TheChek News Flow

Soros Fund Management (George Soros) discloses updated portfolio positions in 13F filing

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: SNAP (~1.65 mln shares), CNDT (~1.59 mln), CJ (~1 mln), GRAM (~0.73 mln), LRCX (~0.56 mln), KMI (~0.49 mln), TTWO (~0.46 mln), TSX:AYA (~0.45 mln), FWON.A (~0.43 mln), COP (~0.4 mln)
• Increased positions in: SIGM (to ~3.7 mln shares from ~1.57 mln shares), HPE (to ~3.2 mln from ~1.07 mln), NOMD (to ~1.33 mln from ~0.21 mln), BV (to ~1.67 mln from ~0.71 mln), MDLZ (to ~1.24 mln from ~0.46 mln) SYMC (to ~1.2 mln from ~0.43 mln), SREV (to ~1 mln from ~0.44 mln) RAI (to ~0.58 mln from ~0.05 mln),
• Maintained positions in: CACQ (~5.71 mln shares
• Closed positions in: TVPT (from ~2.4 mln shares), IMOS (from ~1.28 mln), EXTR (from ~0.97 mln), GDS (from ~0.76 mln), EBAY (from ~0.67 mln), P (from ~0.6 mln), KSS (from ~0.6 mln), FHB (from ~0.53 mln), FITB (from ~0.52 mln)
• Decreased positions in: AGRO (to ~8.92 mln shares from ~11.92 mln shares), INVN (to ~0.38 mln from ~1.31 mln), VIAV (to ~0.37 mln from ~1.27 mln), KEG (to ~1.25 mln from ~1.85 mln), SUPV (to ~1.67 mln from ~2 mln), UBNT (to ~0.05 mln from ~0.17 mln), CYBR (to ~0.19 mln from ~0.28 mln), MLNX (to ~0.07 mln from ~0.15 mln), LBRDK (to ~7.91 mln from ~8.32 mln)

Glenview Capital (founder-Larry Robbins, Pres Mark Horowitz) discloses updated portfolio positions in 13F filing:

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: INTC (~4.93 mln shares), HAIN (~2.75 mln), SHPG (~1.02 mln), TMUS (~0.79 mln), ZBH (~0.77 mln), TSS (~0.73 mln), MHK (~0.36 mln), DD (~0.21 mln)
• Increased positions in: ENDP (to ~10.38 mln shares from ~4.25 mln shares), DOW (to ~11.86 mln from ~8.8 mln), CCE (to ~4.32 mln from ~2.01 mln), LOW (to ~5.45 mln from ~4.08 mln), FMC (to ~10.58 mln from ~9.55 mln) MCK (to ~0.92 mln from ~0.68 mln), V (to ~2.11 mln from ~1.88 mln)
• Maintained positions in: Q (~6.9 mln shares), CBS (~5.47 mln shares), AET (~5.03 mln shares), AAPL (~3.14 mln shares)
• Closed positions in: HLS (from ~7.27 mln shares), MAN (from ~1.73 mln), WBA (from ~1.5 mln), ABG (from ~0.57 mln), TWX (from ~0.4 mln)
• Decreased positions in: FLEX (to ~31.48 mln shares from ~37.17 mln shares) FDC (to ~10.72 mln from ~13.55 mln), PAH (to ~11.2 mln from ~13.85 mln), BKD (to ~14.73 mln from ~16.63 mln), ABBV (to ~7.3 mln from ~9.12 mln), LH (to ~2.66 mln from ~4.19 mln), MRVL (to ~2.64 mln from ~3.92 mln), WMB (to ~7.24 mln from ~8.44 mln), ANTM (to ~4.71 mln from ~5.87 mln)

Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing: Not seeing any new positions

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• Increased positions in: AAPL (to ~129.36 mln shares from ~57.36 mln shares), BK (to ~33.01 mln from ~21.67 mln), LUV (to ~47.66 mln from ~43.2 mln)
• Maintained positions in: WFC (~0 mln shares), KO (~0 mln shares), KHC (~0 mln shares), AXP (~0 mln shares), USB (~0 mln shares), PSX (~0 mln shares)
• Closed positions in: FOXA (from ~8.95 mln shares)
• Decreased positions in: IBM (to ~64.56 mln shares from ~81.23 mln shares), WBC (to ~2.91 mln from ~3.37 mln)

Paulson & Co (John Paulson) discloses updated portfolio positions in 13F filing: Adds TMUS, DISH; Closes HPE, VMW, TTWO

