Sandell Asset discloses updated portfolio positions in 13F filing: New CPN, BGC, ATUS... Closed CAG, LW
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- New positions in: CPN (~3.54 mln shares), BGC (~0.25 mln), ATUS (~0.11 mln), MSFT (~0.08 mln), LNCE (~0.05 mln), AAPL (~0.04 mln), FB (~0.04 mln), AMZN (~0.01 mln), GOOG (~0.01 mln), BDX (~0 mln)
- Increased positions in: AKRX (to ~1.53 mln shares from ~0.83 mln shares), MGI (to ~2.95 mln from ~2.36 mln), SNI (to ~0.66 mln from ~0.2 mln), AVA (to ~0.49 mln from ~0.31 mln), XLF (to ~0.36 mln from ~0.23 mln) NXPI (to ~0.52 mln from ~0.4 mln), MON (to ~0.28 mln from ~0.2 mln)
- Maintained positions in: AABA (~1.08 mln shares), GNCM.A (~0.74 mln shares), ALLY (~0.55 mln shares), TWX (~0.43 mln shares), PCRX (~0.38 mln shares), BABA (~0.17 mln shares)
- Closed positions in: CAG (from ~0.27 mln shares), LW (from ~0.09 mln)
- Decreased positions in: TIVO (to ~0.24 mln shares from ~0.62 mln shares)
Kynikos Associates (Jim Chanos) discloses updated portfolio positions in 13F filing
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- Increased positions in: iShares S&P 400 MidCap -IJH (to ~0.05 mln shares from ~0.04 mln shares), WDC (to ~0.05 mln from ~0.04 mln), HES (to ~0.03 mln from ~0.02 mln)
- Maintained positions in: SPY (~0.06 mln shares)
- Decreased positions in: IWM (to ~0.25 mln shares from ~0.27 mln shares), IVV (to ~0.1 mln from ~0.11 mln), VT (to ~0.14 mln from ~0.18 mln), VXUS (to ~0.09 mln from ~0.12 mln), LGF.B (to ~0.07 mln from ~0.09 mln), HAL (to ~0.05 mln from ~0.07 mln), IJR (to ~0.07 mln from ~0.09 mln), XLF (to ~0.08 mln from ~0.1 mln), EZA (to ~0.04 mln from ~0.06 mln), MDY (to ~0.1 mln from ~0.12 mln)
Omega Advisors (Leon Cooperman) discloses updated portfolio positions in 13F filing: New CX NYCB WFC positions
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- New positions in: CX (~1.7 mln shares), NYCB (~0.75 mln), WFC (~0.61 mln), GLPI (~0.28 mln), KRE (~0.25 mln), MYL (~0.24 mln), HUM (~0.17 mln), MDB (~0.15 mln), PTI (~0.15 mln)
- Increased positions in: NBR (to ~6.7 mln shares from ~2.54 mln shares), OCN (to ~11.05 mln from ~8.66 mln), AMCX (to ~2.89 mln from ~1.35 mln), PE (to ~1.77 mln from ~0.29 mln), ZNGA (to ~10.23 mln from ~9.19 mln) HES (to ~1.67 mln from ~0.98 mln), ETE (to ~1.04 mln from ~0.51 mln) UAL (to ~2.25 mln from ~1.77 mln), SHPG (to ~0.98 mln from ~0.65 mln),
- Maintained positions in: MSFT (~1.12 mln shares), GOOGL (~0.16 mln)
- Closed positions in: ETP (from ~1.58 mln shares), NRZ (from ~1.42 mln), FNF (from ~1.35 mln), CVA (from ~1.21 mln), AIG (from ~0.84 mln), SHLM (from ~0.51 mln), FBM (from ~0.5 mln), WRD (from ~0.4 mln), PQG (from ~0.3 mln), BERY (from ~0.22 mln)
- Decreased positions in: FDC (to ~8.07 mln shares from ~9.07 mln shares), BLL (to ~0.5 mln from ~1.26 mln), I (to ~0.31 mln from ~1 mln), AER (to ~1.54 mln from ~2.15 mln), PYPL (to ~0.5 mln from ~0.89 mln), HRG (to ~0.86 mln from ~1.13 mln), LORL (to ~1.07 mln from ~1.21 mln), DWDP (to ~1.29 mln from ~1.37 mln)
SPO Advisory (John Scully) discloses updated portfolio positions in 13F filing: New ATUS positions, Closes OAS
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- New positions in: ATUS (~4.22 mln shares)
- Increased positions in: LPI (to ~21.21 mln shares from ~17.03 mln shares)
- Maintained positions in: LBTYK (~27.36 mln shares), ZAYO (~12.53 mln shares),FWONK (~9.92 mln shares), LPLA (~6.96 mln shares), Z (~3.37 mln shares), CHTR(~1.54 mln shares), EQIX (~0.59 mln shares), GOOG (~0.31 mln shares)
- Closed positions in: OAS (from ~10.25 mln shares)
- Decreased positions in: SCHW (to ~10.28 mln shares from ~14.23 mln shares), PXD (to ~3.2 mln from ~3.64 mln
Cboe’s Vix troubles could have wider impact
Vix futures contributed around about 40 per cent of Cboe’s recent earnings growth
Exchange-traded products that allow investors to wager on the tranquility of Cboe’s Vix index, a measure of stock market volatility, have helped drive Cboe’s profits in recent years. The exchange-traded notes relied on Vix futures, which can only be traded at Cboe.
