Exelixis, Facing Challenge from Farallon, Says Willsey to Exit Board (Reuters)
Biotechnology company Exelixis (EXEL.O) said on Sunday that Lance Willsey was leaving its board and that it would not contest the election of a dissident director candidate amid a proxy battle with investor Farallon Capital Management. “The board supports Dr. Willsey’s decision, which will end the need for Farallon to continue its proxy campaign,” Exelixis, which develops cancer therapies, said in a statement late on Sunday.
Big Hedge Funds Face New 72-Hour Deadline to Report Losses (The Straits Times)
WASHINGTON – The United States Securities and Exchange Commission (SEC) wants to be let in on some of Wall Street’s most confidential information – and quickly. In a first, the SEC is going to require big hedge funds to share with regulators major investment losses in near real time. The rule, approved on Wednesday, marks a significant shift for an industry that tends to prize its secrecy. It also promises to add to businesses’ administrative headaches. Until now, funds have generally had to report positions in quarterly public filings.
Hong Kong VC Firm CCMC Launches $100M Blockchain Fund Focusing on Asia (Coin Geek)
Hong Kong-based venture capital (VC) firm CCMC Global has revealed the launch of a new fund for the blockchain space in Asia amid concerns about dwindling funding for the industry. According to a Bloomberg report, the Richard Li-backed VC firm’s new fund is worth an impressive $100 million for blockchain firms in Hong Kong. Martin Bauman, CCMC’s co-founder, pointed out that Hong Kong firms in the Series A and B stages of their growth will be given significant attention while promising startups across Asia will be considered.
Monday 5/8 Insider Buying Report: ATVI, VIRT (Nasdaq.com)
On Wednesday, Activision Blizzard’s Director, Peter J. Nolan, made a $1.00M purchase of ATVI, buying 13,160 shares at a cost of $75.99 a piece. Activision Blizzard, is trading off about 0.1% on the day Monday. And on Thursday, Chief Executive Officer Douglas A. Cifu purchased $842,425 worth of Virtu Financial, purchasing 50,000 shares at a cost of $16.85 each. Virtu Financial is trading off about 1.4% on the day Monday. Cifu was up about 5.1% on the buy at the high point of today’s trading session, with VIRT trading as high as $17.70 in trading on Monday.
Around $3M Bet On This Financial Services Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
American Assets Trust: The Trade: American Assets Trust, Inc. (AAT) Chairman and CEO Ernest Rady acquired a total 320,000 shares an average price of $17.78. To acquire these shares, it cost around $5.69 million. CNA Financial: The Trade: CNA Financial Corporation (CNA) 10% owner Loews Corp acquired a total of 75,025 shares at an average price of $38.97. To acquire these shares, it cost around $2.92 million.
