Strength in depth enabled trainer to win an amazing four handicaps at last week’s Cheltenham Festival Here’s one more thought to add to the pile of post-Cheltenham musings: Gordon Elliott managed to win four of the 10 handicaps, which may be unprecedented. Willie Mullins has never won that many at a single Festival and nor have Nicky Henderson, Paul Nicholls, Jonjo O’Neill or Martin Pipe. Continue reading...
Занимающий стратегическое положение в центре Средиземного моря древний тунисский морской порт города Бизерта стал центром нового витка Большой игры между бывшей северо-африканской колониальной державой Францией, её старейшим союзником Соединёнными Штатами, и агрессивным новичком — Китаем.
If Shell (RDS.A) succeeds to win the bid of $10 billion, it will be the largest takeover for the energy supermajor since the $50 billion BG Group buyout in 2016.
Marathon Petroleum (MPC) intends to make an investment of around $530 million in its Speedway unit in 2018.
Billionaire Paul Singer’s Elliott Management confirmed its latest target late Tuesday: Telecom Italia, Italy’s version of AT&T. Elliott is weighing into a political power struggle worthy of a Verdi opera.
US activist investor plans to nominate its own representatives
The overnight session was already in a festive, risk-on mood with global market a sea of green amid fading fears of trade wars and concerns about Italy and European stability, when the news hit that North Korea is ready to denuclearize "if the regime safety is assured", which sent futures to session highs, the dollar sliding, the USDJPY spiking and 10Y yields surging to 2.895%. S&P futures were especially delighted, with the E-mini tracking dollar weakness, and spiking 8 points on the North Korea news, and up 12 points on the session, while the USDJPY pushed higher by 40 pips, rising above 106 and trading at 106.40 last. Earlier, European stocks had already extended gains following Monday's rally in the U.S. and Asia, even as the European Union was prepared to announce 25% punitive tariffs on American goods. Automakers take pole position among sector, a reversal from yesterday’s underperformance. The Stoxx Europe 600 Index rose a second day, with all Stoxx 600 sectors rising (547 Stoxx 600 members gain, 40 decline) following a broad advance in Asia as indexes from Hong Kong to Seoul clawed back losses incurred since U.S. President Donald Trump laid out a series of import tariffs last week. In the latest development, the European Commission proposed retaliatory measures on U.S. goods ranging from T-shirts and whiskey to motorcycles and ladders. The plans were limited in scope, targeting some 2.8 billion euros ($3.5 billion) of merchandise, and the euro traded little changed. In fixed income, treasuries, bunds extend losses after North Korea signaled its openness to denuclearization; U.S. 10-year yield resumes ascent toward 2.90%, while periphery debt outperforms, while Italy's 10-year BTPs erased all post-election declines. In the aftermath of German and UK auctions Bunds and Gilts witnessed another bout of selling. The core bond is now just off a fresh 159.12 base (-76 ticks) and now eyeing the next downside chart level at 159.03. Gilts have fallen to 120.68 (-63 ticks), with support seen at 120.48 (February 27’s Liffe session low) according to RanSquawk. Risk back on flows come amidst very conciliatory talk attributed to North Korea. Elsewhere, previously resilient US Treasuries have not been able to escape the latest fallout in core EU bonds with futures now all underwater and the curve steeper. The rebound in stocks - even prior to the North Korea news - suggested that fears of an escalation of trade war may be easing as Trump is facing growing domestic resistance to his planned levies on steel and aluminum imports within his own party: House Speaker Paul Ryan has called on him to reconsider, while White House economic adviser Gary Cohn is said to be arranging a meeting between Trump and U.S. executives in a bid to halt the order. “People are realizing a large trade war does not have consensus support, and decent leads last night in the U.S. are driving global risk assets higher,” said Joshua Crabb, the head of equities at Old Mutual Global Investors in Hong Kong. Asia’s emerging currencies and stocks rose amid a rebound in risk appetite driven by speculation that U.S. President Donald Trump will soften his proposed trade tariffs. Sovereign bonds were mostly steady to lower. Separately, Bank of Japan Governor Haruhiko Kuroda dialed back some of his recent perceived hawkishness. Recall last week futures slumped after Kuroda told parliament Japan's QE may end in 2019. Today, the BOJ governor spoke again in a parliament hearing and "clarified" his comments last week: "Regarding exit, I didn’t say that we would make a change in FY2019, what I said was that the chances of inflation reading 2% in FY2019 was high" he said, further adding that "therefore, I said that we would be discussing how to move forward with exit. I never said we would be exiting immediately in FY2019." Also overnight, the Australian dollar pared gains as the central bank left interest rates unchanged at 1.50% as expected, and gave no indication an increase was coming soon. The RBA reiterated that it judged holding policy rates was consistent with sustainable economic growth and reaching the inflation target, while it also repeated that a strengthening exchange rate could slow pace of economic activity and inflation. Furthermore, RBA also stated that low level of rates continues to support domestic economy and that the outlook is for faster growth this year than last year, while it added that wage growth is to remain subdued