Greenlight Capital ‘Bad Bets’ Civeo, CONN’S Rebound

Civeo Corp. (NYSE:CVEO), Audience Inc. (NASDAQ:ADNC) and CONN’S Inc. (NASDAQ:CONN) are getting a solid start to the week, making big gains this Monday. Fifth Street Finance Corp. (NASDAQ:FSC), Global Eagle Entertainment Inc. (NASDAQ:ENT) and IMF Investments Limited (OTCMKTS:CTCLY), on the other hand, are taking tumbles.

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This Tiger Cub Giant Is Betting On Banks And Tech Stocks In The Recovery

D1 CapitalThe first two months of the third quarter were the best months for D1 Capital Partners' public portfolio since inception, that's according to a copy of the firm's August update, which ValueWalk has been able to review. Q2 2020 hedge fund letters, conferences and more According to the update, D1's public portfolio returned 20.1% gross Read More

Einhorn Picks Civeo, CONN’S Bounce

About two hours ahead of market close, Civeo Corp. was trading up +14.46% for the day. At the start of the year, the company suspended its dividend and lowered revenue, earnings and capital expenditure guidance for 2015. The David Einhorn pick is still down about -8% year-to-date and is trading well below the billionaire’s purchase price.


Audience Inc. gained +11% early in the day. The stock has declined more than -55% over the past year and last week updated its earnings guidance. Billionaire George Soros has had a position in the company since the fourth quarter of 2013.

CONN’S Inc. surged +9.47% after Stifel Nicolaus upgraded the stock to a buy with a $33.00 price target. David Einhorn’s Greenlight Capital pickedup a stake in the consumer products retailer during the first quarter of 2014 and as of its most recent regulatory filing holds 3.56 million CONN shares. The investment has weighed on Greenlight’s portfolio, given its -40% drop over the past six months.

Fifth Street Finance Plunges

Fifth Street Finance tumbled -14.84% after reporting first fiscal quarter earnings below analysts’ expectations. The specialty finance company reported net investment income of $35.2 million – $0.23 per share – as opposed to the expected $0.26. David Einhorn has maintained a position in the firm across several quarters.

The share price of Global Eagle Entertainment dipped -13.69% this Monday in the wake of the company’s announcement of a convertible net offering. George Soros has a small 67,000-share stake in the company.

IMF Investments Limited dipped -13.33% and is trading just cents away from its 52-week low of $0.10. Marc Lasry has had a position in the company since the fourth quarter of 2010 and as of his most recent holdings disclosure has 2.04 million CTCLY shares.