David Tepper Doesn’t Think Stocks are a Great Investment Here, But Says it All Depends on Rates (CNBC)
Hedge fund manager David Tepper has turned somewhat bearish on the stock market, citing uncertainties around interest rates and inflation. “I don’t think it’s a great investment right year,” Tepper said Friday on CNBC’s “Halftime Report.” “I just don’t know how interest rates are going to behave next year… I don’t think there’s any great asset classes right now… I don’t love stocks. I don’t love bonds. I don’t love junk bonds.”
Weinstein’s Saba Capital Sold Holdings in SPAC as Shares Surged on Trump Deal (Reuters)
(Reuters) – Hedge fund manager Boaz Weinstein said that he sold his firm Saba Capital’s holdings in Digital World Acquisition Corp. in the first hours of trading on Thursday as news emerged that it was merging with former President Donald Trump’s new media venture. “I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done,” Weinstein said in a statement. “Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call,” the statement continued.
Bill Ackman Looks to Sell NYC Office Tower for Big Profit (Bloomberg)
Billionaire investor Bill Ackman and his partners are trying to sell an office building on the far west side of Manhattan where his hedge fund management firm is based. Ackman and co-owner the Georgetown Co. are seeking roughly $630 million for the 10-story building at 787 11th Ave., according to people familiar with the matter. In 2015, a group of partners bought the property in Hells Kitchen for $255.5 million from Ford Motor Co.
Photo by Austin Distel on Unsplash
Hedge Fund Millennium Management Inks Office Leases in Brickell, West Palm Beach (BizJournals.com)
Hedge fund giant Millennium Management is doubling down on South Florida with two big leases at Class A office towers. The New York-based firm secured more than 74,000 square feet across three floors at 1111 Brickell. The company will house investment professionals and technology teams at the 30-story office building in Miami’s Brickell Financial District. WorldQuant, a quantitative investment firm spun out of Millennium in 2007, will also occupy space within the Brickell office for its employees.
Macquarie Asset Management acquires alternative investment firm Central Park Group (Hedge Week)
Macquarie Asset Management (MAM), the asset management division of Macquarie Group, has agreed to acquire New York-based Central Park Group (CPG), an independent investment advisory firm delivering private client access to institutional hedge fund, private equity, real estate and funds-of-funds. The agreement underscores MAM’s commitment to offering individual investors a diversified platform of institutional-quality alternative investments managed by Macquarie and other leading sponsors.
Scaramucci Says He Hopes the Trump SPAC Keeps Soaring So He Doesn’t Run for President Again (CNBC)
Hedge-fund founder Anthony Scaramucci, who briefly served in the Trump administration, told CNBC on Friday he wants the SPAC linked to former President Donald Trump to succeed because it may stop him from running in the 2024 election. Scaramucci’s comments on “Squawk Box” came as shares of special purpose acquisition company Digital World Acquisition Corp., which plans to merge with the newly created Trump Media & Technology Group, soared again in Friday’s premarket trading. Shortly after Wall Street’s open, DWAC again surged higher, one day after shares jumped more than 350% to close at $35.54 apiece on the late Wednesday tie-up announcement.
Hedge Funds Make Millions as SPAC Shares Soar Post Trump Deal (CityA.M.)
Hedge funds made millions in potential gains as the shares of a special purpose acquisition company (Spac) that merged with Donald Trump’s new social media soared to 421 per cent yesterday, the Financial Times reported. Called Digital World Acquisition Corporation, the Spac’s shares rose from $9.96 to $51.90, closing at $45.50 – a 357 per cent increase compared to the previous day. The group of 11 hedge funds – including DE Shaw and Saba Capital – bought Digital World in September and owns almost all of its $293m IPO. After the deal with Trump, the Spac’s 25 million units listed were worth collectively more than $1bn.
Friday 10/22 Insider Buying Report: ODC, HSON (Nasdaq.com)
On Wednesday, Oil-Dri Corp. of America’s Director, Allan H. Selig, made a $34,910 purchase of ODC, buying 1,000 shares at a cost of $34.91 a piece. So far Selig is down about 0.5% on the buy, with the stock changing hands as low as $34.72 in trading on Friday. Oil-Drip of America is trading up about 0.1% on the day Friday. Before this latest buy, Selig purchased ODC at 2 other times during the past twelve months, for a total cost of $68,890 at an average of $34.45 per share. And at Hudson Global, there was insider buying on Thursday, by Chief Executive Officer Jeffrey E. Eberwein who purchased 1,500 shares for a cost of $16.30 each, for a total investment of $24,450. Before this latest buy, Eberwein bought HSON at 34 other times during the past year, for a total cost of $671,902 at an average of $16.77 per share. Hudson Global is trading up about 0.7% on the day Friday. Eberwein was up about 1.4% on the purchase at the high point of today’s trading session, with HSON trading as high as $16.53 in trading on Friday.
Charles Schwab Insider Trades $15M In Company Stock (Benzinga)
Charles Schwab, Director at Charles Schwab (NYSE:SCHW), made a large insider sell on October 20, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Schwab sold 209,911 shares of Charles Schwab at prices ranging from ($0.00) to $81.18. The total transaction amounted to $15,039,410. Schwab still owns a total of 84,440,434 shares of Charles Schwab worth, $6,910,605,118.
The Chief Executive Officer of Critical Elements (Other OTC: CRECF) is Selling Shares (Analyst Ratings)
Today, the Chief Executive Officer of Critical Elements (CRECF), Jean-Sébastien Lavallée, sold shares of CRECF for $1.09M. This is Lavallée’s first Sell trade following 3 Buy transactions. In addition to Jean-Sébastien Lavallée, 2 other CRECF executives reported Sell trades in the last month. CRECF’s market cap is $264 million and the company has a P/E ratio of -108.70. Currently, Critical Elements has an average volume of 118.72K. The company has a one-year high of $1.52 and a one-year low of $0.42.
The CFTC Just Gave $200 Million to a Whistleblower in Its Biggest-Ever Award to a Single Individual (Business Insider)
The Commodity Futures Trading Commission said on Thursday that it just awarded $200 million to a single whistleblower. The payment represents the largest award ever to a single individual since the CFTC started its whistleblower program in 2014 under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
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