Three Starboard Nominees to Newell Board Agree to Buy Stake if Elected (Reuters)
(Reuters) – Starboard Value LP, which is looking to replace the entire board of Newell Brands Inc (NWL.N), said on Wednesday three of its nominees would buy about $25 million in Newell stock with their own money if the hedge fund gained full board control. The activist hedge fund has nominated a 12-member slate to Newell’s board and wants to oust Newell Chief Executive Michael Polk, saying the company has underperformed peers and mismanaged the integration of Jarden Corp since its acquisition in 2016.
The Algos at $52 Billion Two Sigma Are Struggling to Make Money (Bloomberg)
Two Sigma, the $52 billion quantitative firm, is struggling to make money this year in some of its biggest hedge funds. Its Compass fund, which trades futures across markets from commodities to currencies, dropped 5.7 percent in the first two months of this year, losing money in both January and February, according to investors. Its Absolute Return fund, which trades stocks, is up just 50 basis points in the same period, after losing 1.8 percent in February. David Siegel, co-founder of New York-based Two Sigma, said in an interview with Bloomberg News last month that volatility rises whenever the markets go through a change. “We’ve had easy money for a long time; that cannot go forever and I think we are in a period of adjustment,” Siegel said. “We’re in the middle of it right now, so it’s hard to say how this unfolds. But fundamentally the world is pretty good.”
Ackman’s Pershing Square Trims ADP Stake as Bet Grew in Value: Filing (Reuters)
BOSTON (Reuters) – Billionaire investor William Ackman’s hedge fund sold a stake in Automatic Data Processing, the firm’s biggest holding, as the value of the investment grew over the last months, a regulatory filing released on Tuesday shows. Pershing Square Holdings now has a 7.2 percent economic stake in the human resources outsourcing company, down from 8.3 percent previously. The $8.5 billion hedge fund now owns 7.9 million shares of common stock and 23.9 million shares underlying listed and over-the-counter American-style call options, the filing shows.
Hedge Funds Seek Fixes to Credit Default Swaps After Being Stung by Loopholes (Bloomberg Big Law Business)
A group of powerful hedge funds is banding together to repair the credit-default swaps market after a spate of manufactured defaults has threatened the usefulness of the product. Elliott Capital Management and Apollo Global Management are among firms working on closing loopholes that have allowed investors to profit from engineering defaults on a company’s debt, according to people with knowledge of the matter. CQS and Anchorage Capital are also part of the group, the people said. Companies’ failures to make payments on their borrowings can trigger CDS payouts.
Insider Buying: Rev Group Inc (REVG) CEO Acquires 100,000 Shares of Stock (LedgerGazette.com)
Rev Group Inc (NYSE:REVG) CEO Timothy W. Sullivan bought 100,000 shares of Rev Group stock in a transaction that occurred on Tuesday, March 13th. The shares were acquired at an average cost of $22.53 per share, with a total value of $2,253,000.00. Following the acquisition, the chief executive officer now owns 108,620 shares of the company’s stock, valued at $2,447,208.60. The transaction was disclosed in a document filed with the SEC.
Insider Selling: Church & Dwight Co., Inc. (NYSE:CHD) Director Sells 396,400 Shares of Stock (DispatchTribunal.com)
Church & Dwight Co., Inc. (NYSE:CHD) Director James Craigie sold 396,400 shares of Church & Dwight stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $50.30, for a total transaction of $19,938,920.00. Following the completion of the sale, the director now directly owns 324,517 shares of the company’s stock, valued at approximately $16,323,205.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Insider Selling: 8×8, Inc. (EGHT) Insider Sells 9,300 Shares of Stock (TheLincolnianOnline.com)
8×8, Inc. (NASDAQ:EGHT) insider Dejan Deklich sold 9,300 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $19.70, for a total transaction of $183,210.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission.
Insider Selling: Pfizer Inc. (PFE) Insider Sells 69,699 Shares of Stock (DispatchTribunal.com)
Pfizer Inc. (NYSE:PFE) insider Mikael Dolsten sold 69,699 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $36.59, for a total value of $2,550,286.41. Following the sale, the insider now owns 120,784 shares in the company, valued at $4,419,486.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Insider Buying: Corvus Pharmaceuticals Inc (CRVS) CEO Acquires 100,000 Shares of Stock (LedgerGazette.com)
Corvus Pharmaceuticals Inc (NASDAQ:CRVS) CEO Richard A. Md Miller acquired 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was purchased at an average price of $8.50 per share, with a total value of $850,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission.
Peter H. Kamin Buys 240,000 Shares of Tile Shop Holdings, Inc. (TTS) Stock (WeekHerald.com)
Tile Shop Holdings, Inc. (NASDAQ:TTS) Director Peter H. Kamin acquired 240,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $5.50 per share, with a total value of $1,320,000.00. Following the acquisition, the director now directly owns 518,578 shares of the company’s stock, valued at approximately $2,852,179. The acquisition was disclosed in a filing with the Securities & Exchange Commission.