Stocks Turning Heads Today: Conn’s, Hertz, NorthStar Asset Management, More

An Activist Opposes Three-Way Merger 

In an activist letter, the fund Land and Buildings wrote that it doesn’t believe NorthStar Asset Management Group Inc (NYSE:NSAM)‘s announced merger with Northstar Realty Finance Corp (NYSE:NRF) and Colony Capital Inc (NYSE:CLNY) provides fair value to shareholders. Land and Buildings believes the shareholders of Colony Capital are disproportionately enjoying the benefits of the merger and has called for a meeting with the company’s special committee concerning the merger. Lands and Buildings maintains its belief that Northstar Asset Management is worth closer to $20 per share given its stable income streams and growth potential. 53 top funds held shares of NorthStar Asset Management Group Inc (NYSE:NSAM) at the end of March.

Conn’s Same-Store Sales Decline

Conn’s Inc (NASDAQ:CONN) is 3% in the red after the retailer reported its May 2016 sales and delinquency data. For the month, the company had a 60-plus day delinquency rate of 8.9% and its same-store sales declined by 6.7% when excluding the impact of the company’s April 2015 decision to exit digital cameras, video game products and certain tablets. Conn’s Inc (NASDAQ:CONN) shares have been beaten-up, being down by 63% year-to-date and the company needs same-store sales to stabilize before investors can be more certain of the company’s prospects. The number of funds in our system that were shareholders of the stock rose by three quarter-over-quarter to 13 as of the end of the first quarter.

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