Shares of Virgin America Inc (NASDAQ:VA) are trading up slightly, by about 0.5%, a continuation of their 10.33% run-up seen on Monday. The surge was driven by reports that the company had received buyout offers from both JetBlue Airways Corporation (NASDAQ:JBLU) and Alaska Air Group, Inc. (NYSE:ALK), after putting itself up for sale. People familiar with the matter said that the carrier is in talks with both companies and that a deal could be announced as soon as next week.
In addition to Richard Branson, Virgin America Inc (NASDAQ:VA) counts the support of several major institutional investors. Among the funds that we track, 20 held long stakes in the company at the end of the fourth quarter. The largest position among those was held by Stephen C. Freidheim’s Cyrus Capital Partners, which declared holding 10.5 million shares valued at $378 million as of the end of 2015.
Also on the rise today is Cleco Corporation (NYSE:CNL), which is up by more than 13% in afternoon trading. The spike came after the Louisiana Public Service Commission approved a $3.4 billion acquisition of the company by a group of infrastructure investors led by the Macquarie Group. In order for the deal to be approved, the acquirers threw in a few extra perks for customers, including a promise of no rate hikes until at least 2019. Cleco shareholders will receive $55.37 per share in the deal.
Among the funds that we track, 18 were long Cleco Corporation (NYSE:CNL) at the end of the fourth quarter. Among them was David Abrams’ Abrams Capital Management, which held 2.36 million shares of the company on December 31.
Finally, there’s Ambarella Inc (NASDAQ:AMBA), which is trading up by roughly 7.8% this afternoon after analysts at Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Equal Weight’, while maintaining a $55 price target on it. The experts cited the recent pullback seen in the stock and bottoming business trends, as well as the retention of the company’s “leadership in video processing for high-end cameras… Other core growth segments such as autos, drones, consumer surveillance cameras, and wearables (GoPro) should continue to drive robust growth,” the report added.
As of the end of the fourth quarter, 28 funds in our database were long Ambarella Inc (NASDAQ:AMBA), and held 15% of its outstanding shares. A noteworthy position was that of Philippe Laffont’s Coatue Management; the stake comprised 890,264 shares worth almost $50 million as of December 31.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.