Charlie Penner, the Investor Reshaping Exxon From the Inside (Bloomberg)
In May the tiny investment fund Penner worked for, Engine No. 1, landed three independent directors on the board of Exxon Mobil, one of the most stunning upsets for a shareholder vote. The idea that turned Penner into one of Big Oil’s most effective gadflies crystallized for him during a runner’s high. He was crossing the Manhattan Bridge when he stopped to dictate his thoughts into his iPhone: Maybe Exxon believed it unrealistic that electric vehicles, renewable energy, and improved energy efficiency would threaten growth in the fossil fuel business. “But we think it equally unrealistic to expect humanity to wipe itself out without at least attempting major shifts,” Penner said.
Hedge Funds Lighten Top Holdings (Institutional Investor)
Most of the most popular hedge fund stocks saw a reduction in the number of investors and their stakes in the third quarter. Friday’s sharp selloff of the FAANG and other widely held tech, software, and internet stocks was a clear warning sign that the most popular but pricey hedge fund stocks could suffer a much sharper and prolonged selloff, especially if the market fears that the new Omicron variant poses a much…
Wednesday 12/1 Insider Buying Report: TMDX, THG (Nasdaq.com)
On Monday, TransMedics Group’s Director, Edwin M. Kania Jr., made a $2.26M purchase of TMDX, buying 100,000 shares at a cost of $22.56 a piece. So far Kania Jr. is in the green, up about 8.8% on their purchase based on today’s trading high of $24.55. TransMedics Group is trading up about 9.8% on the day Wednesday. And at Hanover Insurance Group, there was insider buying on Tuesday, by Executive Vice President Jeffrey M. Farber who bought 5,000 shares for a cost of $123.60 each, for a trade totaling $617,980. This purchase marks the first one filed by Farber in the past twelve months. Hanover Insurance Group is trading up about 3.5% on the day Wednesday. Farber was up about 2.1% on the buy at the high point of today’s trading session, with THG trading as high as $126.20 in trading on Wednesday.
The Chief Executive Officer of Bitfarms (NASDAQ: BITF) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Executive Officer of Bitfarms (BITF), Emiliano Joel Grodzki, sold shares of BITF for $4.06M. In addition to Emiliano Joel Grodzki, 11 other BITF executives reported Sell trades in the last month. Based on Bitfarms’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $44.6 million and quarterly net profit of $23.73 million.
SEC Charges Swiss Trader in Two International Insider Trading Schemes (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has filed insider trading charges against Marc Demane Debih, a Swiss national, who generated at least $49 million in illicit profits in connection with his active participation in two multi-year insider trading schemes. The SEC’s complaint alleges that Debih was a central figure in two separate schemes to trade in the securities of U.S. public companies in advance of news that these companies had been targeted for acquisition. Debih allegedly received illicit tips through a network that included two London-based investment bankers and a U.S.-based investment banker, all of whom the SEC charged in October 2019. The complaint alleges that Debih traded on the tips he received from the investment bankers and that he tipped others to trade. Debih is the eighth person the SEC has charged in connection with these schemes.
