TheChek News Flow

Highfields Capital (Jonathon Jacobson) discloses updated portfolio positions in 13F filing: New positions in TGT, VZ, PAGP, YHOO; closed positions in ABBV, SYMC, CBS

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

• New positions in: TGT (~5.05 mln shares), VZ (~3.07 mln), PAGP (~3 mln), YHOO (~3 mln), EGN (~2.8 mln), HGV (~2.45 mln), HCA (~1.87 mln)
• Increased positions in: CVE (to ~17.04 mln shares from ~3.53 mln shares), RAD (to ~19 mln from ~15 mln), TV (to ~8.84 mln from ~5.23 mln), MIK (to ~14.17 mln from ~11.66 mln)
• Maintained positions in: BEN (~22.13 mln shares), TEVA (~17.72 mln shares), AMT (~5.67 mln shares), TWX (~3.53 mln shares)
• Closed positions in: ABBV (from ~5.95 mln shares), SYMC (from ~5.5 mln), CBS (from ~4.18 mln), WMB (from ~3.38 mln), MGM (from ~2.61 mln), TRIP (from ~2.56 mln), MSFT (from ~2.5 mln), ARNC (from ~2 mln), KSU (from ~1.62 mln), HAL (from ~1.61 mln)
• Decreased positions in: IAC (to ~0.31 mln shares from ~4.22 mln shares), KMI (to ~1 mln from ~4.75 mln), DD (to ~4.91 mln from ~7.81 mln), CTSH (to ~1.98 mln from ~4.52 mln), WBA (to ~0.11 mln from ~2.45 mln), MAR (to ~8.66 mln from ~10.92 mln)

Saba Capital Management (Boaz Weinstein) discloses updated portfolio positions in 13F filing: New positions in JCP; closed position in PPT, increased position in GLO, AOD

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

• New positions in: JCP (~1.41 mln shares), SVU (~0.85 mln), AVP (~0.69 mln), RAD (~0.47 mln), MBI (~0.32 mln), EXXI (~0.26 mln), CNX (~0.22 mln)
• Increased positions in: GLO (to ~5.45 mln shares from ~1.9 mln shares), AOD (to ~5.57 mln from ~3.66 mln), VRX (to ~2.32 mln from ~1 mln), GNW (to ~2.59 mln from ~1.4 mln), GAM (to ~1.18 mln from ~0.26 mln) GLQ (to ~2.47 mln from ~1.96 mln), EOD (to ~3.09 mln from ~2.58 mln)
• Maintained positions in: DSU (~8.12 mln shares), ERC (~6.15 mln shares), AGC (~5.18 mln shares), FSD (~4.61 mln shares), CYH (~3.71 mln shares)
• Closed positions in: PPT (from ~2.01 mln shares), BGB (from ~1.52 mln), AIF (from ~0.14 mln), BGX (from ~0.14 mln)
• Decreased positions in: FTF (to ~1.72 mln shares from ~4.03 mln shares), CIF (to ~0.09 mln from ~1.19 mln), MCR (to ~0.67 mln from ~1.42 mln), EDD (to ~0.36 mln from ~1.1 mln), MMT (to ~0.52 mln from ~1.23 mln), BIT (to ~0.02 mln from ~0.4 mln), NFJ (to ~0.96 mln from ~1.29 mln), AGD (to ~0.88 mln from ~1.04 mln)

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)