for some time and gradually pick up. Elsewhere, Riksbank Governor Ingves stated that weaker inflationary pressures creating uncertainty, adding that monetary policy needs to proceed cautiously. Furthermore, saying that inflation will be near 2% even though forecasts have been adjusted downwards. It’s too early and too big a risk to raise rates now. WTI crude rises for a third-straight day to approach $63/barrel. WTI and Brent crude futures trade little changed but in close proximity to yesterday’s highs after the IEA took an upbeat view on global oil demand and OPEC Sec-Gen continued to show support for the solidity of the global supply cut agreement. Further newsflow will likely emanate from the Houston energy conference. In metals markets, spot gold trades with modest gains alongside a slightly softer USD with the move in the yellow metal capped to the upside by this morning’s risk appetite. Elsewhere, zinc prices saw their largest declines in three months in China following rising inventories whilst steel saw further selling pressure overnight as soft demand continues to hamper prices. Looking ahead, highlights include API Inventories, New Zealand GDT Auction and a slew of speakers. Top Overnight News North Korea is said to be open to denuclearisation if regime safety is guaranteed, and added they are willing to freeze nuclear and missile activities during discussions with the US White House economic adviser Gary Cohn is summoning executives from U.S. companies that depend on aluminum and steel to meet this week with President Donald Trump in a last-ditch attempt to blunt or halt the tariffs announced last week, according to two people familiar with the matter The European Commission has proposed retaliatory dues on imports of U.S. steel, apparel, textile and footwear, selected industrial goods, according to draft list seen by Bloomberg BOJ’s Kuroda says lessening stimulus before reaching inflation target is unthinkable, and that in the near term he doesn’t think the BOJ will be unable to buy bonds nor hit the limit before attaining target; also says he didn’t mean in earlier comments that exit will start as soon as FY2019 The EU offer on a post-Brexit trade that U.K. PM Theresa May will bring back from Brussels is likely to be short on detail, leaving Britain in the vulnerable position of having to negotiate substantial chunks of a trade deal after it’s lost much of its leverage Ahead of the ECB’s March 8 policy meeting, the triple whammy of trade war fears, political uncertainty in Italy following Sunday’s election and signs that the euro-area’s economic upswing may be hitting a speed bump all strengthen the case repeatedly made by President Mario Draghi that officials must be patient and persistent in providing stimulus Asian stocks were mostly higher after sentiment rolled over from the strong US session where all majors gained at least 1% after trade war fears somewhat abated and amid encouraging data releases. This positive momentum gathered pace across Asia-Pac bourses with ASX 200 (+1.1%) also underpinned by strength across the energy sector, and Nikkei 225 (+1.8%) outperformed as exporters cheered a weaker JPY. Elsewhere, Hang Seng (+2.1%) joined in on the elation, while the Shanghai Comp. (+1.0%) initially retreated amid a glum tone in the mainland after the PBoC refrained from liquidity operations, but then later conformed to the region. Finally, 10yr JGBs were subdued with demand sapped amid gains across riskier assets and a mixed 30yr auction result. Top Asian News Asia’s Biggest Currency Gain in 20 Years May Be About to End BOJ May Be Thinking But Not Doing Exit in 2019, Kuroda Says Noble Group 2018 Bonds Set for Biggest Gain in Over a Month H.K. Shares Soar as Trade Fears Ease, Chinese Big Caps Advance As trade war fears are easing, the European cash open followed the strong lead seen in the US and overnight in Asia, with all major bourses now firmly in the green (Eurostoxx 50 +0.9%). FTSE MIB (1.4%) and DAX 30 (+1.1%) are clear outperformers today following the underperformance seen yesterday in both indices. Materials sector outperformance has been supported by firmer commodity prices. Smurfit Kappa (+18.9%), a noticeable mover today following news of the company rejecting an unsolicited offer from US based International Paper. Telecom Italia (+5.6%) are seen at the top of the FTSE MIB amid news Elliott Management have increased their stake in the company. Just Eat (-7.2%), a major laggard in focus today after the company failed to deliver on earnings. Top European News Bank of Ireland Senior Executives to Depart in Latest Reshuffle Tesco Rises, Sainsbury Lags After Industry Data Shows Divergence Brexit Is Hurting London Hotel Trade, Hilton’s Nassetta Says Hungarian Opposition May Struggle to Unify Voters, Poll Shows In FX, the dollar dropped after news that North Korea is open to scaling back on its nuclear weapons if the safety of Kim Jong Un’s regime is guaranteed. There was not much net movement in USD pairs prior to the announcement, but an overall improvement in risk appetite has sapped some strength from the traditional safe-havens, with the Jpy also taking on board comments from BoJ Governor Kuroda who clarified that easy policy will remain in place until such time that inflation reaches the 2% target level, which is currently forecast during fy 2019. Usd/Jpy back below 106.00 and Usd/Chf nearer the top of its 0.9385-0.9420 trading parameters with little reaction Swiss CPI data that was firmer than expected m/m, but bang in line with consensus in y/y terms. Usd/Cad remains firmer having just crossed over 1.3000 yesterday amidst ongoing NAFTA and US import tariff concerns, and