Citadel Securities Settles With Fund Over Secret Algorithm (Bloomberg)
Citadel Securities reached a truce with a British hedge fund over the attempted hiring of a senior trader, ending a lawsuit that was set to consider the makeup of a secret algorithm. Ken Griffin’s market maker and GSA Capital Partners LLP reached a confidential settlement, GSA said in a statement Thursday. The agreement followed claims that GSA Capital obtained information on a closely-guarded trading strategy when it sought to recruit a former quant researcher, Vedat Cologlu, at Citadel Securities.
Billionaire Chase Coleman’s Tiger Global Struggled in May and its Flagship Fund is Down for the Year After a Stellar 2020 (Business Insider)
While billionaire Chase Coleman has pumped billions into the private markets this year, his flagship public-equity fund is down so far in 2021. The flagship was down 6.3% in May, sources tell Insider, and has lost 0.8% for the year through May. Tiger Global‘s long-only fund lost 3.9% in May, but is up 4.3% for the year.
DeFi Curbs Systemic Risk Amid Bitcoin Volatility, Anthony Scaramucci Tells Hedgeweek (Hedge Week)
Decentralisation of cryptocurrencies is helping curb systemic risk amid the ongoing digital asset price volatility, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, told Hedgeweek on Thursday. In a wide-ranging conversation to close out Hedgeweek’s first DigitalAssetsLIVE event, Scaramucci – who also launched the SkyBridge Alternatives, or SALT, capital introduction conference and was briefly White House Director of Communications during the Trump administration – discussed his firm’s initial entry into the cryptocurrency space, as well as the challenges and the tipping points within digital assets.
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Hedge Fund Manager Alan Howard Invests in Two Crypto Startups (Coin Telegraph)
Billionaire hedge fund manager Alan Howard continues backing the cryptocurrency industry with fresh investment in two digital asset startups. The co-founder of major asset manager Brevan Howard led a $25-million extension raise for London-based crypto services firm Copper.co. The company announced Friday that the new investment follows a $50-million Series B funding round led by companies such as Dawn Capital and Target Global.
Getting Back to Business (Preqin)
Abundant capital, shifting behaviors, and a growing focus on ESG are shaping the post-pandemic future for US real estate. It is broadly understood in real estate that each property, building, and investment is unique. This principle drove the performance of the asset class throughout the COVID-19 pandemic, with each property impacted in its own way. The disruption was temporary for most sectors, but for those experiencing pre-pandemic issues, performance will likely worsen over time.
Short Seller Melvin Capital’s YTD Losses Widen To 44% Amid Latest Surge In Stonks Like GameStop, AMC: Report (Benzinga)
Hedge fund Melvin Capital Management LP’s year-to-date losses have widened to more than 44% after the recent surge in Reddit-favorite stocks such as GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC), the Financial Times reported Thursday, citing people familiar with the hedge fund’s performance. What Happened: Melvin Capital, a high-profile victim of the GameStop short squeeze frenzy earlier this year, lost another 4% in May and its year-to-date losses widened to about 44.7%, according to the report. In comparison, the S&P 500 index of U.S. stocks rose 0.6% in May and has gained 12% in the first five months of this year.
Friday 6/11 Insider Buying Report: HYMC, FRG (Nasdaq.com)
On Tuesday, Hycroft Mining Holding’s CFO, Stanton K. Rideout, made a $192,500 buy of HYMC, purchasing 55,000 shares at a cost of $3.50 each. So far Rideout is in the green, up about 13.4% on their purchase based on today’s trading high of $3.97. Hycroft Mining Holding is trading up about 5.9% on the day Friday. Before this latest buy, Rideout made one other buy in the past year, purchasing $105,000 shares for a cost of $7.00 a piece. And at Franchise Group, there was insider buying on Wednesday, by Director Patrick A. Cozza who bought 4,000 shares at a cost of $37.32 each, for a total investment of $149,280. Before this latest buy, Cozza made one other purchase in the past year, buying $137,400 shares at a cost of $34.35 each.
2-Year Sentence for Man Convicted of Insider Amazon Trading (MSN)
Hydroxychloroquine study further erodes credibility of health ‘experts’. Putin sends message ahead of Biden meeting. SEATTLE (AP) — A Washington state man who admitted using inside information from his wife about Amazon to trade the company’s stock has been sentenced to 26 months in prison. Viky Bohra, 37, received the sentence Thursday for illegally trading Amazon stock after pleading guilty last year to securities fraud, said Acting U.S. Attorney Tessa Gorman. Bohra admitted he made profits of $1.4 million between 2016 and 2018 with information provided by his wife, Gorman said.
A Director at Titan Machinery (NASDAQ: TITN) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Titan Machinery (TITN), Tony Christianson, sold shares of TITN for $1.58M. Following Tony Christianson’s last TITN Sell transaction on January 08, 2021, the stock climbed by 10.3%. In addition to Tony Christianson, one other TITN executive reported Sell trades in the last month. Based on Titan Machinery’s latest earnings report for the quarter ending April 30, the company posted quarterly revenue of $373 million and quarterly net profit of $10.55 million.
Doordash Inc (DASH) CFO Prabir Adarkar Sold $69.6 million of Shares (Guru Focus)
CFO of Doordash Inc, Prabir Adarkar, sold 488,689 shares of DASH on 06/07/2021 at an average price of $142.39 a share. The total sale was $69.6 million.
