Activist Hedge Fund Manager Loeb Goes After Campbell Soup with Critical Video – ‘Mmm, Mmm, Bad’ (CNBC)
Daniel Loeb‘s Third Point is going after the board of Campbell Soup in a four-minute video aimed at persuading shareholders to take his side in a fight for control. The video begins with a woman dressed in pearls and a light pink dress dancing around her 1950s-style kitchen while the soup maker’s familiar jingle plays, “Mmm, Mmm, Good” in the background. Then the music changes and the voice-over says “Mmm, Mmm, Bad.”
Why Tesla Skeptics are Feeling So Good (CNN Business)
New York (CNN Business) One of the biggest Tesla short sellers is feeling pretty good about his bet against the automaker. Jim Chanos told CNN’s Julia Chatterley on “First Move” Thursday that he thinks it’s a mistake for Elon Musk’s electric car company to make luxury versions of its Model 3, a car originally billed as an affordable mass market option. Musk’s company has been under intense pressure to meet production goals for its Model 3 and has focused on making a more expensive $60,000 version, and delayed the cheaper option. Chanos says there’s only so much room in the luxury market — about a million cars a year. “I would remind you that that’s the car that was supposed to be sold for $35,000.” Chanos said.
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How the Hedge Fund Manager Running Sears Cut His Losses (The New York Times)
The hedge fund manager Edward S. Lampert has spent the last 14 years steering Sears as it spun off businesses, took on debt and, this week, filed for bankruptcy protection. It has been a long, and often painful, trip, but how has Mr. Lampert fared? His hedge fund, ESL Investments, appears to have racked up a much more modest loss than the company’s Chapter 11 bankruptcy filing would suggest, according to corporate filings and interviews with analysts and investors.
‘Bonds Are the Bubble, Not Stocks,’ Says Billionaire Investor Cooperman (Barron’s)
Billionaire hedge-fund manager Leon Cooperman advises investors to stay away from bonds but said stocks are “fundamentally cheap.” “My world is cash and stocks,” Cooperman said. “I think bonds are the bubble.” He offered that assessment Wednesday in an interview with CNBC in which he also argued that stocks are undervalued following a U.S.-led global equity rout last week.
These Guys Should Start a Hedge Fund (The Wall Street Journal)
How do you earn an investment return that would make even the luckiest bitcoin speculator blush? One biotech company has the answer. Endocyte announced Thursday it would sell itself to Novartis for $2.1 billion in cash. The deal was to acquire Endocyte’s novel prostate cancer treatment.
