As Soros Foresees Financial Crisis, Here Are His European Shorts (Bloomberg)
Billionaire George Soros, who warned of a looming financial crisis and an existential threat to the European Union on Tuesday, is shorting stocks from Stockholm to London. His family office has about $256 million in disclosed wagers against European companies, a bet hedge funds usually put on to benefit from declines to share prices, according to data compiled by Bloomberg. Below are the top five short bets of Soros’s investment firm by market value.
Sears Shares See-Saw After CEO Lampert’s Hedge Fund Hints at Deal with Partners (USAToday.com)
Shares of Sears Holdings rose in pre-market trading Tuesday after the hedge fund controlled by Sears’ CEO Edward Lampert said it had received “numerous” inquiries from potential partners. Sears Holdings has both the Sears and Kmart department store chains. Its stock rose nearly 2.3% to $3.57 before U.S. financial markets opened. But the shares fell 1.7%, to $3.43, in regular Tuesday morning trading. Lampert’s ESL Investments asked a special committee of the company’s board of directors for permission to “engage with” potential partners “to allow us to put forward a definitive proposal that will result in the most benefit to Sears.”
These Hedge Funds Make Profit From Bets Against Stocks in Italy (Bloomberg)
Hedge funds including Bridgewater Associates and Marshall Wace are making a killing on their wagers against financial stocks in Italy as the nation’s political turmoil reverberates through Europe’s periphery. Banco BPM SpA and Intesa Sanpaolo SpA were some of the biggest losers on Monday and Tuesday as Italy’s populist parties began mobilizing for an early election, raising fears of another looming crisis in in the region. The contagion spread to financial shares in Portugal and Spain, with Banco Comercial Portugues SA, the biggest loser in the sector. The Euro Stoxx Banks Index was down 4.6 percent.
Sunesis Capital’s Mehta Questions Einhorn’s Greenlight Re Model (Seeking Alpha)
Manal Mehta, founder and managing partner of hedge fund Sunesis Capital, recently posted a report that questions whether David Einhorn‘s Greenlight Re (NASDAQ:GLRE) is a true insurance business or if it’s just a way for Einhorn and his hedge fund to avoid U.S. taxes. IRS regulations require offshore reinsurers to be actively engaged in the insurance business, otherwise, they’re classified as a passive foreign investment corporation–or PFIC–and would be subject to U.S. taxes.
Insider Selling: TechTarget (TTGT) Director Sells $1,498,200.00 in Stock (MaconDaily.com)
TechTarget Inc (NASDAQ:TTGT) Director Roger M. Marino sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $24.97, for a total transaction of $1,498,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission.
Insider Selling: salesforce.com, inc. (CRM) Insider Sells $2,671,525.50 in Stock (StockNewsTimes.com)
salesforce.com, inc. (NYSE:CRM) insider Alexandre Dayon sold 20,855 shares of salesforce.com stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $128.10, for a total transaction of $2,671,525.50. Following the completion of the transaction, the insider now owns 60,913 shares of the company’s stock, valued at $7,802,955.30. The transaction was disclosed in a legal filing with the SEC.
Insider Selling: Intuit Inc. (INTU) Chairman Sells $19,692,000.00 in Stock (WeekHerald.com)
Intuit Inc. (NASDAQ:INTU) Chairman Scott D. Cook sold 100,000 shares of the firm’s stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $196.92, for a total transaction of $19,692,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Insider Selling: Diplomat Pharmacy Inc (DPLO) Director Sells $335,775.00 in Stock (TheEnterpriseLeader.com)
Diplomat Pharmacy Inc (NYSE:DPLO) Director Jeffrey G. Park sold 13,875 shares of the business’s stock in a transaction on Wednesday, May 23rd. The stock was sold at an average price of $24.20, for a total transaction of $335,775.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Insider Selling: Bottomline Technologies, Inc. (EPAY) CEO Sells $911,961.05 in Stock (MaconDaily.com)
Bottomline Technologies, Inc. (NASDAQ:EPAY) CEO Robert A. Eberle sold 19,591 shares of the business’s stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $46.55, for a total transaction of $911,961.05. Following the transaction, the chief executive officer now owns 381,819 shares in the company, valued at approximately $17,773,674.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission.