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.
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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.