Eton Park discloses updated portfolio positions in 13F filing: New positions in BXLT and SPLS; Closed positions in AER, ADSK, RAD
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: BXLT (~11.9 mln shares), CDK (~2.3 mln), SPLS (~0.9 mln), GLPI (~0.1 mln), SYT (~0.1 mln), HOT (34,322)
- Increased positions in: AGN (to ~1.9 mln shares from ~0.9 mln shares), TWC (to ~3.5 mln from ~1.5 mln)
- Decreased positions in: ADBE (to ~1.4 mln shares from ~2.2 mln shares), MSFT (to ~2.5 mln from ~8.5 mln), ODP (to ~2.3 mln from ~3.7 mln)
- Closed positions in: AER (from ~2.2 mln shares), ARG (from ~0.4 mln), ADSK (from ~2.4 mln), HUM (from ~0.4 mln), PRGO (from ~0.8 mln), RAD (from ~8.2 mln)
Tiger Global discloses updated portfolio positions in 13F filing: New stake in ZG; Boosted stake in EHIC; Trimmed Stake in AAPL; Liquidated stake in VIPS, ATHM
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: ZG (~1 mln shares)
- Increased positions in: CHTR (to ~2 mln shares from ~0.7 mln shares), EHIC (to ~8.3 mln from ~4.7 mln)
- Decreased positions in: AMZN (to ~1 mln shares from ~3.2 mln shares), AAPL (to ~5.7 mln from ~10.6 mln)
- Closed positions in: BUD (from ~1.9 mln shares), ATHM (from ~5 mln), PPC (from ~2 mln), RH (from ~3.2 mln), SPLK (from ~2.1 mln), VIPS (from ~49.5 mln)
Starboard Value discloses updated portfolio positions in 13F filing: Boosts stake in YHOO; Cuts stake in DRI, FCPT; Closes stake in NYRT, ODP
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
* New positions in: DEPO (Prev. known) (~3 mln shares), MRVL (Prev. known) (~20.4 mln), NXST (~0.3 mln)
* Increased positions in: YHOO (to ~12.3 mln shares from ~7.1 mln shares)
* Decreased positions in: DRI (to ~6.6 mln shares from ~11.6 mln shares), FCPT (to ~2.5 mln from ~3.9 mln)
* Closed positions in: NYRT (from ~1.4 mln), ODP (from ~4.5 mln)
Baupost Group discloses updated portfolio positions in 13F filing; new positions in VMW and GNW; closed positions in KOS
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
* New positions in: AGN (~1.7 mln shares), GNW (~1.7 mln), LQ (~1.1 mln), VMW (~2.3 mln), INVA (~19.8 mln)
* Increased positions in: OLN (to ~10.7 mln from ~7 mln), FOXA (to ~15 mln from ~10.6 mln), OREX (to ~22.3 mln from ~2.3 mln), EMC (to ~51.9 mln from ~29.2 mln)
* Decreased positions in: PYPL (to ~7.1 mln shares from ~11.1 mln shares), BXE (to ~8.7 mln from ~24 mln)
* Closed positions in: KOS (from ~4.6 mln shares), OCN (from ~5.2 mln), SN (from ~2 mln), MU (from ~1 mln)
Why Savings Alone Won’t Save Telecom Italia
Cutting costs may buy Telecom Italia time, but don’t address the company’s core problem: new competitors
Telecom Italia wants growth by a thousand cuts. The approach may buy Italy’s largest telecom group time. But to stabilize its shrinking domestic business in the longer term, the company needs political support that is by no means assured.
Investors didn’t react well to a strategic plan unveiled in February by then-Chief Executive Marco Patuano that upped the three-year capital budget by €2 billion ($2.3 billion) to €14 billion.
New boss Flavio Cattaneo has therefore chosen to focus on savings, increasing targeted cost reductions by €1 billion. The market cheered the announcement Monday, even though it accompanied weak first-quarter results.
By 2018, Mr. Cattaneo wants to take €800 million out of operating spending and the same amount out of capital spending, all without sacrificing the company’s rollout of fiber broadband and 4G mobile infrastructure.
He will have to act quickly, having retained his predecessor’s expectation for flat earnings before interest, taxes, depreciation and amortization in Italy this year. In the first quarter this key profit measure fell 5.2% year over year, as growth in broadband and mobile revenues failed to make up for the continuing decline of the landline business.
Just how achievable the targeted savings are can be debated. They are more plausible for not relying on fresh job cuts, Telecom Italia having struck a downsizing deal with the unions only last year. Management is instead focusing on sourcing. The purchase of goods and services cost the company €8.5 billion last year—43% of revenues—so negotiations here could yield fruit.
