Monday Trending Stocks: Monsanto Company, LendingClub, Tribune Publishing and More

Markets opened lower on Monday due to a weakening dollar, declining oil prices and anxiety before the important speeches from Federal Reserve official scheduled this week. Some of the important stocks in the spotlight today are Monsanto Company (NYSE:MON), Tribune Publishing Co (NYSE:TPUB), Gannett Co Inc (NYSE:GCI), Freeport-McMoRan Inc (NYSE:FCX) and LendingClub Corp (NYSE:LC). Let’s see why these stocks are making headlines today and analyze what hedge funds think of each of them.

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Bayer AG Offers $62 Billion to Acquire Monsanto

Monsanto Company (NYSE:MON) jumped by 5.48% so far today, after German pharmaceutical giant Bayer AG made a $62 billion bid to acquire it. If the deal goes through, it would create the world’s biggest agricultural supplier. Last week, executives of both companies met to discuss the possible merger. In a statement, Werner Baumann, CEO of Bayer, said that Monsanto is a “perfect match” for Bayer’s agricultural business. Bayer has made an offer for an all-cash deal, valuing Monsanto at $122 per share. As of the end of March, Larry Robbins’s Glenview Capital owns more than 11 million shares of Monsanto Company (NYSE:MON). Overall, 51 hedge funds from our system were long in Monsanto Company (NYSE:MON) with positions worth approximately $2.45 billion at the end of March.

Tribune Publishing Rejects Gannett’s Offer

Tribune Publishing Co (NYSE:TPUB)’s has plunged more than 13% after a Reuters report claimed that the company has rejected $864 million acquisition offer from Gannett Co Inc (NYSE:GCI). However, Tribune Publishing will give Gannett access to some of its corporate information, the source added. Gannett made a $15 per share offer to Tribune publishing after its $12.25 a share offer was rejected by the Chicago based media company. The source claimed that after the second rejection by Tribune, Gannett is not likely to put a higher offer. Shares of Gannett are up 0.81% today. At the end of the first quarter, Howard Marks’ Oaktree Capital Management had more than 4.6 million shares of Tribune Publishing Co (NYSE:TPUB). Only 10 hedge funds that we track reported positions in Tribune Publishing as of the end of March. On the other hand John W. Rogers’ Ariel Investments is one of the biggest shareholders of Gannett Co Inc (NYSE:GCI).

On the next page, we will discuss the events behind the moves of Freeport-McMoRan and LendingClub.

Freeport-McMoRan Withdraws IPO Plan for Oil and Gas Business

Freeport-McMoRan Inc (NYSE:FCX)’s stock is trading slightly in the red today after the company announced that it will abandon its plan to take its oil and gas business public. Two weeks ago, the Phoenix-based mining company said it would sell its stake in the African copper operation to China Molybdenum Co. in order to lighten its burgeoning debt load. The decision came after the company was pressured by its shareholders, including activist billionaire Carl Icahn, to cut its debt and spending. Oil and gas business of Freeport-McMoRan has been hit hard by the declining commodity prices and the company recently has announced that it would cut 25% of its oil and gas business workforce as part of its restructuring strategy. According to the last round of 13F filings, 37 funds from our database held stakes in Freeport-McMoRan Inc (NYSE:FCX), having amassed approximately $1 billion worth of shares. Carl Icahn reported holding 104 million shares in the latest 13F filing.

LendingClub Working With Jefferies

LendingClub Corp (NYSE:LC)’s shares have surged by more than 6% after a report from Reuters said that the company is working with Jefferies Group to find investors for loan funding.  The San Francisco-based company’s stock has slid by 40% since its CEO resigned following an internal investigation regarding $22 million issued in improper loan sale earlier this month. Last week, LendingClub’s acting CEO Scott Sanborn wrote an email to the company’s investors and assured them that the company is in a strong financial position with a “substantial amount of cash” and securities on its balance sheet. Among the funds that we track, 18 held shares of LendingClub Corp (NYSE:LC) at the end of March. Alexander Tamas’ VY Capital reported holding 4.4 million shares of the company as of the end of March.

Disclosure: None