Why Are These Stocks Surging Amid Today’s Gloomy Market?

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Voltari Corp (NASDAQ:VLTC) has announced a deal to purchase a real estate parcel from Flanders Holding, LLC for $2.8 million. The property in question is leased to 7-Eleven, the international chain of convenience stores, until the end of 2029. Voltari estimates rental income of $161,000 per month for the remainder of the contract. The stock opened higher this morning and is trading 15% in the green.

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According to our database, only 2 elite funds were invested in Voltari Corp (NASDAQ:VLTC), down from 4 a quarter earlier, but together they held 49% of the stock. The two funds are Icahn Capital, run by Carl Icahn, and Thomas E. Claugus‘ GMT Capital, having reported ownership of 4.74 million shares and 82,051 shares respectively.

Shares of SunCoke Energy Partners LP (NYSE:SXCP) are up by more than 27%, after the company presented its outlook for 2016. The management said it expects full year EBITDA to range between $207 million and $217 million, up from the 2015 guidance of $185 million to $190 million. The main reason for the upgrade is the income expected from its Convent Marine Terminal, which the company acquired in July of 2015 for $412 million. The management has pledged to maintain a healthy balance sheet and is looking to suspend the quarterly dividend to maintain liquidity.

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Hedge fund managers sought to distance themselves from SunCoke Energy Partners LP (NYSE:SXCP) during the third quarter, as the number of positions dropped to five from 11 at the end of June. Michael Reeber and Israel Englander are both bullish on this stock, having upped their stakes during the quarter. In their latest 13F filing, Reeber’s Andalusian Capital Partners and Millennium Management have reported ownership of 368,658 shares and 194,700 shares, respectively.

Disclosure: none.

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