACE), a company listed on the Alternative Investment Market of the London Stock Exchange, while in possession of non-public, price-sensitive information about the organisation, said MAS in a media release.
The SVP and Group Pres.Industrial of Harsco Corp (NYSE: HSC) is Selling Shares (Analyst Ratings)
Today, the SVP and Group Pres.Industrial of Harsco Corp (HSC), Scott Gerson, sold shares of HSC for $115K. Following Scott Gerson’s last HSC Sell transaction on February 26, 2019, the stock climbed by 4.0%. Based on Harsco Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $447 million and quarterly net profit of $21.03 million. In comparison, last year the company earned revenue of $408 million and had a net profit of $18.26 million. HSC’s market cap is $2.08B and the company has a P/E ratio of 15.54. Currently, Harsco Corp has an average volume of 272.3K.
Tuesday 6/4 Insider Buying Report: IO, PSXP (Nasdaq.com)
At ION Geophysical Corp (IO), a filing with the SEC revealed that on Friday, Director James M. Lapeyre Jr. purchased 60,000 shares of IO, at a cost of $6.79 each, for a total investment of $407,436. Lapeyre Jr. was up about 20.2% on the purchase at the high point of today’s trading session, with IO trading as high as $8.16 at last check today. ION Geophysical Corp is trading up about 9.8% on the day Tuesday. Before this latest buy, Lapeyre Jr. purchased IO at 2 other times during the past year, for a total investment of $787,284 at an average of $13.12 per share. And at Phillips 66 Partners LP (PSXP), there was insider buying on Thursday, by CFO Kevin J. Mitchell who purchased 7,349 shares at a cost of $48.50 each, for a total investment of $356,409.
The Sr. V.P. and General Counsel of Service Corp International (NYSE: SCI) is Buying Shares (Analyst Ratings)
Today, the Sr. V.P. and General Counsel of Service Corp International (SCI), Gregory Sangalis, bought shares of SCI for $797.5K. Following this transaction Gregory Sangalis’ holding in the company was increased by 34.38% to a total of $9.14 million. In addition to Gregory Sangalis, 4 other SCI executives reported Buy trades in the last month.
BioSig: The Plot Thickens With Director Resignations, Insider Sales, And An FDA Letter (Seeking Alpha)
Two BioSig directors who have a plethora of electrophysiology experience as top executives and directors of other companies resigned two weeks ago. The FDA approval letter for the PURE EP states it is only equivalent to an existing device, but with more restrictive indications for use. On 4/24/19, BioSig’s CEO, filed a Form 144 to sell 100K shares, which means he plans to sell soon. BioSig allegedly showed clinical studies at their booth at a conference, but there should be a published paper to call it a “presentation”. On May 31st, BioSig registered over 2 million shares for major stockholders to sell.
Insider Trading: June 4, 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 29, 2019. The information comes from a compilation of required reports filed with the BC Securities Commission obtained from DisclosureNet.com. Insider Amar Doman, director. Company: Canwel Building Materials Group Ltd. (TSX:CWX). Shares owned: 13,684,870. Trade date: May 23, 24, 27. Trade total: $247,744. Trade: Acquisition of 53,800 shares at prices ranging between $4.58 and $4.63 per share