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: BKD (~5.04 mln shares), TMUS (~4.14 mln), DISH (~3.45 mln), ARNC (~0.98 mln), XENT (~0.64 mln), TNDM (~0.5 mln), TRVN (~0.41 mln), FGL (~0.4 mln), Z (~0.17 mln), TEAM (~0.16 mln)
• Increased positions in: MJN (to ~1.18 mln shares from ~0.03 mln shares), NXPI (to ~1.13 mln from ~0.37 mln), SD (to ~0.67 mln from ~0.25 mln), DVAX (to ~0.46 mln from ~0.17 mln), RIGL (to ~0.55 mln from ~0.39 mln), ESPR (to ~0.23 mln from ~0.1 mln), GSK (to ~0.42 mln from ~0.3 mln) STE (to ~0.42 mln from ~0.31 mln), PFE (to ~0.41 mln from ~0.35 mln), FDX (to ~0.05 mln from ~0.01 mln)
• Maintained positions in: VRX (~19.38 mln shares), CACQ (~13.12 mln shares), AKRX (~8.4 mln shares), MNK (~7.5 mln shares), AIG (~4.55 mln shares), GLD (~4.36 mln shares), SHPG (~4 mln shares), TWX (~3.02 mln shares)
• Closed positions in: HPE (from ~2.98 mln shares), DVMT (from ~1.09 mln), VMW (from ~0.99 mln), ATVI (from ~0.97 mln), TTWO (from ~0.97 mln)
• Decreased positions in: STAY (to ~20.09 mln shares from ~28.63 mln shares), TEVA (to ~11 mln from ~15.93 mln), ETSY (to ~0.83 mln from ~1.27 mln), AEM (to ~0.76 mln from ~1.08 mln), EBAY (to ~0.47 mln from ~0.62 mln), INSM (to ~0.09 mln from ~0.21 mln), SNY (to ~0.15 mln from ~0.25 mln), GOLD (to ~0.43 mln from ~0.5 mln)

Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing with new ABCO CJ LOGM MJN EGN ACAD MON NFX positions

 Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: ABCO (~2.03 mln shares), CJ (~1.32 mln), LOGM (~1.22 mln), MJN (~1.05 mln), EGN (~0.85 mln), ACAD (~0.78 mln), MON (~0.44 mln), NFX (~0.39 mln)
• Increased positions in: NRG (to ~18.07 mln shares from ~4.38 mln shares), ARNC (to ~51.1 mln from ~37.54 mln), ECA (to ~18.89 mln from ~12.13 mln), NOG (to ~4.58 mln from ~2.45 mln), RRTS (to ~3.31 mln from ~1.86 mln) DVMT (to ~7.46 mln from ~7.13 mln), CTXS (to ~7.09 mln from ~6.71 mln)
• Maintained positions in: HES (~18.8 mln shares), AA (~10.24 mln shares), CDK (~8.11 mln shares)
• Closed positions in: SYMC (from ~12 mln shares), TSU (from ~7.57 mln), GTYH (from ~4.4 mln), AGN (from ~2.74 mln), CYH (from ~1.83 mln), CNDT (from ~1.75 mln), THC (from ~1.49 mln), NXPI (from ~0.91 mln)
• Decreased positions in: ABG (to ~0.21 mln shares from ~0.38 mln shares)

Jericho Capital (Josh Resnick - presented at Sohn Conference last week) discloses updated portfolio positions in 13F filing with new LC / SYMC positions

 Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: LC (~5.91 mln shares), MOMO (~2.21 mln), SYMC (~1.26 mln), RHT (~1.07 mln), CTRP (~0.96 mln), ATVI (~0.95 mln), CRTO (~0.9 mln)
• Increased positions in: ZEN (to ~2.46 mln shares from ~1.8 mln shares), TTWO (to ~0.78 mln from ~0.4 mln), ADI (to ~0.59 mln from ~0.51 mln), NOW (to ~0.75 mln from ~0.69 mln)
• Maintained positions in: STMP (~0.6 mln shares
• Closed positions in: P (from ~6.05 mln shares), AMD (from ~4.63 mln), CY (from ~3.07 mln), SABR (from ~2.96 mln), MGM (from ~2.51 mln), FEYE (from ~2.08 mln), S (from ~2.07 mln), ARRS (from ~1.36 mln)
• Decreased positions in: MRVL (to ~5.82 mln shares from ~7.44 mln shares), DISH (to ~0.75 mln from ~1.66 mln), MBT (to ~2.78 mln from ~3.55 mln), TMUS (to ~1.83 mln from ~2.33 mln), PFPT (to ~0.44 mln from ~0.57 mln), CHTR (to ~0.14 mln from ~0.24 mln), MELI (to ~0.24 mln from ~0.28 mln)

After Hours Summary: AKBA +15% on license agreement news, ETSY +9% on active stake disclosures... IPDN -16%, VOXX -12% following earnings/guidance, Citi downgrade weighing on NK

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: XGTI +6.9% (thinly traded), SKLN +5.4%, DXPE +2.8% (light volume), CAPR +1.7%, VIPS +1.5%

