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The Morning Brief: Adage Doubles Down on SunEdison

Adage Capital has more than doubled its stake in the renewable energy company SunEdison to 17 million shares, or 5.37 percent of the total outstanding, according to a regulatory filing. The Boston-based hedge fund firm said the stake was taken as of December 15. Good timing: The stock is up more than 20 percent since then, although it is still down about 80 percent since the summer. This would make Adage Sun Edison’s sixth-largest shareholder. As a result, five hedge fund firms now own more than 23 percent of the shares. They include Adage and four New York-based firms: Greenlight Capital, Valinor Management, SRS Investment Management and Glenview Capital Management.
Adage said in a separate regulatory filing that it raised its stake in GenMark Diagnostics, Inc. to more than 2.1 million shares, or 5.04 percent of the molecular diagnostics company.
Shares of Resource America surged 28 percent, to $4.61, on Thursday after Omega Advisors’ Leon Cooperman disclosed he owns 12.7 percent of the asset management firm. In a 13D filing, Cooperman says he has had discussions with management and the board of directors of the company, which has a $98 million market capitalization, and may have additional discussions with them and possibly other shareholders about the various issues surrounding the business, its finances, financial structure and board composition. The one-time Goldman Sachs partner also warned that he “may also take one or more” actions in the future to boost the stock price, in a filing that otherwise resorted to typical boiler-plate language frequently used by activists.

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