But costs aren’t Telecom Italia’s core problem. Even after recent declines, the company makes higher Ebitda margins than most of its European peers.
For years the company’s fixed-line network faced no real competition, but this is now changing. The emergence of better 4G networks has encouraged many Italians to ditch Telecom Italia’s copper landlines in favor of mobile broadband. And two companies now pose a threat in the fixed sector: Metroweb, which has built a fiber-optic network in Milan, and energy provider Enel, which plans to install fiber access in homes at the same time as smart electricity meters.
Telecom Italia this month made a €820 million all-cash bid for Metroweb, even though its net debt, at €27.1 billion, amounts to almost four times last year’s Ebitda. The move is defensive: Enel is also in talks to buy the company.
Much hinges on the outcome of this deal. Metroweb is owned by the Cassa Depositi e Prestiti, a state fund, so the decision is as much political as financial. Enel is part-owned by the Italian finance ministry, and its broadband plans have the explicit backing of Prime Minister Matteo Renzi .
If Telecom Italia succeeds in buying Metroweb, it would signal a new era of political support for the former state monopoly. But the signs aren’t promising.
CNBC's Kelly: sources say Cooperman's Omega has already sold the new stake in Apple that was disclosed in 13F filing; it was mere a trade not a long term position
Blue Ridge Capital discloses updated portfolio positions in 13F filing
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: CHK (~7.1 mln shares), COMM (~3.8 mln), CNX (~3.4 mln), ECA (~4.3 mln), OAS (~4.6 mln), SWN (~8.2 mln)
- Increased positions in: AMBA (to ~1 mln shares from ~0.4 mln shares), CP (to ~1.5 mln from ~1.2 mln)
- Decreased positions in: ALLE (to ~2.3 mln shares from ~3.4 mln shares), BMRN (to ~1 mln from ~1.5 mln), PBF (to ~1.1 mln from ~2.4 mln), PCLN (to ~0.2 mln from ~0.3 mln)
- Closed positions in: ENDP (from ~2.1 mln shares), ETFC (from ~4.4 mln), LC (from ~0.8 mln), MPC (from ~3.5 mln), MTG (from ~2.9 mln), SIRI (from ~30.7 mln
TPG-Axon discloses updated portfolio positions in 13F filing: Adds GOOG, AMZN; Closes DFS, SC, CRC, KAR, RACE
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: GOOG (~0.1 mln shares), AMZN (~39K)
- Decreased positions in: SYF (to ~2.1 mln shares from ~4.5 mln shares), DOOR (to ~0.5 mln from ~0.7 mln), HCA (to ~1 mln from ~1.5 mln), AXTA (to ~0.7 mln from ~2.3 mln), TSN (to ~0.9 mln from ~2 mln)
- Closed positions in: DFS (from ~0.7 mln shares), SC (from ~3.6 mln), CRC (from ~2.7 mln), KAR (from ~1.1 mln), RACE (from ~0.4 mln)
Broadfin Capital discloses updated portfolio positions in 13F filing: New stakes in ARLZ, CSII; Closes positions in AMAG, AMPH, BLRX, ATRC, BIOD, GNCA
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: ARLZ (~3.8 mln shares) CSII (~1.5 mln)
- Increased positions in: RPTP (to ~7 mln shares from ~2.4 mln shares) CPRX (to ~8.2 mln from ~4.2 mln)
- Decreased positions in: CRDC (to ~0.9 mln shares from ~8.9 mln shares)
- Closed positions in: AMAG (from ~0.3 mln shares), AMPH (from ~1 mln), ATRC (from ~0.8 mln), BLRX (from ~3.5 mln), BIOD (from ~2 mln), GNCA (from ~0.8 mln)
Leon Cooperman's Omega Advisors discloses updated portfolio positions in 13F filing
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
- New positions in: AAPL (~0.2 mln shares), BLL (~0.6 mln), ETP (~1.4 mln), PYPL (~1.3 mln), WPZ (~1.2 mln)
- Increased positions in: MSFT (to ~1.8 mln shares from ~0.8 mln shares), SYF (to ~2.1 mln from ~0.9 mln), TRGP (to ~2.7 mln from ~1.3 mln)
- Decreased positions in: DISH (to ~1.1 mln shares from ~1.8 mln shares), FB (to ~0.5 mln from ~1 mln), GPOR (to ~0.2 mln from ~0.6 mln), NAO (to ~1.6 mln from ~3.7 mln), SIRI (to ~21.1 mln from ~32.2 mln)
- Closed positions in: ATLS (from ~3.9 mln shares), GLBL (from ~6 mln), JPM (from ~1.1 mln), PFE (from ~1.3 mln), RIGP (from ~1.1 mln), C (from ~3 mln)