I strongly suspect that Ms. Holmes' delusions that she's going to pull herself out of this mess will, at long last, be dismissed when the reaction she gets to this "3 for 1" offer is the sound of crickets.
Until yesterday, the prevailing Wall Street consensus was that in the absence of specifics from President Trump on his economic and fiscal plans, the market would be disappointed, and proceed to slide. It did not, in fact quite the opposite. As a result, the world's best paid strategist have once again revised the Trump-related narrative.
Yesterday's barrage of 13F releases showed that hedge funds like Third Point, Eton Park and Blue Ridge piled into shares of major banks, David Tepper's Appaloosa jumped into the pharma sector starting new positions in Teva, Pfizer and Mylan while Buffett aggressively added to airline steaks and nearly quadrupled his Apple position to $7.7 billion. Here is a full breakdown of who bought what in the fourth quarter.
Today was the deadline for hedge funds to submit their Q3 13-F filings, which considering they represent a snapshot in time as of Sept 30, prior to both the October volatility spike and the presidential election, are likely totally irrelevant by this time. Still, for those who religiously focus on hedge fund position changes, here is the list.
Today is the deadline for hedge funds to submit their Q2 13-F filings. Among the more notable changes was the previously reported 55% increase in Warren Buffett's Apple shares, offset by the cut in his Wal-Mart stake; Elliott's addition to stakes in security firms Qualys, Fortinet, CyberArk; ValueAct's new stakes in Morgan Stanley, Seagate; Tiger's exit of Netflix; Jana addition of Time Inc, and Soros' cut of his gold miner positions.
While far less attention is being paid to hedge fund 13F filings, which show a stale representation of equity long stakes among the hedge fund community as of 45 days prior, than in years gone by as a result of increasingly poor performance by the 2 and 20 crowd, they still remain closely watched source of investment ideas but mostly to find out what the new cluster ideas and hedge fund hotel stocks are at any given moment. Here are the highlights from the latest round of 13F filings.
Yesterday was the last day for hedge funds to submit their Q4 13-F filings, and the biggest reactions this morning can be found in the stock of Kinder Morgan which rises 9% pre-mkt after Berkshire reported a new stake. Autodesk also gained 2% post-mkt yday after Lone Pine took a new position. Several funds boosted or reported new stakes in JD.com while Jana Partners reported a new stake in Valeant. Both Icahn and Einhorn trimmed their AAPL holdings.
The just concluded 13-F bonanza shows that "some of the world’s top hedge fund managers scaled back their U.S. stock investments last quarter as markets tumbled." Below, courtesy of Bloomberg, is the full summary of what the most prominent hedge fund names did in Q3...