Special Situations
Elliott is also now targeting troubled drugmaker Catalent (from The Wall Street Journal on July 19)…
Elliott Investment Management has built a significant stake in Catalent (CTLT) and is pushing for a shake-up on the contract drugmaker’s board. Elliott has been talking to potential director candidates about joining a slate of nominees to run in a proxy contest, people familiar with the matter said. The exact size of Elliott’s stake couldn’t
Activist shareholder Elliott Investment Management has established a huge position in offshore oil driller Seadrill Limited (from KEDM’s Monday Monitor on July 17)…
Elliott loaded up on the offshore name through equity swaps; looks like they are now at 15.65% of Seadrill’s share capital. The boilerplate 13D filing doesn’t really tell what their intentions are. Curiously following this as it involves one of our favorite themes. This is the second week Elliott popped up with reporting positions in
Canadian pharmaceutical company Knight Therapeutics announces a huge share buyback program (from GlobeNewswire on July 12)…
Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company “), a leading pan-American (ex-US) specialty pharmaceutical company, announced today acceptance by the Toronto Stock Exchange (the “TSX”) of the Company’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, the Company proposes to purchase, from time to time over the
Energy delivery firm MDU Resources (MDU) plans to spin off its construction services business (from the Securities and Exchange Commission on July 10)…
Upon completing MDU Resources Group, Inc.’s (NYSE: MDU) previously announced strategic review of its wholly owned construction services business, MDU Construction Services Group Inc., the MDU Resources board of directors has determined that it will pursue a potential tax-advantaged separation of the construction services business from MDU Resources. The board said a tax-advantaged separation of
An activist short-seller alleges fraud at “green” battery tech firm Enovix (ENVX) – which also happens to be a current long investment position of famed short-seller Marc Cohodes (from ESG Hound on July 5)…
Hello again, friends. I haven’t written a stock-specific thesis on this publication in over a year, but it’s time to mix things up again. Today, I’ll present evidence that Enovix, a California-based battery company with meager revenues, big promises, and an eye-watering $3 billion market capitalization is riding high on hype and little else. Putting
Details on a unique arbitrage opportunity in Berkshire Hathaway stock (from The Rational Walk on April 27)…
I have been fascinated with arbitrage opportunities for decades. In cases where the same asset is traded in multiple markets or very similar assets are traded in the same market, opportunities can arise to earn profits at relatively low risk, at least in theory. As computer algorithms get more sophisticated, it is logical to think
Insiders at small- and medium-sized banks have been buying their own shares at the fastest pace since the COVID-19 lockdowns (from Bloomberg on June 2)…
More bank insiders are buying shares in their own companies, a vote of confidence in the industry after a crisis sparked by the collapse of four regional lenders earlier this year. The number of buyers has already jumped to 778 in the second quarter through May 26 from 524 in the first three months of
Activist firm Kerrisdale Capital shares its short thesis on Carvana (CVNA) (from Kerrisdale Capital on June 12)…
We are short shares of Carvana Co. (CVNA), a $4bn market cap online platform for buying and selling used cars. Originally hyped up as an innovative disruptor, Carvana is now recognized to be just a poorly run auto retailer struggling under the challenges of a severe industry downturn and the unsustainable burden of $6.5bn in