Starboard Nominated Minority Slate of Directors to eBay Board (The Wall Street Journal)
EBay Inc. is facing a renewed challenge from activist investor Starboard Value L.P., which has nominated a slate of directors to the board of the online marketplace, according to people familiar with the matter. Starboard, which last year won the right to help fill one seat on eBay’s board, privately nominated an additional minority slate of directors recently, the people said. Assuming there isn’t some sort of settlement by then, the nominees would be up for election at the San Jose, Calif., company’s annual meeting in June…
Horseman Eyes Korea Volatility for Autocallables Opportunities (Hedge Week)
Recent spikes in Korean stock market volatility following the global sell-off could see an upswing in margin calls in its autocallables market, potentially driving the index even lower, with investors taking advantage of the higher volatility to obtain higher yields. Horseman Capital Management, the London-based contrarian long/short hedge fund led by Russell Clark, said on Thursday that the continued issuance of autocallables – structured notes which have automatic calls when a certain upside barrier is reached – suggests investors are looking to capitalise on the recent volatility spike.
The Manager Finalists for the 2020 Hedge Fund Awards Are… (Institutional Investor)
Several managers stood out in a generally excellent year for hedge fund managers in 2019. They will be honored at II’s 18th annual Hedge Fund Industry Awards dinner on June 25. After a wretched 2018, hedge funds – and the broader markets – had a much better run last year. In 2019, the Standard & Poor’s 500 stock market index gained a blistering 31 percent – but a handful of hedge fund managers posted even better results. They will be among the winners at Institutional Investor’s 18th annual Hedge Fund Industry Awards. Not surprisingly, equity-focused hedge fund managers excelled last year. Tiger Management alum Chase Coleman’s Tiger Global Management continued its winning streak, having been among a small group of equity fund managers to notch double-digit gains in 2018.
Radical Truth Time: This Coronavirus Thing Is Serious (Deal Breaker)
We have, admittedly, been a bit skeptical about the, shall we say, seemingly over-the-top reaction to the coronavirus pandemic (officially, now). Without downplaying the seriousness of the spreading illness to vulnerable populations, it seemed like some sensible, moderate precautions – washing one’s hands until they bleed, keeping off of public transit and generally away from other people if one feels unwell, laying in a reasonable stock of necessary supplies should it be necessary for you to cool your heels for a couple of weeks, staying the hell away from Steve Cohen – was really all that was called for. Attempting to force each of the seven-and-a-half billion people on earth to stay at least six feet away from every single one of the other seven-and-a-half billion people on earth, cleaning out the local Costco of hand sanitizer and everything else, cancelling all flights and trains and taxi rides, and selling every single security you own frankly, seemed like a bit of an overreaction.
AT&T Chief’s Pay Jumped to $32 Million After Hedge Fund Battle (The Wall Street Journal)
Stock appreciation helped increase top executives’ compensation after fight with activist investor Elliott Management. AT&T Inc. Chief Executive Randall Stephenson received $32 million in compensation last year after a headline-grabbing hedge fund battle ended up boosting the telecom and media giant’s share price. Mr. Stephenson’s overall compensation climbed 10% in 2019 almost entirely on the strength of AT&T’s stock appreciation. Shares of the Dallas company gained about 37% during the year.