Viacom, Inc. (NASDAQ:VIAB) shares are 2.5% in the green after Reuters reported that the media conglomerate is said to be in discussions to purchase Telefonica’s Telefe unit for approximately $385 million. Telefe is a major broadcaster in Argentina and a deal could be announced as early as this week. Viacom is in the green because some investors presumably believe the purchase will help deliver long term value for shareholders. According to our records, 41 funds had a bullish position in Viacom, Inc. (NASDAQ:VIAB) at the end of the second quarter.
Last but not least, Dynegy Inc. (NYSE:DYN) shares have surged by over 7% after Morgan Stanley analyst Devin McDermott reiterated his ‘Overweight’ rating and set a price target of $19 per share on the stock. Although shares of the electric utility fell nu 32% yesterday on the back of a disappointing earnings report that prompted some concerns over leverage and near-term cash flow, McDermott views Dynegy’s valuation as compelling given many of the negatives in the earnings report were one-time items that won’t affect the long-term fundamentals. In addition, McDermott thinks that the Dynegy’s growing free cash flow for 2018 and 2019 could help reduce the debt/adjusted EBITDA ratio and that there could still be a buyout or a M&A deal. A total of 43 funds tracked by Insider Monkey held around $1 billion worth of Dynegy Inc. (NYSE:DYN)’s stock, which accounted for 49.60% of the float on June 30, versus 41 funds and $689.74 million, respectively, on March 31.