• Tim Knight from...
    12/21/2014 - 09:37
    The five remaining equity bears on Earth are all saying the same thing: "We'll get 'em in 2015." To which I ask: why? What's going to change?

Motorola

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Frontrunning: August 13





  • Oil hits 3-month high above $114 on supply concern (Reuters)
  • G20 plans response to rising food prices (FT)
  • First centrally planned FX, now real estate - SNB Seen Targeting Bank Capital to Curb Property Boom (Bloomberg)
  • EU hedge funds face pay threat (FT)
  • Euro-Area Crisis Has ‘No Obvious End in Sight,’ BOE’s King Says (Bloomberg)
  • King urged to widen recovery measures (FT)
  • All threats "dwarfed" by Iran nuclear work: Israel PM (Reuters)
  • Obama campaign attacks Romney’s pick (FT)
  • Romney, Ryan hit the road in an energized campaign (Reuters)
  • Yellen Must Show How 12 Fed Opinions Become One Policy (Bloomberg)
 
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Frontrunning: June 25





  • Merkel Backs Debt Sharing in Germany Amid Closer EU Push (Bloomberg)
  • With a ruling as early as today, here are four health care questions the Supreme Court is asking (CBS)
  • George Soros - Germany’s Reticence to Agree Threatens European Stability (FT)
  • China Stocks Drop to Five-Month Low (Bloomberg)
  • The New Republic of Porn (Bloomberg)
  • That's a costly detached retina: Greek Lenders Postpone Mission to Athens (FT)
  • Spain Asks for Aid as EU Fights Debt Crisis (FT)
  • Wolfgang Münchau - Why Mario Monti Needs to Speak Truth to Power (FT)
  • U.S. Banks Aren’t Nearly Ready for Coming European Crisis (Bloomberg)
  • MPC Member Wants £50bn Easing (FT)
  • India Boosts Foreign Debt Ceiling by $5 Billion to Defend Rupee (Bloomberg)
 
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Frontrunning: June 8





  • Obama Seeking Ally on Europe Finds Merkel a Tough Sell (Bloomberg) - but he has an election to win
  • China rate cut sparks fears of grim May data (Reuters)
  • China faces stimulus dilemma  (FT)
  • Papademos warns of Grexit vortex (FT)
  • China’s Shipyards Fail to Win Orders as Greek Owners Shun Loans (Bloomberg)
  • Rajoy Holds Bank Talks With EU Leaders as Fitch Downgrades Spain (Bloomberg)
  • Capital Rule Is One Size Fits All (WSJ)... now the modest question of where to get the $3.9 trillion in capital
  • Merkel Pokes at Cameron With Backing for Two-Speed Europe (Bloomberg)
  • City safeguards set Britain at odds with EU (FT)
  • Bernanke says Fed to act if Europe crisis deepens (Reuters)
 
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Presenting How Carl Icahn Accumulated A 7.5% Stake In Chesapeake In 18 Days, And His Letter To The CHK Board





Recall when Zero Hedge said two weeks ago that in the age of ZIRP, corporate balance sheets simply do not matter. The reason for that conclusion were of course the endless public debates over whether Chesapeake's massively overlevered capital structure would lead to its demise. Our view was that while balance sheets certainly matter in a normal market, one not dominated by central planning and endless hunger for yield, in the new ZIRP normal, none of the old school metrics of solvency, viability or even profitability matter. One person who appears to have agreed with our assessment, and put his money where his mouth is, or $775MM more specifically, is none other than legendary corporate raider Carl Icahn, who minutes ago announced that funds controlled by Icahn have raised their stake in CHK to 7.56%, making him the second biggest holder of the stock, and in a letter just sent to the CHK Board, in rather angry tones, demanded 2 board seats for his own representatives and 2 for Chesapeake's largest shareholder Southeastern Asset Management. Below we chart just how it is that beginning on April 19 at a price of $18.03, Icahn's funds accumulated over a period of 18 days, a total of 49.4 million shares of stock at what appears to be a Volume Weighted Average Cost of $15.70/share, meaning that as of the stock spike on this announcement he is currently in the money.

 
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Frontrunning: February 23





  • IMF Official: 'Huge' Greek Program Implementation Risks In Next Few Days (WSJ)
  • European Banks Take Greek Hit After Deal (Bloomberg)
  • Obama Urged to Resist Calls to Use Oil Reserves Amid Iran Risks (Bloomberg)
  • Hungary hits at Brussels funds threat (FT)
  • Bank Lobby Widened Volcker Rule Before Inciting Foreign Outrage (Bloomberg)
  • Germany fights eurozone firewall moves (FT)
  • New York Federal Reserve Said to Plan Sale of AIG-Linked Mortgage Bonds (Bloomberg)
  • G-20 Asks Europe to Beef Up Funds (WSJ)
  • New Push for Reform in China (WSJ)
 
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Frontrunning: February 14





  • BOJ Adds to Monetary Easing After Contraction (Bloomberg)
  • EU to punish Spain for deficits, inaction (Reuters)
  • Obama, China's Xi to tread cautiously in White House talks (Reuters)
  • Global suicide 2020: We can’t feed 10 billion (MarketWatch)
  • Greece rushes to meet lender demands (Reuters)
  • Obama Budget Sets Up Election-Year Tax Fight (Reuters)
  • Foreign Outcry Over ‘Volcker Rule’ Plans (FT)
  • Moody’s Shifts Outlook for UK and France (FT)
  • France to Push On With Trading Tax (FT)
 
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Near Record Institutional Short Interest Caught With Pants Down In Motorola Mobility Acquisition





As if hedge funds did not have enough to worry about with redemption requests galore after last week's epic rout and vol surge, today's Google stunner acquisition of MMI caught a near record number of them with their pant down. The company, which had over the past year, ever since its spin off, become one of the most despised public companies, saw a 250% increase in its short interest since December, peaking at 25 million shares short, dropped to just under 20 million shares, or essentially the second highest to date. These are precisely the institutional shorts who are hating their live right now as they are sitting on a $260 million paper loss, enough to wipe out several mid-size hedge funds. Speaking of, following rampant rumors spread by CNBC's strategy session last week that various funds were blowing up left and right (in addition to perennial bete noire Paulson & Co of course), we have yet to hear of even one casualty. Just how tight of a lid are prime brokers keeping on their hedge fund client casualties if not one peep has been uttered about who blew up? Following today's trouncing in MMI, we doubt this secret will be such a secret for much longer.

 
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More Heat On iPhone As Google Acquires Motorola Mobility For $12.5 Billion





Why did Google just pay a 60% premium for MMI? One word: iPhone - "Motorola Mobility's total commitment to Android has created a natural fit for our two companies. Together, we will create amazing user experiences that supercharge the entire Android ecosystem for the benefit of consumers, partners and developers. I look forward to welcoming Motorolans to our family of Googlers....We expect that this combination will enable us to break new ground for the Android ecosystem. However, our vision for Android is unchanged and Google remains firmly committed to Android as an open platform and a vibrant open source community. We will continue to work with all of our valued Android partners to develop and distribute innovative Android-powered devices."

 
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