David Einhorn can’t catch a break. Shares of Athenahealth, another one of his favorite short positions, surged 2.4 percent on Friday. And this is not even one of his so-called bubble stocks.
The only news on the company is that chief financial officer Karl Stubelis is leaving, effective July 21, “to pursue other opportunities.” He has only been with the company a little more than a year after taking over for Kristi Matus, who left the company in May 2016.
Shares of the healthcare software company are now up 35 percent this year alone, partly explaining why Einhorn’s Greenlight Capital funds were down 2 percent for the year through June and a reported $400 million was recently redeemed. “This CFO transition reflects our commitment to ensuring that Athenahealth has world-class leaders to support the Company and our increased scale and scope,” said Athenahealth CEO Jonathan Bush, in a statement. “We intend to focus our CFO search on leaders who bring a record of operating discipline and value-creating capital allocation.”
Coatue Management led the $40 million Series C financing for Stash, an online investment services firm geared toward individual investors. Stash has now raised a total of $78 million. According to the company, it services more than 850,000 accounts, 86 percent of which are first-time investors. Other investors in the firm include Peter Thiel.
Sears Holdings said it has entered into short-term line of credit loans with second-lien borrowers as of July 13. The $200 million of loans have a maturity of 151 days and have a fixed interest rate of 9.75 percent, according to a regulatory filing. Sears is the largest holding of Edward Lampert’s ESL Investments.