David Faber

Ackman Capitulates: Sells Entire Valeant Stake; Stock Tumbles

Valeant shares plunged after the close after CNBC's David Faber first reported that Pershing Square's Bill Ackman had liquidated his entire stake, and has effectively resigned from the board, saying he won't stand for re-election. According to Bloomberg, Pershing Square is offering 27.23 million shares via Jefferies, at a price of $11.10-$11.40.

A $300 Billion Media Giant: Verizon Said To Be Exploring Charter Combination

While the fate of the Time Warner-ATT merger still remains up in the air, moments ago the WSJ reported that in what could be the next mega telecom-cable merger, $200 billion Verizon is exploring a combination with cable company Charter Communications, whose market cap clocks in at over $100 billion as of this morning.

Twitter Surges On Faber Report It Is "Moving Closer To A Sale"

Anyone who listened to Mark Maheney's downgrade of TWTR - noted earlier - and either sold or shorted the company overnight, is having an especially unpleasant day, because moments ago CNBC's David Faber reported that the company is moving closer to a sale.

"2016 Will Be No Fun" - Doug Kass Unveils 15 Surprises For The Year Ahead

My overriding theme and the central drama for the coming year is that unexpected events can take on greater importance as the Federal Reserve ends its near-decade-long Zero Interest Rate Policy. Consensus premises and forecasts will likely fall flat, in a rather spectacular manner. The low-conviction and directionless market that we saw in 2015 could become a no-conviction and very-much-directed market (i.e. one that's directed lower) in 2016. There will be no peace on earth in 2016, and our markets could lose a cushion of protection as valuations contract. (Just as "malinvestment" represented a key theme this year, we expect a compression of price-to-earnings ratios to serve as a big market driver in 2016.) In other words, we don't think 2016 will be fun.

Knight 2.0: Jefferies Rescues FXCM With $300 Million Bailout, CNBC Reports

In an apparent replay for 2012's Knight Trading algo-implosion $400 million cash-infusion bailout, Jefferies (owned by NY-based I-bank Leucadia) is riding its white horse to the rescue of FXCM and its $200-million-plus client losses:

  • *LUK IN $300M DEAL TO LET FXCM CONTINUE NORMAL OPS: CNBC
  • *LEUCADIA GIVE FXCM $300M IN FINANCING CNBC

Leucadia will get $250m in senior notes as part of the deal, CNBC says. So - in summary - a central bank blew up an FX broker and a mid-market junk-bond underwriter bailed them out... must be good for a green close for the week in stocks!