Activist playfellows, lazy day today. The news is half baked and stories are ‘meh.’ What we have is below. As always, send us tips to @activiststocks, sign up for our daily newsletter, and ICYMI yesterday’s newsletter is here.
News:
- J2 Global abandons its bid for Carbonite.
- Whitney Tilson has a new article on Lumber Liquidators. If you care that much, you know where to find it.
- PSAM doesn’t plan to try and replace the board of Vivendi.
- 1Q returns are out for the major hedge funds. Pershing Square up 3.5%, Third Point up 3.3% and Jana Partners up 1.4%. Meanwhile, Greenlight Capital lost 1.8% in 1Q. Land and Buildings has nominated four directors for the Macerich board — recall Macerich recently rejected a bid from Simon Property Group.
Stories:
Carlson Capital Tells Investors: Twitter Still Has Tremendous Upside [Exclusive]
Carlson Capital's Double Black Diamond Fund returned 85 basis points net in August, bringing its year-to-date net return to 4.51%. According to a copy of the fund's September update, which ValueWalk has been able to review, its equity relative value and event-driven strategies outperformed during the month, contributing 131 basis points to overall P&L. Double Read More
- @NadiaSpeaks at Reuters pens a piece on why IBM should be worried about activist investors. This comes as top shareholders are reaching out to activists. Of note, ValueAct Capital and Bill Ackman’s Pershing Square have both been approached but turned down the idea [link]
- @dan_freed posts from TheDeal at TheStreet. Basically, its about the new contract between Altisource Residential and Altisource Asset Management and how it doesn’t go far enough to separate themselves from Ocwen. It’s all about Capstone Equities gripes, which also wants Altsource Residential to end its Altisource Asset Management agreement [link]