The markets have displayed mixed sentiment on Wednesday amid a tumble in oil prices and expectations of European economic support from the European Central Bank. Among the important stocks to watch today are Lexmark International Inc (NYSE:LXK), Alphabet Inc (NASDAQ:GOOGL), Global Payments Inc (NYSE:GPN), Tupperware Brands Corporation (NYSE:TUP), and Nielsen N.V. Ordinary Shares (NYSE:NLSN). Let’s take a detailed look at the reasons behind the activity in these stocks today along with an analysis of how hedge funds have been trading them of late.
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Lexmark International Confirms Acquisition
Lexmark International Inc (NYSE:LXK)’s stock has surged by 10% this morning after the company announced that it has reached an agreement to be acquired by an investment consortium led by Apex Technology and PAG Asia Capital for $40.50 per share. Shares of the printing and content management company will no longer be traded publicly on the New York Stock Exchange after the completion of the deal, which will take it private. In a statement, Paul Rooke, CEO of Lexmark International, said that the deal is in the best interests of shareholders. He also said that the company would invest in the hardware market in the Asia Pacific region to increase growth and business opportunities.
A total of 21 hedge funds out of those tracked by Insider Monkey held positions in Lexmark International Inc (NYSE:LXK) with a total value of approximately $432.4 million on December 31. David Cohen and Harold Levy’s Iridian Asset Management is one of the notable stakeholders among these hedge funds, with ownership of more than 5.96 million shares of the company.
Alphabet Inc Charged With Breach of EU Law
Alphabet Inc (NASDAQ:GOOGL)’s stock has lost more than 0.26% this morning after European Union (EU) antitrust regulators officially charged the company over alleged abuse of its dominant position with the Android operating system. The statement of objections by the EU commission states that Alphabet puts difficult conditions on companies using its Android platform, which is a breach of EU competition law. Alphabet Inc (NASDAQ:GOOGL) has been given 12 weeks to respond. If the company is found guilty, it may be asked to change its practices along with being hit with heavy fines.
Overall, 154 hedge funds in our database held positions in Alphabet Inc (NASDAQ:GOOGL)’s class A shares at the end of the fourth quarter, while 142 were long the company’s class C shares. Ken Fisher’s Fisher Asset Management holds 973,292 class A shares of the company as of March 31.
We study the latest developments in three more of the day’s trending stocks on the next page.