QVT Financial’s Investments, Performance, Letters

5. New York Times Co (NYSE:NYT)

QVT Financial cut its stake in New York Times Co (NYSE:NYT) by 20% between April and June. In this way, the fund held 1.47 million shares worth $26.01 million heading into the third quarter. The stock of the media company has appreciated by 39% year-to-date, amid the company beating the consensus estimates in the last three quarters. Earlier this year, New York Times Co (NYSE:NYT) announced its 2020 report, in which it outlined its vision to adapt to the increasing demand for digital reporting. The company plans to reduce costs and in May it started a round of buyouts of its editing staff and said it planned to acquire additional reporters. In June, New York Times Co (NYSE:NYT) staffers staged a walkout to protest the job cuts among editors. During the second quarter, the number of funds from our database long New York Times Co (NYSE:NYT) inched up by two to 18.

Disclosure: none