>>> Jana Partners (Barry Rosenstein) discloses updated portfolio 13F Filing

Jana Partners (Barry Rosenstein) discloses updated portfolio positions in 13F filing: New WFC, MSFT, FB positions; Closed BLMN, IQ, NOC, CI

Highlights from 2018 Q2 filing as compared to 2018 Q1 filing:
  • New positions in: WFC (~1.15 mln shares), MSFT (~0.74 mln), FB (~0.65 mln), ATUS (~0.47 mln), BABA (~0.44 mln), RPM (~0.37 mln), XLI (~0.28 mln), BV (~0.25 mln)
  • Increased positions in: PF (to ~10.22 mln shares from ~5.36 mln shares), CAG (to ~3.76 mln from ~3.32 mln), A (to ~1.22 mln from ~1.02 mln), SPY (to ~0.3 mln from ~0.22 mln)
  • Maintained positions in: ZBH (~2.85 mln shares), JACK (~2.05 mln shares), EA (~0.62 mln shares)
  • Closed positions in: BLMN (from ~7.16 mln shares), DISCK (from ~1 mln), IQ (from ~1 mln), WRK (from ~0.83 mln), ILG (from ~0.4 mln), ILPT (from ~0.34 mln), NOC (from ~0.33 mln), CI (from ~0.3 mln), CZR (from ~0.23 mln), DBX (from ~0.2 mln)
  • Decreased positions in: HDS (to ~6.88 mln shares from ~9.09 mln shares), BSX (to ~3.14 mln from ~4.72 mln), GM (to ~0.64 mln from ~1.31 mln), TEVA (to ~2.94 mln from ~3.48 mln), ADSK (to ~0.89 mln from ~1.27 mln), LRCX (to ~0.07 mln from ~0.35 mln), ADT (to ~0.15 mln from ~0.33 mln)

>>> Carl Icahn discloses updated portfolio positions in 13F filing:


Carl Icahn discloses updated portfolio positions in 13F filing: New AFSI EGN DVMT positions

Highlights from 2018 Q2 filing as compared to 2018 Q1 filing:
  • New positions in: AFSI (~18.42 mln shares), EGN (~5.2 mln), DVMT (~2.38 mln), VMW (~2.28 mln), CI (~0.5 mln)
  • Increased positions in: IEP (to ~166.39 mln shares from ~157.9 mln shares), NWL (to ~33.29 mln from ~30.28 mln)
  • Maintained positions in: CVI (~71.2 mln shares), FCX (~50.16 mln shares), NAV (~16.73 mln shares)
  • Decreased positions in: LNG (to ~23.68 mln shares from ~32.68 mln shares)

>>> US Gapping down


Gapping down
In reaction to disappointing earnings/guidance:

  • CASA -25.7%, PFGC -15%, HOLI -10.7%, CREE -3%, A -2.4%

M&A news:

  • FANG -7.3% (Energen to be acquired by Diamondback Energy (FANG) in all-stock transaction valued at ~$9.2 bln; representing an implied value to each Energen shareholder of $84.95/share)

Select China related names showing weakness:

  • HUYA -6.6%, JD -5.3%, WUBA -5.3%, WB -5.1%, BZUN -4.8%, YY -4.6%, ASHR -3.5%, BABA -3%, BIDU -2.6%

Other news:

  • SBBP -12% (proposed underwritten public offering of 9.0 mln ordinary shares)
  • ENPH -7.9% (announces offering of $60 mln aggregate principal amount of convertible senior notes due 2023 in a private placement)
  • CRZO -5.2% (prices underwritten public offering of 9.5 mln shares of its common stock at a price to the public of $23.00 per share)
  • SHLD -4.4% (Eddie Lampert's ESL amends 13D disclosing non-binding proposal for the acquisition of Kenmore and SHIP)
  • IIN -4.2% (proposed public offering of 1.5 mln shares of common stock)
  • VRAY -3.8% (prices underwritten public offering of 16,216,217 shares of common stock at a price to the public of $9.25 per share)
  • WTW -1.8% (attributed to block trade pricing)
  • RBS -1.8% (agrees to pay $4.9 bln for financial crisis-era misconduct)
  • SYMC -1.1% (David Tepper's Appaloosa discloses new holding)
  • GDDY -1% (announces proposed sale of 10,390,942 shares of Class A common stock by selling stockholders)

Analyst comments:

  • ICPT -2.9% (downgraded to Sector Perform from Outperform at RBC Capital Mkts)
  • TSRO -2.6% (downgraded to Hold from Buy at Argus)
  • WDC -2.1% (downgraded to Market Perform from Outperform at Cowen)
  • KMB -1% (downgraded to Hold from Buy at Societe Generale)
  • UNP -0.9% (downgraded to Hold from Buy at Deutsche Bank)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • PETQ +13.9%, CDLX +9.1%, SORL +8.6%, PRSP +8.5%, EC +4.9%, MSGN +4.1%, WPM +2.3%

M&A news:

  • EGN +6.1% (Energen to be acquired by Diamondback Energy [FANG] in all-stock transaction valued at ~$9.2 bln; representing an implied value to each Energen shareholder of $84.95/share)

Other news:

  • CGC +56.5% (Constellation Brands (STZ) to invest $4 billion in Canopy Growth to establish transformative global position and alignment)
  • MRT +7.5% (Bloomberg reporting the company is evaluating options including sale)
  • ADNT +4.7% (will replace DCT Industrial Trust in the S&P MidCap 400)
  • ERI +4.6% (to replace VeriFone S&P MidCap 400)
  • AERI +1.7% (announces topline efficacy results from a double-masked, randomized, placebo-controlled study designed to evaluate the effect of Rhopressa 0.02% on aqueous humor dynamics in patients with open-angle glaucoma or ocular hypertension)
  • VNDA +0.9% (Vanda Pharma wins denial of petition for rehearing on Fanapt)

Analyst comments:

  • CRON +11% (upgraded to Hold from Sell at Canaccord Genuity)
  • DRNA +2.6% (upgraded to Buy at H.C. Wainwright)
  • TERP +2.5% (upgraded to Outperform from Perform at Oppenheimer)
  • CMG +2.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • COLM +1.1% (upgraded to Outperform from Market Perform at Cowen)
  • HAS +1% (upgraded to Buy from Neutral at MKM Partners)