Odey Likens Banks to Retailers Luring Investors to Their Deaths (Bloomberg)
Hedge-fund manager Crispin Odey said underperforming banks are starting to resemble department stores that failed to reinvent themselves quickly enough to compete with online retailers. The London-based money manager, who had been a vocal critic of central-bank policies and repeatedly warned investors of an impending market crash, said weak profits at banks means provisions have had to fall. “They have been the serial lagging sector, luring every year value investors to their deaths,” he wrote in a letter to investors.
Sears Rises Off of All-Time Low Following Friday Selloff (TheStreet)
Shares of struggling retailer Sears Holdings Corp. (SHLD) were up 0.38% after falling 3.4% premarket to $1.27 per share, a new all-time low for the company. Monday’s trading follows up a more than 9% decline on Friday after CEO Eddie Lampert‘s hedge fund, ESL Investments, announced that it will buy the Kenmore brand from Sears for $400 million in cash. ESL, which also has made an offer to purchase Sears’ Home Improvement business for as much as $80 million, said that it needs to find other equity financing partners to make the deal happen.
Alex Oakenman / shutterstock.com
Claire’s Lender Readies $1.5B Bid for the Bankrupt Retailer (RetailDive.com)
One of Claire’s Stores’ lenders, and its loudest opponent in the teen retailer’s Chapter 11 case, is raising cash for a $1.5 billion bid to take over the business. Thomas Lauria, a partner with White & Case representing hedge fund Oaktree Capital Management, said at a court hearing last week that Oaktree plans to file the bid for Claire’s by a court deadline at the end of August, according to an audio recording of the hearing.
Higher Highs are on the Way, According to this Hedge-fund Manager’s Checklist (MarketWatch.com)
Steve Einhorn has helped investing legend Leon Cooperman deliver market-trouncing returns in his multibillion-dollar Omega Advisors hedge fund for nearly 20 years, and part of the duo’s successful approach to navigating the investment landscape involves heeding a bear-market checklist. So what’s it telling them now? “The unambiguous message delivered by the checklist is that the bull market will likely grind to higher highs for a while longer,” Einhorn told Barron’s in an interview posted earlier this month.
Insider Selling: CBA Florida Inc (CBAI) Major Shareholder Sells $50,000.00 in Stock (FairFieldCurrent.com)
CBA Florida Inc (OTCMKTS:CBAI) major shareholder Cryo Cell International Inc sold 5,000,000 shares of CBA Florida stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $0.01, for a total value of $50,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Insider Buying: GCP Applied Technologies Inc (NYSE:GCP) Major Shareholder Acquires 809,500 Shares of Stock (XNewsPress)
GCP Applied Technologies Inc (NYSE:GCP) major shareholder Dalbergia Investments Llc purchased 809,500 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was bought at an average cost of $25.10 per share, for a total transaction of $20,318,450.00. The transaction was disclosed in a filing with the SEC.
Insider Buying: FitLife Brands Inc (FTLF) Insider Purchases $28,431.00 in Stock (FairFieldCurrent.com)
FitLife Brands Inc (OTCMKTS:FTLF) insider Judd Dayton bought 105,300 shares of the business’s stock in a transaction dated Thursday, August 16th. The stock was bought at an average cost of $0.27 per share, for a total transaction of $28,431.00. The purchase was disclosed in a filing with the Securities & Exchange Commission.
Insider Selling: Ligand Pharmaceuticals Inc. (LGND) CEO Sells $8,347,620.00 in Stock (MaconDaily.com)
Ligand Pharmaceuticals Inc. (NASDAQ:LGND) CEO John L. Higgins sold 34,500 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $241.96, for a total transaction of $8,347,620.00. Following the completion of the sale, the chief executive officer now owns 110,426 shares of the company’s stock, valued at $26,718,674.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Insider Buying: GigaMedia Limited (GIGM) CEO Acquires $173,400.00 in Stock (FairFieldCurrent.com)
GigaMedia Limited (NASDAQ:GIGM) CEO Cheng-Ming Huang purchased 60,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $2.89 per share, for a total transaction of $173,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Insider Buying: Jason Industries Inc (JASN) Major Shareholder Acquires 16,900 Shares of Stock (WeekHerald.com)
Jason Industries Inc (NASDAQ:JASN) major shareholder Wynnefield Partners Small Cap acquired 16,900 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was purchased at an average cost of $2.33 per share, with a total value of $39,377.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission.
