Veeva Systems Inc. (NYSE:VEEV), MGM Resorts International (NYSE:MGM) and Qunar Cayman Islands Ltd. (NASDAQ:QUNR) are rallying this Tuesday and approached midday with noteworthy gains. Vectrus Inc. (NYSE:VEC), Organovo Holdings Inc. (NYSEMKT:ONVO) and CHC Group Ltd. (NYSE:HELI) are tumbling.
Hedge fund managers go about finding investment ideas in a variety of different ways. Some target stocks with low multiples, while others look for growth names, and still others combine growth and value when looking for ideas. Some active fund managers use themes to look for ideas, and Owen Fitzpatrick of Aristotle Atlantic Partners is Read More
MGM Resorts Surges on Activist Push
Veeva Systems Inc. got a +10.81% boost off of news that it has been selected by GlaxoSmithKline for multichannel CRM. It will provide the global healthcare giant with a system for complete customer insight and tailored interactions. Chase Coleman’s Tiger Global has a position in Veeva.
MGM Resorts International surged +8.95% early in the day after Jonathan Litt, the hedge fund manager at the helm of Land & Buildings Investment, said it should convert its properties into a real estate investment trust and spin off its hotels. In a statement, Litt argued the company could be as much as $55 a share, well above its current $21. As of his latest 13F filing, John Paulson holds nearly seven million MGM shares, meaning the maneuver will likely pique his interest.
Qunar Cayman Islands Ltd. rallied +6.68% today. The company issued quarterly earnings data yesterday, in turn hitting a six-month high. Tiger Global has a small 0.05% allocation in the company.
Vectrus Inc. Tumbles
Vectrus Inc. plunged -12.62% this morning after announcing fourth quarter and full-year fiscal 2014 results as well as issuing 2015 guidance. The Colorado Springs-based company apparently failed to please investors, perhaps including billionaire shareholder Julian Robertson.
Organovo Holdings dipped -8.28% and is down nearly -25% over the past five days. Tiger Global has a small stake in the development-stage company.
CHC Group tumbled -7.59% this morning, a day after shareholder rights law firm Johnson & Weaver, LLP announced that it is investing potential federal security laws violations by the companies and some of its officers. Farallon Capital has a position in the firm.