- Armistice Capital has gone active on Spectrum Pharma with a 5.4% stake [letter here]
- Elliott Management is now active at CDK Global owning 4% of the company and has exposure to another 3.6% via a derivatives agreement. The fund joins Sachem Headand Fir Tree, who are both activists there.
- Jana Partners has sold all of its Ashland stake. The fund went active in April of 2013, with shares up 60% since then. Jana had owned 8.7% of the company, but the position wasn’t one of its top 5.
- Maguire Asset Management and its shareholders for change group has upped its stake in iPass by over 15%, now owning 9% of the company. They’re pushing the companyto better define their WiFi strategy to regain investor confidence.
- Blue Clay Capital abandoned its proxy battle versus Select Comfort today, following the news from yesterday that ISS and Glass Lewis were opposing the activist’s dissident director candidates.
Michael Mauboussin: Here’s what active managers can do
- Getting tougher and tougher to find compelling stories, so again today, it’s all about DuPont. @stephengandelat Fortune defends Ellen Kullman in a piece that goes beyond DuPont’s stock price to look at Kullman’s ability to generate returns on invested capital. It’s a thought-provoking piece and worth a read if you don’t understand DuPont’s business [link]