Jana Buys FMC Stake, Adds to AIG, Exits Sirius in Quarter (BusinessWeek)
Jana Partners LLC, the $10 billion hedge-fund firm run by Barry Rosenstein, bought shares of FMC Corporation (NYSE:FMC) and exited stakes in Sirius XM Holdings Inc. and Juniper Networks, Inc. (NYSE:JNPR) during the second quarter. Jana bought 4.99 million shares of chemicals maker FMC valued at $355.5 million as of June 30, according to a filing with the U.S. Securities and Exchange Commission today. It was the second-largest new holding after oil and and natural gas company Apache Corporation (NYSE:APA), which has been previously disclosed. The New York-based firm also took a position in Equity Commonwealth (NYSE:EQC) that was valued at $144 million.
Blackstone-Backed Senator Takes 6.3% Radian Group Stake (Bloomberg)
Senator Investment Group LP, the hedge-fund firm backed by The Blackstone Group L.P. (NYSE:BX), disclosed a 6.3 percent holding in Radian Group Inc (NYSE:RDN), becoming the latest asset manager to wager on a housing recovery by taking a stake in the mortgage insurer. Senator has 12 million shares in Radian, the New York-based firm said today in a regulatory filing. That’s the second-largest holding in the Philadelphia-based insurer, trailing a 9 percent stake held by Fidelity Investments, according to data compiled by Bloomberg.
Loeb’s Third Point Buys Rackspace, IAC, FMC Stakes, Exits Google (BusinessWeek)
Daniel Loeb’s Third Point LLC hedge fund amassed new stakes in cloud-computing provider Rackspace Hosting, Inc. (NYSE:RAX) and IAC/InterActiveCorp., while exiting Verizon Communications Inc. (NYSE:VZ) and Google Inc. in the second quarter. Third Point’s holding in San Antonio-based Rackspace was worth $244 million at the end of June, according to a filing with the U.S. Securities and Exchange Commission today. Third Point also disclosed it held about 9.5 percent of Ally Financial Inc (NYSE:ALLY), with a market value of $1.09 billion as of June 30. The auto lender is Third Point’s second largest position after Dow Chemical Co., which it added also to, the filing shows.
Judge Allows SAC Capital Insider-Trading Lawsuit to Proceed (WSJ)
A federal judge in Manhattan has allowed a class-action lawsuit against hedge-fund chief Steven A. Cohen’s SAC Capital Advisors LLC to continue, according to documents released Thursday. Judge Victor Marrero on Wednesday granted a motion by the defendants to dismiss certain claims in the suit, but denied motions regarding the other claims. The judge also denied motions to dismiss the case against defendants Mathew Martoma and Sidney Gilman.
The SEC Is Looking Into Bill Ackman’s Big Allergan Deal (BusinessInsider)
The SEC is investigating Bill Ackman and Canadian pharmaceutical company Valeant Pharmaceuticals Intl Inc (NYSE:VRX) for their hostile pursuit of Allergan, Inc. (NYSE:AGN), another pharmaceutical company, according to a report by Dow Jones. Allergan has already filed suit against both Ackman and Valeant for insider trading. It alleges that Ackman and Valeant violated specifically SEC rule 14 e-3, which has to do with making tender offers for companies based on or while knowing material non-public information.
Recommended Reading:
PetSmart Inc. (PETM): JANA Partners Sends Another Letter to the Board
Yahoo! Inc. (YHOO): Was Dan Loeb Wrong Dumping The Company?
Icahn Enterprises LP (IEP): Carl Icahn Talks about Investor Activism and Economy