with the options market indicating more Loonie depreciation ahead. The Kiwi is still benefiting from relative Aud weakness down under after some Aussie data misses overnight (Q4 current account and January retail sales vs a tad smaller decline in Q4 net exports) and a largely unchanged RBA on rates and in the accompanying statement (growth to pick up vs 2017, but inflation and wages still lagging). Nzd/Usd just over 0.7250 and Aud/Usd retreating from a brief 0.7800 test, as Aud/Nzd pulls back towards 1.0700. Elsewhere, some divergence in Eur/Scandi crosses, with the Nok up near 9.6250 highs on an upbeat Norwegian regional survey, but the Sek down to fresh 10.2000+ multi-year lows on more cautious Riksbank policy guidance from Governor Ingves and shrugging off reasons to start normalisation now from rate hike dissenter Ohlsson. Back to Usd/G10 pairs, Eur/Usd looks more supported above 1.2300, but perhaps capped by its 30 DMA around 1.2363, and Cable is holding the bulk of Monday’s gains over 1.3800 on UK PM May’s claims that a transition deal is getting closer (and notwithstanding more reports of hard-line EU demands). In commodities, WTI and Brent crude futures trade little changed but in close proximity to yesterday’s highs after the IEA took an upbeat view on global oil demand and OPEC Sec-Gen continued to show support for the solidity of the global supply cut agreement. Further newsflow will likely emanate from the Houston energy conference. In metals markets, spot gold trades with modest gains alongside a slightly softer USD with the move in the yellow metal capped to the upside by this morning’s risk appetite. Elsewhere, zinc prices saw their largest declines in three months in China following rising inventories whilst steel saw further selling pressure overnight as soft demand continues to hamper prices. Looking at the day ahead, with nothing of note in Europe, the main focus is on the US where we are due to receive January factory orders data along with final revisions to durable and capital goods orders. BOE’s Haldane will speak and over at the Fed, Dudley is due to speak at 7.30am ET. US Event Calendar 10am: Factory Orders, est. -1.4%, prior 1.7%; Factory Orders Ex Trans, prior 0.7% 10am: Durable Goods Orders, est. -3.6%, prior -3.7%; Durables Ex Transportation, prior -0.3% 10am: Cap Goods Orders Nondef Ex Air, prior -0.2%; Cap Goods Ship Nondef Ex Air, prior 0.1% Central Banks 7:30am: Fed’s Dudley Speaks at U.S. Virgin Islands 7pm: Fed’s Brainard to Speak in New York 8:30pm: Fed’s Kaplan Speaks at Energy Conference DB's Jim Reid concludes the overnight wrap As I get on the plane markets are looking a lot better than me and also on where they were towards the end of last week. In the US yesterday House Speaker Ryan’s comments (see below) and the general perception that last week’s protectionist fears may have been too much too soon seemed to drive risk assets higher yesterday, with the S&P (+1.1%) up for the second consecutive day and all sectors higher with gains led by utilities, financials and real estate stocks. Notably, the S&P has now had 14 days of plus or minus 1% moves in either direction since the start of February, which compares to only 10 days from Jan 17 to Jan 18. The Dow (+1.37%) and Nasdaq (+1.0%) also advanced while the VIX fell 4.4% to 18.73. Delving into the rhetoric a bit more, House speaker Ryan’s spokeswoman noted “we’re extremely worried about the consequence of a trade war and are urging the White House to not advance with this (tariffs) plan”, in part as they do not want to jeopardize the economic gains from recent tax reforms. Although President Trump has said “no, we’re not backing down”, he did seemed to softened his stance and opened the door for negotiations, at least for Canada and Mexico where he noted “tariffs on steel and aluminium will only come off if new & fair NAFTA agreement is signed”. Later on, US trade representative Lighthizer confirmed those sentiments and noted that the President’s “view was that it makes sense that if we get a successful (NAFTA) agreement, to have them excluded” from the tariffs. Over in Germany, Ms Merkel’s Chief spokesman Seibert noted “…it makes little sense to compare tariffs on individual products” but added “…we certainly don’t want anything like a trade war”. Turning back to Europe, the Italian election story hasn’t moved on significantly since we discussed it first thing yesterday morning but there has been some posturing. As a reminder the populists of 5SM and the Northern League remain the biggest winners. Arithmetically these two could form a coalition but the former has previously suggested they won’t enter a coalition. However their success means that a government will be incredibly difficult to form without them. Their leader Di Maio did say that 5SM’s victory should allow him to govern Italy and that we are open to talks with all parties. So we’ll see if that means they’re more open to a coalition than before. Meanwhile NL leader Salvini said on live TV that “the centre-right coalition is the coalition that won”. He also said that result requires NL “to be responsible” and that the NL not available for “bizarre coalitions” and that “We want to govern with the centre-right.” This would argue against the desire for a 5SM tie-up. It’s also worth noting that Salvini did say that “the common currency system is bound to come to an end….not because Salvini wants that but because that’s what facts, good sense and the real economy say”. So although his party haven’t been pushing to leave the euro recently he is clearly very negative about the single currency’s future which is interesting for someone who could be a kingmaker. However