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Hedge Fund and Insider Trading News: Jeffrey Vinik, Starboard Value, Eddie Lampert, Neonode, Inc (NEON), Know Labs Inc (KNWN), and More

Jeffrey Vinik Thinks Cannabis Stocks are a Bad Idea: ‘Nobody’s Going to Make Money’ (CNBC)
Jeffrey Vinik, who just announced the revival of his hedge fund after a stellar career of stock picking, doesn’t see any opportunity in cannabis stocks. “I won’t say zero, but my guess is that they’re overhyped,” Vinik said on “Squawk Box ” on Thursday. “There’s going to be too much competition, margins are going to come down, [and] nobody’s going to make money.” Vinik, who rose to investing fame while running Fidelity’s Magellan Fund, launched Vinik Asset Management in the 1990s and focused on fundamental analysis and stock picking. Over a 17-year run spanning the mid-1990s to 2013, Vinik’s fund returned 17 percent annually, according to The Wall Street Journal.

Starboard Building Stake in MGM Resorts: Sources (Reuters)
(Reuters) – Activist hedge fund Starboard Value is building a stake in MGM Resorts, two people familiar with the matter said on Thursday. MGM Resorts is aware of Starboard’s investment, the sources said, asking not to be identified because the matter is confidential. Starboard’s strategy for targeting MGM could not be immediately established. “The Company does not comment on market rumors”, MGM Resorts said in a statement. Starboard did not respond to a request for comment.

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Eddie Lampert Raises Offer to Keep Sears Open to More Than $5 Billion (Bloomberg)
Eddie Lampert’s ESL Investments is sweetening its offer to keep Sears Holdings Corp. in business, outlining a $5 billion plan to buy the retailer out of bankruptcy. The new bid, about $600 million more than Lampert previously offered, should satisfy conditions set in U.S. bankruptcy court on Tuesday after his earlier plan was rejected, ESL said Thursday in a filing. The terms include up to $166 million to cover payments to suppliers, up to $139 million of bankruptcy-related expenses and as much as $43 million of additional employee severance.

Ben Melkman’s Hedge Fund Suffers a Second Year of Losses (Bloomberg)
Ben Melkman, who won backing from billionaire Steven Cohen and Dan Loeb for his fledgling hedge fund, lost money for a second year in a row. His $1.6 billion Light Sky Macro fell 2.3 percent in 2018 after a 2.9 percent loss in December, according to people familiar with the matter. The fund also declined 9.7 percent in its first 10 months of trading in the previous year.

Insider Buying: Neonode, Inc (NASDAQ:NEON) Director Acquires 1,138,796 Shares of Stock (FairFieldCurrent.com)
Neonode, Inc (NASDAQ:NEON) Director Ulf Rosberg bought 1,138,796 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The stock was purchased at an average cost of $1.60 per share, with a total value of $1,822,073.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission.

Insider Buying: Know Labs Inc (KNWN) Chairman Acquires $17,000.00 in Stock (PressOracle.com)
Know Labs Inc (OTCMKTS:KNWN) Chairman Ronald P. Erickson purchased 100,000 shares of the stock in a transaction dated Wednesday, January 2nd. The shares were acquired at an average cost of $0.17 per share, with a total value of $17,000.00. The purchase was disclosed in a document filed with the SEC.

Insider Buying: Acorn Energy Inc (OTCMKTS:ACFN) Insider Buys 191,280 Shares of Stock (BaseballDailyDigest.com)
Acorn Energy Inc (OTCMKTS:ACFN) insider Jan H. Loeb bought 191,280 shares of the business’s stock in a transaction on Tuesday, December 18th. The shares were acquired at an average price of $0.26 per share, for a total transaction of $49,732.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission.

Insider Selling: Stag Industrial Inc (STAG) CFO Sells 31,208 Shares of Stock (WeekHerald.com)
Stag Industrial Inc (NYSE:STAG) CFO William R. Crooker sold 31,208 shares of the firm’s stock in a transaction dated Monday, January 7th. The stock was sold at an average price of $24.35, for a total value of $759,914.80. The transaction was disclosed in a legal filing with the SEC.

Insider Buying: usell.com Inc (USEL) Director Acquires 112,383 Shares of Stock (BaseballDailyDigest.com)
usell.com Inc (OTCMKTS:USEL) Director Amitabh Jhawar acquired 112,383 shares of the company’s stock in a transaction that occurred on Friday, December 14th. The shares were acquired at an average cost of $0.20 per share, with a total value of $22,476.60. The transaction was disclosed in a filing with the SEC.

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