WHITNEY TILSON: I Am More Confident In My Herbalife Short Than Ever Before (BusinessInsider)
Hedge fund manager Whitney Tilson, who runs Kase Capital, says he has “more confidence” in his Herbalife position following Bill Ackman’s latest presentation. Yesterday, Ackman presented a 250-plus slide presentation that he had billed as a “death blow” to Herbalife. Ackman has been loudly and publicly short Herbalife for more than 18 months. So far, the short position hasn’t played out in Ackman’s favor and he’s racked up hundreds of millions in paper losses.
Carl Icahn makes $234 million as Bill Ackman misses with Herbalife show (LiveMint)
Bill Ackman handed Carl Icahn a big reason to think fondly of the hedge-fund manager, a week after the two staged a public reconciliation over disagreements that stretch back a decade. Icahn, 78, made $234 million on Tuesday on his stake in Herbalife Ltd. (NYSE:HLF), as a three-hour-plus presentation by Ackman in New York, meant to show that the company is a fraud, failed to convince the market. Instead Herbalife shares rocketed more than 25% to $67.77, their biggest single-day gain. Icahn is the largest shareholder in the company with a 17.3% stake.
A Boston Hedge Fund Just Made $950 Million On One Stock Today (BusinessInsider)
Shares of Puma Biotechnology Inc (NYSE:PBYI) are going absolutely bonkers this morning following a successful trial of a breast cancer drug. The stock surged about 283%, or about $167, since the opening bell. At least one hedge fund is probably really pleased with this investment. The largest shareholder of Puma Biotechnology is Adage Capital Management, a Boston-based hedge fund founded by Phil Gross And Robert Atchinson. According to the latest 13F data, Adage last held 5,686,668 shares. That means they have made about $950 million on the position since the opening bell today.
BlueMountain Calls Puerto Rico Debt Move Unconstitutional (Finalternatives)
BlueMountain Capital Management has sued to overturn Puerto Rico’s controversial new public debt-restructuring law. The hedge fund, which owns more than $400 million in Puerto Rico Electric Power Authority bonds, argues that the law, approved last month, is unconstitutional. Its lawsuit, filed yesterday in San Juan federal court, follows complaints from Franklin Templeton Investments and OppenheimerFunds that also challenge the constitutionality of the law.
Argentina Just Played Its Final Card… And It Lost (BusinessInsider)
Argentina had one card to play left in its battle against hedge fund creditors, and it just lost. Judge Thomas Griesa said that a New York Court will not grant Argentina a stay on payment to bondholders as it attempts to negotiate the payment of over $1.3 billion worth of bonds owed to a group of hedge fund creditors referred to collectively as NML. Now The Republic has until July 30th to either pay all its bondholders including NML, negotiate with NML to the creditors’ satisfaction, or default on its debt.