But analysts fear the slide in value of two big notes and funds this week will have a bigger impact. Goldman Sachs estimated Vix futures contributed about 40 per cent of Cboe’s earnings growth between 2015 and 2017, excluding its 2016 deal for Bats Global Markets.
Kenneth Worthington, an analyst at JPMorgan, said the liquidation of the exchange-traded notes was “potentially the tip of the iceberg” as trading activity in Vix futures fell away in coming months. If the market moves from its preferred strategy of shorting volatility to one where hedging its risk was dominant, investors might look to other futures contracts, such as CME’s E-mini, he said.
Kerrisdale Advisers discloses updated portfolio positions in 13F filing: New positions HABT, PTCT, STMP... Closes TRVG, NTNX, CARS
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- New positions in: HABT (~0.09 mln shares), PTCT (~0.04 mln), STMP (~0.03 mln)
- Maintained positions in: ZEN (~0.04 mln shares
- Closed positions in: TRVG (from ~0.26 mln shares), NTNX (from ~0.18 mln), CARS(from ~0.09 mln), TSS (from ~0.05 mln), CARA (from ~0.01 mln), PSTG (from ~0.01 mln), FRGI (from ~0.01 mln)
- Decreased positions in: ADMS (to ~0.08 mln shares from ~0.76 mln shares), EBAY (to ~0.05 mln from ~0.23 mln), LXFT (to ~0.62 mln from ~0.77 mln), JLL (to ~0.02 mln from ~0.04 mln)
Eminence Capital (Ricky Sandler) discloses updated portfolio positions in 13F filing: New MGM MDLZ ELLI positions
Highlights from 2017 Q4 filing as compared to 2017 Q3 filing:
- New positions in: MGM (~5.1 mln shares), MDLZ (~3.7 mln), ELLI (~2.56 mln), PYPL(~0.76 mln), PZZA (~0.57 mln), EA (~0.21 mln), LEN.B (~0.16 mln)
- Increased positions in: P (to ~18.14 mln shares from ~9.9 mln shares), WEN (to ~11.68 mln from ~8.9 mln), USFD (to ~10.48 mln from ~7.97 mln), FWONK (to ~8.59 mln from ~6.24 mln), IQV (to ~3.51 mln from ~1.19 mln) CYBR (to ~3.35 mln from ~2.36 mln),EFX (to ~1.76 mln from ~1.01 mln) AABA (to ~0.76 mln from ~0.36 mln), GPI (to ~1.87 mln from ~1.64 mln),
- Maintained positions in: LEN (~7.46 mln shares), CSOD (~5.71 mln shares), ICE (~5.34 mln shares), CF (~4.96 mln shares), LBTY.A (~4.67 mln shares), INXN (~4.34 mln shares), NEWR (~3.13 mln shares), MSFT (~2.26 mln shares)
- Closed positions in: FCE.A (from ~3.68 mln shares), FNF (from ~3.54 mln), BERY (from ~2.69 mln), KAR (from ~2.66 mln), RXN (from ~2.5 mln), MAT (from ~2.24 mln), EXPE(from ~1.56 mln), STZ (from ~0.69 mln), NKE (from ~0.63 mln)
- Decreased positions in: ARRS (to ~4.36 mln shares from ~10.01 mln shares), CBG (to ~3.26 mln from ~3.93 mln), JACK (to ~0.86 mln from ~1.21 mln), ANTM (to ~0.45 mln from ~0.75 mln)
Gapping down
In reaction to disappointing earnings/guidance:
In reaction to disappointing earnings/guidance:
- GFI -7.9%, ECOM -6.4%, TRUP -5.7%, OHI -4.7%, QUOT -4.1%, KRNT -3.9%, TECK -3.5%,NBIX -3.2%, OXY -2.7%, FUN -2.7%, CSOD -2.6%, SKT -2%, CYRN -1.9%, ICPT -1.9%,SHPG -1.4%, ALKS -1.3%, STNG -0.9%
Other news:
- TTPH -51.9% (announces efficacy and safety of once-daily intravenous (IV) eravacycline compared to ertapenem for the treatment of patients with complicated urinary tract infections (cUTI) did not achieve statistical non-inferiority of eravacycline to ertapenem)
- AVGR -27% (Form EFFECT (Notice of Effectiveness for an S-1 offering))
- NMM -11.2% (prices 18.4 mln common units at $1.90 per unit)
- PIRS -10.9% (prices 5.5 mln shares of common stock at $8.00 per share)
- AVDL -10.5% (announces its wholly-owned subsidiary, Avadel Finance Cayman Limited, intends to offer, $125 mln principal amount of exchangeable senior notes due 2023)
- RARX -9.8% (announces $50 mln proposed public offering of common stock)
- ZN -6.3% (after closing near highs -- up 70% on the day)
- NKTR -5.5% (after announcing massive global development & commercialization collaboration with Bristol-Myers Squibb (BMY) as agreement seems to have thrown cold water on full takeout hopes)
- TYHT -4.4% (after making 30% move higher on Tuesday)
- PDCO -2.9% (continued weakness)
Analyst comments:
