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Hedge Fund and Insider Trading News: Philippe Laffont, Third Point LLC, Ballantyne Strong Inc (BTN), Hershey Co (HSY), Garmin Ltd. (GRMN), and More

Laffont Sees Tough 2019 as Tech Stocks Faced `Brutal’ October (Bloomberg)
Coatue Management founder Philippe Laffont is battening down the hatches for a tough voyage ahead. After riding technology stocks to a gain of more than 24 percent in 2017, Laffont says he’s cut exposure amid rising volatility and the specter of threats to the U.S. economy and a trade war in China. His main hedge fund lost 5.8 percent in the third quarter, paring this year’s gains to about 2 percent. It has $8.7 billion in assets.

Third Point Wants Campbell to Explore a Split (The Wall Street Journal)
Third Point LLC’s initial plan to revamp Campbell Soup Co. includes exploring a breakup of the company as one of its central tenets. Daniel Loeb’s activist hedge fund is waging an uphill battle in a proxy fight to replace Campbell’s entire 12-person board. If it wins the board, Third Point believes the company should decide within 100 days whether to break up into two major units, one focused on meals and beverages and the other focused on snacks, according to a presentation released by Third Point on Tuesday detailing its…

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Founder of World’s Biggest Hedge Fund Praises ‘Greatest Man’ He Knows (MarketWatch)
Those weighty words of praise were tweeted out Tuesday by Ray Dalio, founder of hedge-fund behemoth Bridgewater Associates. Dalio’s social-media nod to the former Fed chair coincides with the release of Volcker’s memoir, “Keeping at It: The Quest for Sound Money and Good Government.” In his new book, Volcker says he’s worried about the impact of money in politics and argues that the U.S. is devolving into a plutocracy.

Exclusive: Buyout Firms Bain, CVC Compete for Papa John’s – Sources (Reuters)
(Reuters) – Bain Capital and CVC Capital Partners are among the private equity firms competing to acquire Papa John’s International Inc (PZZA.O), the world’s third-largest pizza delivery company, people familiar with the matter said on Tuesday. The buyout interest in Papa John’s comes amid a battle for control with its founder John Schnatter, who owns about 30 percent of the company. He resigned as chairman in July following reports that he had used a racial slur on a media training conference call.

Here’s What Hedge Funds Pitched at Sohn San Francisco (Bloomberg)
Marvell Technology Group Ltd., The New York Times Co. and Farfetch Ltd. were among companies pitched at the Sohn San Francisco investment conference on Monday. Here’s a rundown: Potential Targets: Marcato Capital Management founder Mick McGuire recommended CorePoint Lodging Inc. and Extended Stay America Inc., which he expected will both see price-to-earnings multiples expand. The companies are also attractive acquisition targets, he said.

Havens Advisors LLC Purchases New Position in CA, Inc. (CA) (FairFieldCurrent.com)
Havens Advisors LLC purchased a new stake in CA, Inc. (NASDAQ:CA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 140,990 shares of the technology company’s stock, valued at approximately $6,225,000. CA makes up about 4.3% of Havens Advisors LLC’s portfolio, making the stock its 9th biggest holding.

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