he has always felt this way so it’s not really new news. Elsewhere, Mr Renzi noted the results were “very disappointing” for the Democratic Party and has resigned as Party Leader. Here is DB’s note published yesterday morning on the results and the implications. This morning in Asia, markets are rallying post the positive US lead. The Nikkei is up for the first time in five day (+1.75%) while the Kospi (+1.48%), Hang Seng (+1.58%) and China’s CSI300 (+0.68%) are also up as we type. Elsewhere, BOJ’s Kuroda spoke at his confirmation hearing in the upper house and noted the BOJ is keeping financial conditions as accommodative as possible. On inflation, the board’s consensus is that it will reach 2% in around fiscal year 2019 and the BOJ will work with the government to end deflation, although conceded that the 2% target is still distant. Now recapping other markets performance from yesterday. European bourses initially opened weaker but recovered quickly to close broadly higher. Across the region, the DAX (+1.49%) led the gains as the SPD voted to form a coalition government with Ms Merkel’s bloc, while the Stoxx (+1.04%) rose for the first time in five days and FTSE (+0.65%) also advanced. In Italy, the FTSE MIB and 10y BTPs both traded down earlier on (-2%; +7bp) but ended the day relatively resilient with BTPs +3.6bp and MIB -0.42% with bank stocks underperforming the market. Over in government bonds, core 10y bond yields were mixed but little changed (UST 10y +1.7bp; Bunds -0.8bp) while peripherals excluding BTPs outperformed with yields down 4-5bp. Turning to currencies, the US dollar index edged higher for the first time in three days (+0.05%), while the Euro and Sterling gained 0.15% and 0.34% respectively. In commodities, WTI oil was up 2.22% to $62.61/ bbl partly due to a production disruption at Libya’s Sharara oil field, although production is expected to resume later this week. Away from the markets and onto China’s National People’s Congress, Premier Li has signalled tolerance for slower growth and cut the fiscal deficit for the first time since 2012 (2017: 3% of GDP; 18E 2.6%). Our Chinese economists believes the changes reinforces their view that GDP growth will slow in 2018F to 6.3% from 6.9% in 2017. The main takeaways from the Premier’s work plan include: i) tightening fiscal policy, tolerating slower growth, ii) stronger support for the new economy, iii) better market access and lower tariffs for foreign firms in China and iv) monetary policy stance to stay unchanged. Refer to their note for more details. In the US, the Fed’s Quarles noted the Volcker rule “…is an example of complex regulation that is not working well” and that “…banks spend far too much time and energy contemplating whether particular transactions or positions are consistent with the Volcker rule”. Hence, US financial agencies are working quickly to make “material changes” to the rules. Elsewhere, the Mississippi Republican Senator Cochran will resign from Congress on 1 April due to health reasons (age 80). His departure sets up a special election this November and could weigh on the Republican’s current slim majority of 51-49 in the Senate. In credit, Michal in my team published a report “IG Strategy: ECB Keeps More Weight on the CSPP as It Takes Steinhoff Losses in Its Stride”. It provides an update on the latest CSPP purchases, their breakdown into primary and secondary, and their relative weight in the ECB QE programme. It includes estimates of the ECB’s average allocation of primary deals and an update on relative pricing of CSPP-eligible and ineligible securities. Finally, it estimates the ECB losses on the Steinhoff bond that they sold after it plunged by half and notes that it has been comfortably absorbed by the returns on the overall CSPP portfolio. Finally, for those interested in empirical studies, the San Francisco Fed published a finding yesterday that noted negative yield curves have predicted all nine US recessions since 1955 with a lag of 6 to 24 months and “while the current environment appears unique”, the authors find “…the term spread is by far the most reliable predictor of recessions”. Something we’d generally agree with! Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the February non-manufacturing ISM index was above market at 59.5 (vs. 59 expected). In the details, the new orders index rose 2.1pts to 64.8 (highest since 2005) while the employment index fell 6.6pts from January’s all-time high to 55.0. Elsewhere, the final readings of the February services PMI was in line at 55.9 while the composite PMI was slightly softer at 55.8 (vs. 55.9 previous) but still the highest since January 17. In Europe, the January retail sales print was in line at -0.1% mom, leading to an annual growth of 2.3% yoy, while the March Sentix investor confidence was below market at 24 (vs. 30.9) and the lowest since April 17. The final readings for the Euro area’s February composite PMI (57.1 vs. 57.5 expected) and services PMI (56.2 vs. 56.7 expected) were revised c0.4pt lower. Across the countries, Germany’s composite PMI was +0.2pt higher than expectations to 57.6 while France was -0.5pt below to 57.8. Elsewhere, the flash composite PMI for Italy was lower than expected (56 vs. 57.9) while the UK was above market (54.5 vs. 53.6 expected) and the services PMI was the highest since October (54.5 vs. 53.3 expected). Looking at the day ahead, with nothing of note in Europe, the main focus should be on the US where we are due to receive January factory orders data along with final revisions to durable and capital goods orders. BOE’s Haldane will speak and over at the Fed, Dudley is due to speak at 12.30pm GMT.
