Why MGT Capital, Hertz, Office Depot and 2 Other Stocks are Moving Today

Insider Buying and Tender Results Move Community Health Systems Up

Community Health Systems (NYSE:CYH)’s stock has risen by more than 9% today after the company announced early tender results from the previously announced cash tender offer by its subsidiary CHS/Community Health Systems, Inc. for its 5.125% senior secured notes due 2018. The stock is also likely up today on the back of the recent 13F disclosure by David Einhorn’s Greenlight Capital, which revealed that the fund now owns more than 1.2 million shares of the company. Gabe Hoffman’s Accipiter Capital Management also increased its stake in Community Health Systems (NYSE:CYH) during the first quarter, by 230.83%.

Moody’s Gives Strong Rating to Franklin Resources

Franklin Resources, Inc. (NYSE:BEN)’s stock has moved 1.04% into the green today after Moody’s Investors Service reiterated its A1 senior unsecured rating and P-1 short-term rating for the company’s debt. Moody’s said that the rating is based on the company’s solid long-term performance record, strong distribution resources, and excellent client retention. Moody’s says that Franklin Resources has the ability to manage expenses in cyclical down periods and minimize pressures. Franklin Resources’ highly liquid balance sheet, low leverage and tangible equity also give it a lot of financial flexibility. Richard S. Pzena’s Pzena Investment Management owns more than 10 million shares of Franklin Resources, Inc. (NYSE:BEN) as of the end of March.

Office Depot To Sell Some of its European Operations

Office Depot Inc (NASDAQ:ODP) has plummeted by more than 5% today after the company announced yesterday that it is planning to sell some of its European operations. The announcement comes nearly a week after the office supplies company called off its merger with Staples, Inc. (NASDAQ:SPLS), following the U.S. federal court’s blockade of the deal over antitrust concerns. Office Depot is facing difficulties due to the declining market for office supplies and intensifying competition. Its shares have lost 64% of their value in the last year. Sander Gerber’s Hudson Bay Capital Management owned around 4.01 million shares of Office Depot Inc (NASDAQ:ODP) as of the end of March.

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