Companies trading higher in after hours in reaction to news: AKBA +15.1% (Akebia Therapeutics enters exclusive license agreement to sell vadadustat to Fresenius Medical), ETSY +9.1% (TPG Group Holdings discloses 4.3% active stake, believes Etsy will be best served by a commitment from partners who are also focused on creating long-term value in both public and private companies), CNDT +2.6% (Icahn, Greenlight, Sessa, Soros, Scopia among names that disclosed new positions in their quarterly filings), ALDR +2.5% (initiated with Buy at Needham), ANTH +2.4% (commences screening in the RESULT Phase 3 clinical study of Sollpura for exocrine pancreatic insufficiency due to cystic fibrosis; Top line data expected end of 2017 or early 2018), SAGE +1.8% (initiated with Buy after the close at Needham), BIVV +1.1% (ValueAct, Sarissa, Baker Bros disclose new positions), JCP +0.9% (Saba Capital Management discloses new position)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: IPDN -15.8%, TEAR -15%, VOXX -12%, HTGM -8.4%, PRKR -6.6%, EDIT -5.6%, VRAY -4.3%, CRME -1.7% (light volume)

Companies trading lower in after hours in reaction to news: NK -5.4% (downgraded to Sell from Neutral at Citigroup), KRNT -3% (announces the launch of an underwritten secondary public offering of 4.25 mln ordinary shares by its largest shareholder, Fortissimo Capital), DXCM -2.1% (returns to afternoon lows that were initially made as report circulated regarding Apple Watch new health feature), APD -1.4% (attributed to block trade pricing; also Pershing Square Capital / Bill Ackman disclosed decreased position and Senator Investment Group -- Alexander Klabin and Douglas Silverman -- closed out positions), FISI -1.3% (commences underwritten public offering of $40 mln of its common stock)

Closing Market Summary: Equities Move Higher on Monday

The major U.S. indices ended Monday in positive territory with the S&P 500 (+0.5%) and the Nasdaq (+0.5%) eking out record closes. The Dow (+0.4%) finished at tick behind its peers while the Russell 2000 (+0.8%) ended in the lead.

Investors shook off concerns surrounding this weekend's cyber security attack from the jump, pushing the stock market higher at the opening bell. From there, the energy sector carried the S&P 500 to its best mark of the day as crude oil rallied on news that Saudi Arabia and Russia are in favor of extending the original OPEC/non-OPEC supply cut agreement, which was scheduled to end in June, by another nine months. The benchmark index hovered near its session high for a while, but crude oil, and the energy sector, started to fade in the late afternoon, leading to some backtracking in the stock market.

WTI crude finished its day 2.1% higher at $48.86/bbl while the energy group (+0.6%) settled with the materials (+0.8%) and financials (+0.8%) sectors atop the day's leaderboard. Financials' solid performance was a positive signal for the broader market in light of the sector's recent struggles; over the last two months the sector has declined around 5.0%. Other influential sectors like health care (+0.6%) and technology (+0.6%) finished a tick above the broader market.

Johnson & Johnson (JNJ 126.99, +3.35) underpinned the health care group, jumping 2.7%, after the company's stock was upgraded to 'Overweight' from 'Neutral' at JP Morgan. In the tech group, chipmakers helped keep the sector ahead of the benchmark index, evidenced by the 1.5% increase in the PHLX Semiconductor Index. NVIDIA (NVDA 134.31, +6.42) led the semiconductor advance with a gain of 5.0%, extending its post-earnings rally to 30.5%.

The industrials (+0.5%), consumer staples (+0.4%), utilities (+0.4%), and real estate (+0.3%) sectors finished roughly in line with the broader market while the telecom services (-0.2%) and consumer discretionary (unch) groups lagged. Verizon (VZ 45.38, -0.46) weighed on the telecom services sector, losing 1.0%, amid reports that the company's network suffered outages in major U.S. metro areas on Monday. For its part, the consumer discretionary sector underperformed due to broad weakness within the sector.

Retailers deserve a mention given today's swing in the SPDR S&P 500 Retail ETF (XRT 42.07, -0.06). The XRT started the day solidly higher, adding as much as 1.0%, but sold off in the afternoon ahead of tomorrow morning's earnings reports from Home Depot (HD 157.33, +0.41) and TJX (TJX 76.90, -0.41). The XRT ended Monday with a slim loss of 0.1%

In the bond market, Treasuries ended slightly lower with the 10-yr yield climbing one basis point to 2.34%. Gold ($1,230.10/ozt) added 0.2% while the U.S. Dollar Index (98.81, -0.24) lost 0.2%.

On the data front, investors received May Empire Manufacturing and May Net Long-Term TIC Flows:

• The Empire Manufacturing Survey for May declined to -1.0 from the prior month's reading of 5.2. The consensus estimate was pegged at 7.5.
  • The key takeaway from this report is that manufacturing activity in the New York Fed region slowed in May, which will create a dent in some of the lofty second quarter growth expectations.
• Net Long-Term TIC Flows for May were $59.8 billion versus a revised $53.1 billion (from $53.4 billion) for April.

Tomorrow, investors will receive April Housing Starts (consensus 1.255 million) and April Industrial Production (consensus 0.3%). The two reports will cross the wires at 8:30 ET and 9:15 ET, respectively. 

• Nasdaq Composite +14.2% YTD
• S&P 500 +7.3% YTD
• Dow Jones Industrial Average +6.2% YTD
• Russell 2000 +2.7% YTD