ExxonMobil said on Wednesday that it had made its seventh oil discovery offshore Guyana, striking a high-quality, oil-bearing sandstone reservoir that would be developed together with the other giant fields recently discovered in the area and would bring Guyana’s oil production to more than 500,000 bpd. The latest exploration success by Exxon and its partners Hess and CNOOC Nexen came from the Pacora-1 exploration well, which is located some 4 miles west of the Payara-1 well, and follows previous discoveries on the Stabroek Block at Liza,…
Iraqi Prime Minister Haider al-Abadi and the Kurdish regime in Erbil have agreed on a plan to restart oil flows from Kirkuk, though neither party revealed the details of a timeline for the new flows, according to a new report by Reuters. “It was agreed with the Kurdish side to start exporting oil from Kirkuk,” Abadi said during a scheduled press conference. The two sides are scheduled to sort out the details at a later time. Authorities from the Kurdish Regional Government and Turkey have been conducting other negotiations regarding…
Qatar, the world’s largest liquefied natural gas (LNG) exporter and OPEC member, has just opened its first electric vehicle (EV) charging station as part of a broader program to encourage the use of EVs and cut carbon emissions. Qatar Electricity and Water Corporation, Kahramaa, has opened the first of nine charging stations under the first phase of Qatar’s ‘Green Car Initiative’. The first phase is a joint collaboration of Qatar’s program for energy efficiency Tarsheed, Siemens Qatar, and the real estate division…
Sempra Energy has gotten a step closer to completing the acquisition of the biggest utility in Texas, Oncor Electric Company, after the bankruptcy court for the state of Delaware confirmed a plan for the reorganization for Oncor’s parent, Energy Future Holdings. The court approved the acquisition last September, after Sempra emerged as the preferred bidder with its US$9.45-billion offer rivaling Berkshire Hathaway and Elliott Management Corp. Berkshire’s bid valued Oncor at US$9 billion, and Elliott was prepared to offer US$9.3 billion,…
Основатель крупного хедж-фонда Elliott Management Пол Сингер, прозванный инвестором-стервятником за скупку долгов развивающихся стран, назвал биткоин и криптовалюты вообще «одной из самых блестящих афер в истории». Об этом, ссылаясь на его письмо к инвесторам фонда, сообщает Marketwatch.
На фото: Пол Сингер По мнению Пола Сингера, основателя одного из крупнейших в мире хедж-фондов Elliott Management, биткоин-бум подтверждает безграничность человеческого невежества. «Мы все смеемся над примитивными племенами, использую читать далее…
With Bitcoin having bounced almost 100% off its early February lows, dashing many hopes that the decentralized cryptocurrency 'fad' had begun to die, it appears the FUD-mongering is resonating once more among the cognoscenti. One of the world's largest hedge funds Elliott Management, founded by billionaire Paul Singer in 1977, dedicated three pages to describing its negative view of cryptocurrencies in a fourth-quarter letter to clients, calling cryptocurrencies "one of the most brilliant scams in history." As a reminder, Paul Singer is also among the group that initially funded the creation of the so-called 'Trump Dossier'. As CoinTelegraph reports, in the letter dated Jan. 26, Elliott claims that people encountering cryptocurrency have switched from sense of “WTHIT (What the hell is this?)” to a stable FOMO (fear of missing out). Elliott likens cryptocurrency investors to buyers of a “black box” that will, according to the firm, turn out to be empty. "We all laugh at primitive tribes which used large stones (or pigs) as currency. Well, laugh as you will, but a stone or a healthy pig is something. Cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box (which is obviously empty) for the price of a Kia and dreaming that it will turn into a Mercedes. There have been times recently when this dream has materialized within hours." The firm does not shy away from hyperbole in the letter, insisting that cryptocurrency is the “equivalent of nothing” and that the desire to invest in it is an “indication of the limitless ignorance of swaths of the human race”, continuing: “This [cryptocurrency] is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars... But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?” Further along in the letter, Elliot expresses skepticism about the scarcity of Bitcoin (BTC). Despite the fact that Bitcoin’s supply is capped at 21 million coins, the letter from Elliot argues that the forking of the Bitcoin Blockchain could threaten scarcity, stating: “this limitation [scarcity] is not nearly as sacrosanct as the bitcoin evangelists would have you believe." According to Business Insider, Elliott managed $34.1 bln as of January 1, 2018 and the Elliott Associates LP fund returned 8.7% last year In 2017 alone, the number of digital currency-based hedge funds grew from 30 to about 130. Traditional hedge funds have also increasingly been buying up cryptocurrencies, most famously that of American investor Bill Miller, who as of Dec. 2017 held 50 percent of his fund’s money in Bitcoin.
(Reuters) - U.S. chipmaker Qualcomm Inc raised its offer to buy NXP Semiconductors NV to $127.50 per share on Tuesday, and said it has the backing of the shareholder group led by hedge fund Elliott Management that opposed its previous proposal.
(Reuters) - U.S. chipmaker Qualcomm Inc raised its offer to buy NXP Semiconductors NV to $127.50 per share on Tuesday, and said it now has the backing of the shareholder group led by Elliott Management that opposed the previous proposal.
The major positive of the contract is that it will enable Qualcomm (QCOM) to diversify business model.
QEP Resources (QEP) was a big mover last session, as the company saw its shares rise more than 5% on the day amid huge volumes.
