SAC Capital Advisors could receive as much as $5 billion in redemption notices by the time its investor deadline of midnight on Monday passes. This does not include the $1.7 billion in redemption notices it received in the first quarter of the year. This raises questions whether founder Steven Cohen will turn his firm into a family office. Even if he doesn’t, it will heavily resemble one if he does in fact lose another $5 billion in outside investor money given that SAC Capital began the year with only about $6.75 billion in outside money.
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So much for going long the Japanese stock market. The Nikkei 225 is down 14 percent since May 23, within striking distance of bear market territory. However, for the year, the dollar is up more than 14 percent versus the yen, roughly the same as the S&P 500 performance, a stunning correlation.
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Shares of Trip Advisor fell more than 4 percent Monday after investment bank Stifel Nicolaus cut its rating on the stock from Buy to Hold, citing valuation factors. However, the bank stresses that it still likes the internet travel company’s fundamentals. The stock has been a big favorite among hedge funds, especially the Tiger Cubs. For example, at the end of the first quarter, Stephen Mandel Jr.’s Lone Pine Capital was the fourth largest investor, with more than 6.5 million shares, Pennant Capital Management owned nearly 4.4 million shares, while Philippe Laffont’s Coatue Management owned nearly 3.6 million shares. On the other hand, in the first quarter Barry Rosenstein’s activist firm Jana Partners dumped its entire stake of more than 2.27 million shares, while two Tiger Cubs, Tiger Consumer and Maverick Capital, unloaded their entire stakes of between 1.4 million and 1.5 million shares.
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Shares of Yelp dropped more than 5 percent on Monday. On Friday its CFO said the consumer review aggregator would be open to collaborating with Facebook’s new offering. That's bad timing for John Burbank’s Passport Capital, which took an initial stake of more than 2 million shares in the first quarter, making it Yelp's second largest investor, slightly ahead of Tiger Cub Joho Capital, with more than 1.7 million shares. However, the stock is still up more than 21 percent this quarter. In the first quarter, Coatue sold its entire stake of roughly 735,000 shares.
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Manwhile, shares of online game maker Zynga plunged nearly 8 percent Monday after it announced plans to cut 520 jobs, or roughly 18 percent of its total rank and file, and close several offices. That's bad timing in this case for Jana, which took an initial stake of more than 25 million shares in the first quarter, while Tiger Consumer bought more than 13 million shares, boosting its stake to more than 17 million shares. The stock is down 25 percent since mid-March.
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he founding partners of Dallas-based private equity firm SunTx Capital Partners have launched a hedge fund firm, IXTHYS Capital Management. Ron Dodson, a derivatives trader with nearly 20 years of experience, will serve as portfolio manager. He was most recently portfolio manager at NorCap Investment Management, overseeing the Diversified Premium Fund.