- CAR -4.8% (downgraded to Sell from Neutral at Goldman)
- LYG -1.2% (downgraded to Neutral from Outperform at Davy)
- DVAX -1.2% (downgraded to Neutral from Overweight at JP Morgan)
Gapping up
In reaction to strong earnings/guidance:
In reaction to strong earnings/guidance:
- FOSL +75.4%, NSPR +24.7%, CRTO +19.7%, TLND +16.5%, ACTG +15.3%, ACCO +11.2%,WIX +10.6%, CCS +10.1%, CARB +7.8%, (also announces agreement to acquire Mozy Inc from subsidiary of Dell Technologies for $145.8 mln in cash), ORBK +7.1%, TWLO +7%,BIDU +6.6%, SODA +6.5%, FLIR +5.8%, LPTH +4.8%, SINO +4.6%, GEO +3.7%, TEX +3.6%,WU +3.6%, DENN +3.5%, FANG +3.5%, (also initiates annual cash dividend of $0.50 per common share to be payable quarterly beginning with Q1 2018), ICL +3.5%, HLT +3.1%,HUBS +2.9%, IOSP +2.9%, MZOR +2.9%, CS +2.8%, TAP +2.7%, OMI +2.2%, MET +1.4%,IVTY +1.3%, BXMT +1.1%, LSCC +1%, .
M&A news:
- GCO +1.9% (Genesco to explore the sale of its Lids Sports Group business)
Other news:
- DBVT +34.9% (provides Viaskin Peanut progress update)
- ZSAN +33.9% (modestly rebounding)
- IPCC +21.8% (Infinity Property & Casualty being acquired by Kemper (KMPR) for $1.4 bln in cash and stock; both companies reported earnings)
- TRXC +12% (provides corporate update, files FDA 510(k) submission to expand the indication for use of its Senhance Surgical System)
- CMG +11.8% (confirms appointing Brian Niccol as CEO, effective March 5)
- TNDM +11.1% (closing of its previously announced underwritten public offering - several insiders including President disclosed the purchase of shares from the offering),RIOT +6% (files to withdraw Registration Statement on Form S-3 initially filed on April 20, 2017)
- AKAO +4.7% (following TTPH following Phase 3 trial failed to meet the co-primary efficacy endpoints)
- GNMX +3.5% (Adage increase passive stake to 9.91% from 3.5%, Baker Bros slightly decreases passive stake)
- NFLX +2.6% (Ryan Murphy and his Ryan Murphy Productions have entered into a multi-year deal to produce new series and films exclusively at Netflix, starting July 1, 2018)
- EXEL +2.4% (announces results from Phase 2 investigator-sponsored trial of Cabozantinib in the First-Line treatment of Metastatic Radioiodine-Refractory differentiated Thyroid Carcinoma )
- CELG +2.3% (authorizes the repurchase of an additional $5 billion of the Company's common stock)
- BKI +2.2% (announces 5 mln share secondary offering of common stock by selling shareholders and repurchase of 2 mln shares of common stock
- PSX +1.7% (Phillips 66 agreed to repurchase 35 mln shares from Berkshire subsidiary for $93.725 per share - Buffett says transaction was solely motivated by desire to eliminate regulatory requirements for 10%+ ownership)
- YY +1.4% (following BIDU results)
- VRX +1.4% (Valeant Pharma's Ortho Dermatologics division announced that the FDA accepted the NDA for JEMDEL1 (halobetasol propionate 0.01%) (IDP-122) lotion with a PDUFA action date of Oct. 5, 2018)
- SQ +1.2% (seeing continued strength boosted by Twitter (TWTR) CEO Jack Dorsey affirming slightly increased passive stake)
- AFL +1.1% (declared a two-for-one stock split of the company's common stock in the form of a 100% stock dividend payable)
Analyst comments:
- PTEN +5.4% (upgraded to Outperform from Market Perform at BMO Capital Markets),WU +3.3% (upgraded to Neutral from Underperform at Mizuho), ZLAB +2.7% (upgraded to Overweight from Neutral at JP Morgan), CRL +1.9% (upgraded to Buy from Hold at SunTrust), SINA +1.9% (upgraded to Buy from Outperform at CLSA), SGEN +1.8% (upgraded to Overweight from Neutral at JP Morgan), VIPS +1.8% (upgraded to Buy from Hold at HSBC Securities), VIAB +1.2% (upgraded to Neutral from Underweight at Atlantic Equities), IIVI +1.2% (initiated with a Overweight at Piper Jaffray), GBT +1.1% (initiated with a Buy at Janney), EMR +1% (upgraded to Outperform from Sector Perform at RBC Capital Mkts), FDC +1% (upgraded to Outperform from Neutral at Robert W. Baird), TGT +0.9% (upgraded to Outperform from Neutral at Robert W. Baird)