Today's barrage of 13F releases showed that in the last quarter of 2017, many funds turned their back on some of the best performing, FAANG stocks of the year, as managers like Duquesne’s Stanley Druckenmiller, Philippe Laffont’s Coatue, Lee Ainslie's Maverick and PointState’s Zach Schreiber trimmed their Facebook stakes while Steve Cohen's Point72 and Maverick Capital reduced their Google exposure. Not everyone was selling: Louis Bacon’s Moore Capital Management added 900,000 shares of Apple, boosting its holding to about $200 million; Tiger Global added to its Facebook position, while David Tepper's Appaloosa more than tripled its share stake in Apple to 4.6 million shares from 1.36 million shares at the end of Q3. Amazon also became the top position for Steve Cohen's Point72, who added 12%, of 36,000 shares, leaving it with a market value of $383 million (Cohen's 2nd and 3rd biggest holdings were Anadarko Petroleum and Electronic Arts). Meanwhile, as discussed earlier, Warren Buffett’s Berkshire Hathaway starte a new position in struggling Teva Pharmaceuticals (alongside activist hedge fund Jana Partners) sending its stocks soaring after hours, and boosted his stake in Apple yet cut his IBM holding to only about 2 million shares, effectively exiting the position. Other notable moves included Baupost, Greenlight and Viking taking stakes in Time Warner, the company that has endured the struggles of a sale to AT&T Inc. Separately, as Bloomberg notes Third Point also confirmed reports as it took a million-share stake in Pinnacle Foods, which some analysts expect to mean the company may be for sale. Below is a full breakdown of the most notable changes for select prominent hedge funds: ADAGE CAPITAL Top new buys: BKH, KR, TMUS, CE, XRAY, CW, EYE, OSK Top exits: CVS, PCG, DOV, STI, HAIN, POST, TXT, TJX, ALXN, DHR Boosted stakes in DE, AET, UTX, EMR, BURL, ES, JPM, BAC, MOS, BC Cut stakes in C, CF, GE, TMO, ETN, TAP, GS, KHC, PBYI, DWDP APPALOOSA MANAGEMENT Top new buys: TMUS, CMCSA, MGM, PCG, VNTR, VST, CSX Top exits: PNC, WHR, KMI, CBS, HAIN, AMAT, GM, AERI, BTU, CHK Boosted stakes in QQQ, AAPL, MU, FB, BAC, XPO, AGN, BABA, ALLY Cut stakes in WDC, GOOG, WPZ, OC, ETP, MHK, ALL, HUN, LUV BAUPOST GROUP Top new buys: TWX Top exits: CDEV, CAR Boosted stakes in PXD, FOXA, FOX, CAH, MCK, AGN, ABC, QRVO, AMC, VRTV Cut stakes in PBF, IMOS, FWP, ESRX BERKSHIRE HATHAWAY Top new buys: TEVA Boosted stakes in AAPL, BK, MON, USB Cut stakes in IBM, GM, SNY, AAL, WFC BLUE HARBOR Top new buys: ZAYO, MIC, ON, LOGM, AXTA Top exits: FFIV, AGCO, DNB, LAZ Boosted stakes in MD, COMM, OTEX, FCE/A, ADNT, IWM, THS Cut stakes in CLNS, MDRX, XLNX, SPY, WCC BRIDGEWATER ASSOCIATES Top new buys: PCG, CVS, CAH, PPL, EIX, CMG, ORCL, PG, LLY, IPG Top exits: KR, DVA, BWA, BIIB, INTC, VIAB, ILMN, TSN, NTAP, TXN Boosted stakes in WBA, CELG, MU, COST, HYG, LULU, GLD, TLT Cut stakes in ESRX, M, DGX, DISCA, GE, KORS NOTE: Earlier, Dalio’s Bridgewater Boosts Gold Holdings in SPDR, IShares; Dalio’s Bridgewater Trimmed Emerging-Market Exposure Before Rout CLINTON GROUP Top new buys: MON, PPL, BCO, TSN, CCK, LLY, HDS, CELG, FRC, PYPL Top exits: DGX, TPR, CCL, BPOP, PRAH, AET, PTLA, PEP, CBRL, COTV Boosted stakes in BIO, EIX, AMGN, EME, WSO, TUP, MOH, LVS, HSY, VRTX Cut stakes in MCD, CI, BA, FL, BAX, CAT, FIZZ, AGO, HUM, CC COATUE MANAGEMENT Top new buys: MSFT, VMW, NTES, CHTR, QD Top exits: SYMC, AMT, CRM, DATA,TWLO