Activist rodeo clowns, keeping it short today as it’s open season on 13Fs. There’s an 82% chance you won’t even open this email, given most of you are in a masturbatory fit over 13Fs. h/t to @marketfolly for this, “It’s 13F day: time to track funds whose strategy you don’t fully understand & blindly follow their picks without any research.” In truth, we have our own 13F work to do. Major activist stories and news for May 15 below. Taking leads at @activiststocks, daily newsletter sign up, ICYMI the latest newsletter is here.
- Lear pushed back against Marcato Capital yesterday, announcing that after a review that it plans to keep not split up the company (its auto electronics and seat making businesses). Marcato put pressure on the company to split earlier this year. The fund has been an activist there since Feb. 2013, with shares up 110% since then.
- Integrated Silicon Solution catches a bid from Cypress Semiconductor. The bid comes in at $19.75, up from the bid from two months ago by Chinese investors at $19.25. Shares are up 40% since Starboard Value revealed its active stake in November.
- Glass Lewis recommended MGM shareholders vote for one of Land & Buildings nominees [link]
- Stone House Capital joints Raging Capital and Huber Capital as an activist in AM Castle, owning 10.9%. Corporate governance changes have been the big focus here – with Huber having been involved for close to two years.
Einhorn Tells Investors: Tesla Is Gaming S&P 500 Index Committee
The Federal Reserve has poured unprecedented levels of stimulus into the U.S. economy to deal with the pandemic, and most experts agree that inflation is just around the corner. David Einhorn has positioned his Greenlight Capital to benefit from inflation when it arrives. Q2 2020 hedge fund letters, conferences and more SORRY! This content is Read More
- A little out of the scope of the usual focus, but since it is 13F season, @ldelevingneat CNBC puts together an interest long read on Citadel Advisors and Ken Griffin. Of note, “Seven years removed from a near-death experience during the financial crisis, Citadel is more powerful than ever [link] And of note, this little beauty: