Only 1 Of These After-Hours Gainers Survived The Night Unscathed

Let’s take a look at Cablevision Systems Corporation (NYSE:CVC), which jumped by around 16% in after-hours trading following the announcement of its acquisition by France-based Altice SA for $17.7 billion. Excluding Cablevision Systems Corporation’s debt, Altice will pay around $10 billion or $34.9 per share in cash to acquire Cablevision. This represents 22% upside from the closing price on Wednesday. Year-to-date, the stock had gained around 35% before the acquisition announcement. Cablevision has been able to sustain its momentum, unsurprisingly, and still trades up by just under 16%.

Hedge funds remained bullish on Cablevision Systems Corporation (NYSE:CVC) during the second quarter, as there were 24 hedge funds with net investments totaling $863.8 million in the stock at the end of June. Despite the fact there were four more hedge funds holding long positions in the stock at the end of March, the net investments by these hedge funds was just $550.4 million at that time. The stock did appreciate by around 30% during the second trimester, but hedge funds also added a large amount of shares to their portfolios collectively. Overall, hedge funds that we track held around 16.3% of the company’s outstanding shares. Among the hedge funds that we track, John Paulson‘s Paulson & Co owned 12.4 million shares valued at $296.8 million on June 30. Other bullish hedge fund managers included Mario Gabelli’s GAMCO Investors and Jim Simons‘ Renaissance Technologies, holding around 11.5 million shares and 1.5 million shares respectively.

Disclosure: None