Boosted stakes in TWTR, SHOP, AVGO, AMZN, SNAP Cut stakes in AAPL, FB, BABA, ATVI, EA CORVEX MANAGEMENT Top new buys: TWX, CHTR, BABA, NXPI Top exits: CTL, P, PAGP, SIG Boosted stakes in CMCSA, JBLU, FG, FB, TMUS Cut stakes in EVHC, NOMD, GOOGL, EGN DUQUESNE FAMILY OFFICE Top new buys: EOG, WFC, BAC, DVN, APA, STMP, CXO, COG, TWX, X Top exits: PCLN, BABA, EA, C, EXPE, ATVI, LVS, IBB, CB, CELG Boosted stakes in NKTR, MSFT, AMZN, GOOGL, CRM, BIIB, WDAY Cut stakes in CTRP, JD, PYPL, VALE, FB ELLIOTT MANAGEMENT Top new buys: MD, AKAM, UNIT, CVG, QEP, TDW, WIT Top exits: ECA, MPC, ADNT, RYAAY, WYN, MON, ACAD, EQT, GRA, ABG Boosted stakes in TCO, EGN, HES, ISBC Cut stakes in AA, NRG, MITL, GPI, IMPV, SAH EMINENCE CAPITAL Top new buys: ELLI, MGM, MDLZ, PYPL, PZZA, EA, LEN/B Top exits: EXPE, BERY, STZ, KAR, FCE/A, RXN, CNNE, MAT, NKE Boosted stakes in IQV, USFD, EFX, WEN, CYBR, GPI, P Cut stakes in ARRS, ANTM, JACK, IMPV, CBG, LQ, SPGI, MSTR, ICE, ZNGA ENGAGED CAPITAL Top new buys: BW Top exits: THC, FNSR, DBD, DXCM, XPER Boosted stakes in CLS, NCR, IWM, BHE Cut stakes in MED, CCRN FIDELITY MANAGEMENT Top new buys: DNLI, OPTN, ABEO, RYTM, ABLX Top exits: NVRO, LLY, NXTM, AXDX, SPA Boosted stakes in UNH, BDX, ABBV, SAGE, NKTR Cut stakes in AMGN, MDT, BSX, CELG, AGN GLENVIEW CAPITAL Top new buys: NWL, AGN, CHTR, DLPH, MIK, ARMK, CAH, LYB Top exits: ZBH, NKE, TWTR, WYN, MGM, PX Boosted stakes in WBA, CVS, UHS, MCK, FDC, WP, TMO, FDX, EBAY, WMB Cut stakes in ABBV, LOW, AAPL, HCA, AET, DNB, GOOGL, DWDP, CI, MTOR GREENLIGHT CAPITAL Top new buys: CEIX, TWTR, TWX, ESV, MDCO, JCP, KSS, BBY, W, SFLY Top exits: GDX, HPE, TSG, MON, TGNA, RAD, UHAL, CARS, FRED, TECD Boosted stakes in BHF Cut stakes in GM, AER, TPX, CNX, MU, DDS, CNDT, CC, DSW NOTE: Jan. 16, Greenlight’s Einhorn Tells Clients Returns ‘Must Be Frustrating’ HIGHFIELDS CAPITAL MANAGEMENT Top new buys: CMCSA, AMZN, AXTA, EXPE, AXP, MDLZ, GE, CERN, TCO, CHTR Top exits: TGT, KO, SUM, FE, EGN Boosted stakes in TWX, TEVA, HCA, SHPG, MON, CCE, PE, KR, H, NVDA Cut stakes in FDX, BHGE, BEN, MAR, HDS, CTSH, MIK, IVZ, CVE, AMT ICAHN ASSOCIATES Top new buys: SD Boosted stakes in IEP Cut stakes in PYPL, WBT, MTW JANA PARTNERS Top new buys: PTC, CMCSA, NOC, FB, IQV, TEVA, SYNH, EVHC, GWW, GM Top exits: UHS, DXC, CRM, UNH, NUVA, AXTA, SEM, DERM, ORCL, NUAN Boosted stakes in BLMN, DHI, FDC, PF Cut stakes in LBRDK, EQT, DWDP, P, ZBH, MOH, ZAYO, CAG, TIF LANSDOWNE PARTNERS Top new buys: AMAT, MON, AAPL, MU, GRUB Top exits: HAS, BHGE, ACN, BABA, CMCSA, HON, SYY, AES Boosted stakes in TXN, C, AMZN, GOOGL, TSM, UTX, BTU, CAFD, HCC, UPS Cut stakes in FB, PYPL, WDC, ADNT, ETN, DATA, CVE, PCLN, URI, CRM LONE PINE CAPITAL Top new buys: AMZN, CSX, GOOG, BLK, TDG, A, SE Top exits: CMCSA, EXPE, ICE, TMUS, AAP, WP Boosted stakes in BUD, ADBE, PYPL, EA, PCLN Cut stakes in CHTR, AVGO, BABA, STZ, ATVI, WYNN, TV, MA, CRM, FB LONG POND CAPITAL Top new buys: LHO, BRX, AVB, BKD, DDR, NMRK, FPH, LEN Top exits: MAC, KRC, BXP, HLT, LQ, ATH, CLGX, CXP Boosted stakes in TCO, VER, JBGS, MSG, VNO, QCP, EQR, AIV, PGRE Cut stakes in RPAI, DHI, SLG, SRC MARCATO CAPITAL Top exits: GT, SFLY, AVT, LQ, HMTV Boosted stakes in DECK, ITRI, RYAM, RCII, FG, HZN Cut stakes in IAC, BID, AIR, DXC MAVERICK CAPITAL Top new buys: SCHW, WP, BTI, COMM, CIEN, ABEV, ETSY, SEAS, SKX, YUM Top exits: NWL, PFE, QCOM, FIS, CMCSA, VMC, JACK, CI, DPZ, WMT Boosted stakes in