Icahn Says He Has a Large Position in Rubbermaid Maker Newell, Calls Stock ‘Undervalued’ (CNBC)
Billionaire Carl Icahn said he has a large position in Rubbermaid parent Newell Brands. “I believe Newell itself is undervalued and that’s why I bought it,” the investor told CNBC’s Scott Wapner on Thursday. The investor said he believes he has among the largest positions on Wall Street in the stock, though less than a 5 percent stake. Icahn joins other activist investors including Starboard Value and Martin Franklin in their bid to reform the company. CNBC previously reported that Starboard and Franklin are teaming up to oust Newell’s entire board.
Hedge fund billionaire Dan Loeb is Losing Money on Consumer and Tech Stocks (Business Insider)
LONDON – Third Point‘s Offshore Fund has had a rocky start to 2018. The hedge fund set up by US billionaire investor Daniel Loeb has gained just 0.7% so far in 2018, according to a filing in the UK on Friday. That’s less than the 1.8% overall rise in the S&P 500 stock market benchmark since the start of the year. The fund lost 3% in February, beating the 3.7% downturn in the S&P 500. “February performance was primarily driven by negative performance in core long equity positions across several sectors including Consumer, Healthcare, and TMT,” the fund said in a statement. “Short equity positions generated positive returns. Asset-backed securities contributed the majority of gains in Credit.”
Carl Icahn Just Dunked on Bill Ackman to End One of the Most High-Profile Hedge Fund Spats in Recent Memory (Business Insider)
Billionaire investor Carl Icahn is reveling in his victory over Pershing Square’s Bill Ackman. Five years ago, the two investors publicly butted heads over the future of supplement maker Herbalife. Icahn was long on Herbalife, whereas Ackman was short, predicting the stock would hit zero. But it didn’t. In fact, the stock is up more than 120% over the last five years. On Wednesday, Pershing Square gave up, exiting from its $1 billion Herbalife short position. As reported by the Wall Street Journal, the failed bet likely cost the firm hundreds of millions of dollars. In an interview with CNBC Thursday, Icahn took the opportunity to gloat, saying, “I enjoy a good fight, especially when I win it.” Icahn says he made $1 billion off of his position in Herbalife.
Deason Sues Xerox to Allow New Board Nominations (Reuters)
(Reuters) – Hedge fund manager Darwin Deason filed a new lawsuit against Xerox Corp (XRX.N) on Friday after it refused to allow him to make nominations to its board after a deadline, the latest blows in a row over its proposed merger with Fujifilm Holdings Corp (4901.T). Deason said on Monday he had the right to nominate directors, despite missing a deadline, because the current board had made a series of significant decisions and disclosures to stockholders after the deadline. Xerox earlier on Friday said Deason did not have the right to nominate directors outside of the nomination window.
Insider Selling: Irhythm Technologies Inc (IRTC) Insider Sells 60,000 Shares of Stock (StockNewsTimes.com)
Irhythm Technologies Inc (NASDAQ:IRTC) insider Kevin M. King sold 60,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $64.52, for a total transaction of $3,871,200.00. Following the sale, the insider now owns 201,842 shares in the company, valued at approximately $13,022,845.84. The transaction was disclosed in a filing with the Securities & Exchange Commission.
Insider Buying: Babcock & Wilcox Enterprises Inc (BW) Major Shareholder Acquires 200,000 Shares of Stock (RegistrarJournal.com)
Babcock & Wilcox Enterprises Inc (NYSE:BW) major shareholder Steel Partners Holdings L.P. bought 200,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were bought at an average price of $6.89 per share, with a total value of $1,378,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Buying: Brookdale Senior Living, Inc. (BKD) Insider Purchases 15,000 Shares of Stock (TheLincolnianOnline.com)
Brookdale Senior Living, Inc. (NYSE:BKD) insider Lucinda M. Baier acquired 15,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was bought at an average price of $6.94 per share, for a total transaction of $104,100.00. Following the completion of the acquisition, the insider now owns 382,934 shares of the company’s stock, valued at $2,657,561.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission.
Insider Buying: Pennantpark Floating Rate Capital Ltd (PFLT) Director Buys $214,880.00 in Stock (BaseballNewsSource.com)
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Director Samuel L. Katz bought 17,000 shares of Pennantpark Floating Rate Capital stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $12.64 per share, for a total transaction of $214,880.00. Following the acquisition, the director now owns 136,800 shares in the company, valued at $1,729,152. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.
Insider Buying: TICC Capital Corp. (TICC) Insider Acquires 12,494 Shares of Stock (LedgerGazette.com)
TICC Capital Corp. (NASDAQ:TICC) insider Saul B. Rosenthal acquired 12,494 shares of TICC Capital stock in a transaction dated Wednesday, February 21st. The shares were acquired at an average price of $5.67 per share, with a total value of $70,840.98. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.