Algebris PM Gallo Says Markets are Now “Ripe with Opportunities” (Hedge Week)
Algebris Investments, Davide Serra’s multi-asset class hedge fund firm, says markets are “ripe with opportunities”, and is now preparing to deploy its “dry powder” liquidity in a range of asset classes it sees as benefiting from future fiscal stimulus and persistent low interest rates. Alberto Gallo, portfolio manager of the firm’s macro credit-focused Algebris Macro Credit fund, believes current dislocations offer value for investors taking a long-term view. “Even though the virus spread may lead to a recession, price discounts across most asset classes provide a large cushion for negative scenarios,” Gallo said, adding markets “are now ripe with opportunities.”
SEC Enforcement Chiefs Warn Against Insider Trading (Think Advisor)
The Securities and Exchange Commission’s enforcement chiefs warned Tuesday that they’re on the lookout for an increase in insider trading due to the coronavirus pandemic, and the exam department said it would move to off-site exams. “We wish to emphasize the importance of maintaining market integrity and following corporate controls and procedures,” co-chiefs Stephanie Avakian and Steve Peikin said in a joint statement. “In these dynamic circumstances, corporate insiders are regularly learning new material nonpublic information that may hold an even greater value than under normal circumstances. This may particularly be the case if earnings reports or required SEC disclosure filings are delayed due to COVID-19.”
Tuesday 3/24 Insider Buying Report: HALO, AFL (Nasdaq.com)
On Thursday, Halozyme Therapeutics’ Director, Kenneth J. Kelley, made a $748,697 purchase of HALO, buying 52,629 shares at a cost of $14.23 a piece. Kelley was up about 25.5% on the buy at the high point of today’s trading session, with HALO trading as high as $17.86 in trading on Tuesday. Halozyme Therapeutics is trading off about 4.7% on the day Tuesday. And at AFLAC, there was insider buying on Monday, by COO Frederick John Crawford who purchased 25,000 shares at a cost of $26.29 each, for a trade totaling $657,340. AFLAC Inc is trading up about 10.8% on the day Tuesday. Crawford was up about 10.0% on the buy at the high point of today’s trading session, with AFL trading as high as $28.93 in trading on Tuesday.
The Senior Chairman & CEO of Prosperity Bancshares (NYSE: PB) is Buying Shares (Analyst Ratings)
Today, the Senior Chairman & CEO of Prosperity Bancshares (PB), David Zalman, bought shares of PB for $650K. In addition to David Zalman, 9 other PB executives reported Buy trades in the last month. This recent transaction increases David Zalman’s holding in the company by 1.93% to a total of $34.27 million.
SEC Urges Insider Trading Vigilance (Seeking Alpha)
The SEC has issued a sharp warning against trading on nonpublic information related to COVID-19 following stock sales that have sparked widespread criticism and calls for investigations. NYSE (NYSE:ICE) Chairman Jeff Sprecher and his wife Sen. Kelly Loeffler sold up to $3M worth of securities in the weeks before stock market indexes plunged due to the coronavirus pandemic, and on the heels of a private, all-senators briefing on the virus outbreak on Jan. 24. Sales by senators Richard Burr, James Inhoffe and Diane Feinstein have also come under scrutiny.