Obama Administration Announcement Affects Energy Players PBF, VLO

Obama Administration Announcement Affects Energy Players PBF, VLO

Today’s top gainers midday on Wall Street are Media General, Inc. (NYSE:MEG), Zulily Inc (NASDAQ:ZU), dELiA*s, Inc. (NASDAQ:DLIA). On the losing end are PBF Energy Inc (NYSE:PBF), Valero Energy Corporation (NYSE:VLO) and Valmont Industries, Inc. (NYSE:VMI).

Media General Climbs

Media General, Inc. (NYSE:MEG) surged +10.45% midday. The stock has gained +13.76% since Monday, when it announced plans to buy Pennsylvania television station WHTM-TV for $83.4 million. And yesterday, Wedbush assumed coverage on MEG shares, issuing it an outperform rating. Billionaire Warren Buffett has maintained 4.64 million Media General shares across numerous quarters.

Seth Klarman’s 2021 Letter: Baupost’s “Never-Ending” Hunt For Information

Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More

The share price of Zulily Inc (NASDAQ:ZU) jumped +9.61% as Goldman Sachs analyst Debra Schwartz raised her rating on the online retailer from buy to neutral, raising her price target as well. Despite today’s gains, the Tiger Global pick is down -3.61%.

dELiA*s, Inc. (NASDAQ:DLIA)rounds out today’s list of midday gainers, its price increased +8.86%. The likely explanation: yesterday’s news that Leon Cooperman’s Omega Advisors owns 8.51% million shares of the retailer. Including today’s billionaire-inspired bounce, dELiA*s has rallied +22.86% in the past month.

PBF Energy, Valero Dip

PBF Energy Inc (NYSE:PBF) dipped -10.37% after the U.S. Commerce Department cleared the way for the first exports of unrefined American oil in nearly 40 years, meaning energy companies can start selling U.S. oil abroad. Not only did Seth Klarman bet PBF suffer the news, but also companies like Tesoro Corporation and Phillips 66 as well.

Also suffering the effects of the Obama administration decision is Valero Energy Corporation (NYSE:VLO), which was down -9.06% at midday trading. A number of billionaire hedge fund managers have placed their bets on the petroleum firm, including Julian Robertson, George Soros and Ray Dalio.

Taking the third spot on today’s list of midday losers is Valmont Industries, Inc. (NYSE:VMI). The company’s price dipped -7.39% after it commented on its 2014 earnings outlook, predicting less favorable profits for the year ahead. David Tepper increased his stake in Valmont in Q1.

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