J C Penney Company Inc (NYSE:JCP), Zafgen Inc (NASDAQ:ZFGN) and Tasman Metals Ltd (NYSEMKT:TAS) are nearing market close with significant gains this Wednesday. Posting losses today are Eclipse Resources Corp (NYSE:ECR), Enphase Energy Inc (NASDAQ:ENPH) and EXCO Resources Inc (NYSE:XCO).
Michael Mauboussin: Here’s what active managers can do
The debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More
J C Penney Surges
J C Penney Company Inc (NYSE:JCP) approached market close up +19.89% for the day thanks to a pleasant surprise on holiday sales. The struggling retailer has gained more than +18% over the past month. Billionaire hedge fund manager Larry Robbins has had a JCP stake since 2012, though by the third quarter of 2014, he had shaved his position down to just 196,000 shares.
Zafgen Inc (NASDAQ:ZFGN) surged +16.88% on the heels of news of a successful mid-stage study on one of its obesity drugs. The biotech company was one of Farralon Capital’s new third quarter acquisitions.
Tasman Metals Ltd (NYSEMKT:TAS) rallied +13.09% today, a day after joining the U.S. Critical Metals Institute. A junior resource company, Tasman is a long-time George Soros holding. It has climbed +10.52% over the past month.
Eclipse Resources Keeps Falling
Eclipse Resources Corp (NYSE:ECR) continues to tumble in the wake of Deutsche Bank’s target price cut, today falling -12.01%. ECR has fallen -59.78% over the past month – meaning losses for billionaire shareholders Leon Cooperman and Richard Chilton.
Enphase Energy Inc (NASDAQ:ENPH) approached market close down -11.21%. Goldman Sachs began coverage of the stock today, issuing a sell rating and a price target of $12.94. Reports have also emerged of insider trading. Dan Loeb’s Third Point Capital picked up a stake in ENPH during the second quarter of 2012 and has likely made a gain on the investment, given the stock’s +80% climb since that time.
EXCO Resources Inc (NYSE:XCO) dipped -10.52%, putting its five-day loss at -28.36%. The Wilbur Ross holding has fallen -36.14% over the past three months.