MSFT, ADBE, TAP, TMUS, LOW, BUD, MGM, V, AEO, KSS Cut stakes in SABR, STZ, WCN, GOOG, DWDP, FB, SHPG, FLT, UHS, LVS MOORE CAPITAL Top new buys: PX, COF, SYF, NTES, AZO, BPOP, BURL, CBS Top exits: JPM, DPZ, IT, ORCL, SBAC, CDEV, QTS, MA, PEP, RACE Boosted stakes in AAPL, MSFT, APC, VOYA, EQIX, TWX, GDS, SIVB, CCI, EDU Cut stakes in IWM, BAC, GM, BABA, AMZN, LOW, MS, F, XLU OMEGA ADVISORS Top new buys: HUM, WFC, CBS, GLD, CX, GLPI, MYL, NYCB, C Top exits: AIG, ETP, AET, NRZ, CVA, SHLM, BERY, INCY, ATH, CTLT Boosted stakes in AMCX, SHPG, PE, UAL, HES, NBR, SBGI, ASH, ADBE Cut stakes in BLL, AER, FDC, PYPL, LORL, I, HRG, DWDP, OEC PAULSON & CO Top new buys: SNI, CTL, VIAB, FOX, NMRK, HAIN, DISCK, CAVM, AET Top exits: TEVA, RLGY, CPN, EQT, S, CIEIQ, LOXO, HUN Boosted stakes in NXPI, HZNP, MON, COL, KMDA, TWX Cut stakes in MNK, AGN, SGYP, DISH, TMUS, VST, SHPG, XCRA PERSHING SQUARE Top new buys: NKE Boosted stakes in MDLZ POINT72 ASSET MANAGEMENT Top new buys: REGN, H, BUD, MDT, AMAT, IBM, LRCX, OXY, DIS, AZO Top exits: SHW, ORCL, AGN, HSIC, PCAR, XRAY, MRK, TPX, BLK, AAPL Boosted stakes in APC, CMCSA, FOXA, FDC, MYL, TTWO, V, MU, AMZN, GM Cut stakes in TWX, DHR, GOOGL, PE, BA, AVGO, TSN, BABA, FB POINTSTATE CAPITAL Top new buys: EA, LOMA, FOXA, MYL, AET, UNP, ALLY, ESRX, PAGP, QCOM Top exits: C, MGM, CSX, STZ, BABA, TMUS, CCI, BTU, SBAC, DAL Boosted stakes in ECA, LNG, DVN, NKTR, TRGP, BIIB, AMZN, AVGO, AMT, CRM Cut stakes in FB, COG, GOOGL, MSFT, DWDP, BAC, ADBE, PX, CMCSA RENAISSANCE TECHNOLOGIES Top new buys: GOOG, CVX, PCLN, CVS, MPC, LEN, CCL, UPS, INCY, CXO Top exits: NKE, MU, WFC, MO, AIG, BAC, JPM, ABBV, KMB, ADSK Boosted stakes in XOM, BDX, IBM, PM, GE, VRTX, ALGN, COST, BMY Cut stakes in MDT, NFLX, GILD, NTES, NVDA, MRK, INTU, FDX, GOOGL, MA SACHEM HEAD CAPITAL MANAGEMENT Top new buys: TWX, LOW, FB, YNDX Top new buys: GOOGL, NXPI, CAR, TSRO, ADSK Boosted stakes in CDK Cut stakes in CMCSA, WP, MSFT, CRM, SHPG SOROS FUND MANAGEMENT Top new buys: OSTK, KW, TGT, FG, GPS, PLAY, HAL, ZAYO Top exits: MDLZ, KHC, ZTS, CNDT, CL, CPB, K, GIS, CARS, SYNA Boosted stakes in URBN, LRCX, CBS, AEO, COL, AET, NXPI, SEDG, GM Cut stakes in TWX, VIAV, EPC, TIVO, MODN, EQT, GSUM, ATGE, CHDN, CMCSA STARBOARD VALUE Top new buys: MLNX, CARS Top exits: ETSY, HPE, JACK, ILG, MBI, QTM Boosted stakes in TYPE, FCE/A, BMS, MAC Cut stakes in BCO, EVHC, CTSH, BAX, DEPO, FTNT TIGER GLOBAL Top new buys: CRM, SWCH, CTRP, REDU, QD, SOGO, MDB Top exits: AWI, WB, ROKU, ATUS, JMEI, RYB Boosted stakes in APO, FB, ADSK, EDU, NOW, VXX, TAL Cut stakes in PCLN, CHTR, TDG, NFLX, JD, AMZN, FLT, BABA, CMCSA, DPZ THIRD POINT Top new buys: ICE, NFLX, LEN, AET, XRAY, GD, MGM, SWN, PF, NEXA Top exits: BAC, TMUS, SHPG, MPC, ALXN, BMA, XELA Boosted stakes in GOOGL, SPGI, PAM, WP, MHK, VMC, GGAL, PE, DHR Cut stakes in BAX, ANTM, BABA, TWX, NXPI, MAC, DWDP TUDOR INVESTMENT Top new buys: FOXA, JPM, GIS, HD, AMTD, BSX, USB Top exits: TSN, VZ, SNI, AAPL, GPK, SHW, MHK, BIVV, DWDP, GD Boosted stakes in SPY, AET, WFC, ORCL, CSX, UNH, AGN, AVGO, ROST, TJX Cut stakes in TWX, COL, EA, PYPL, VMC, PCLN, EBAY, CARS, DG VIKING GLOBAL Top new buys: TWX, NTES, TDG, TMO, PCAR, FANG, SYNH, TRV, PGR, LOW Top exits: DE, MA, FOXA, BAC, VZ, FLT, APC, JD, NWL, COG Boosted stakes in ANTM, PE, DPZ, UTX, AMZN, WFC, EFX, ADSK, RJF, XRAY Cut stakes in GOOGL, V, CP, CRM, UNH, FB, UHS, JAZZ, GWPH, EQT
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