Tesoro Corporation (TSO), Walgreens Boots Alliance Inc (WBA), and Impax Laboratories Inc (IPXL): Slate Capital’s Big Payoffs For the First Quarter

Impax Laboratories Inc (NASDAQ:IPXL)’s stock gained the most in this list as it posted massive first quarter returns of 47.95%. Greenspan held about 2.33 million shares valued at $73.81 million in his fund’s equity portfolio. The $3.64 billion healthcare company recently received a ‘Hold’ rating with a $50 price target from Deutsche Bank. In March, Impax Laboratories Inc (NASDAQ:IPXL) completed the acquisition of two companies, Tower Holdings and Lineage Therapeutics, which  develop and manufacture complex generic and branded pharmaceuticals. Samuel Isaly‘s healthcare-focused Orbimed Advisors upped its stake in Impax Laboratories Inc (NASDAQ:IPXL) by 5% during the fourth quarter to 6.68 million shares valued at $211.56 million.

For the first time in 2014 revenues from music streaming websites surpassed those from the sale of CDs. However, Slate Capital’s bet in this segment, Pandora Media Inc (NYSE:P), didn’t deliver the best returns, compared to some of its peers. Its stock registered a loss of 9.09% over the first quarter of 2015. The provider of Internet radio service is currently awaiting a decision from Copyright Review Board (CRB) which shall decide new rates that Pandora Media Inc (NYSE:P) will pay for song plays between 2016 and 2020. The uncertainty has also made the valuation of the company a little difficult. Slate Capital is the second largest shareholder of Pandora Media Inc (NYSE:P) among the funds we track with a position of some 5.66 million shares valued at $100.85 million, trailing Seymour Sy Kaufman and Michael Stark’s Crosslink Capital with 9.2 million shares.

Another disappointment for Slate Capital in the first quarter was Youku Tudou Inc (ADR) (NYSE:YOKU) as its stock fell by 29.82%. The fund held 3.12 million shares valued at $56.81 million of the $3.16 billion internet television company that operates in China. The company has also recently become a target of SEC’s probe relating to Youku Tudou Inc (ADR) (NYSE:YOKU)’s possible aggressive accounting practices. Kerr Neilson‘s Platinum Asset Management held 12.2 million shares valued at $217.90 million of Youku Tudou Inc (ADR) (NYSE:YOKU) at the end of 2014.

Disclosure: None