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The Morning Brief: Einhorns Give $50 million to Cornell Program

Greenlight Capital’s David Einhorn and his wife, Cheryl, are donating $50 million of a $150 million initiative announced by their alma mater, Cornell University, to establish what the educational institution calls “Engaged Cornell.” The goal is to encourage students to become better citizens. “Through this initiative, students graduating from Cornell will enter the world as educated global citizens who practice respect and empathy; seek collaboration, cooperation and creativity; embrace differences and diversity in all aspects of their personal, professional and civic lives; and are dedicated to working together to help solve some of the world’s most intractable problems,” Cornell said in the press release. The gift is being made by the Einhorn Family Charitable Trust, which is headed by the Einhorns, both of whom graduated from Cornell in 1991. Cheryl Einhorn is a journalist and adjunct faculty member at the Columbia University Graduate School of Journalism.


Macro Risk Advisors’ third annual charitable trading day will take place on October 14. This year the event will support the Cancer Research Institute and the Melanoma Research Program at the Perlmutter Cancer Center at NYU Langone Medical Center, which will simultaneously pay tribute to former colleague Nick Perry, who died of cancer. MRA also plans to make a contribution to Make-A-Wish Foundation of America and Big Brothers Big Sisters of America.


Credit Suisse raised its earnings estimates for the next three years for Canadian Pacific Railway and lifted its price target to $265 from $229 after the company communicated its targets for the next four years. “The cornerstone of the operating plan is improving network velocity,” the investment bank said in a note to clients Monday. “The improved network velocity and service will enable CP to achieve sustainable low double-digit top line growth — which will come in the form of both price and share gains.” The stock has been one of the most successful holdings of William Ackman’s Pershing Square Capital Management, which sold some of its position beginning a year ago.


Deutsche Bank raised its target price on Family Dollar Stores to $59 from $55, noting that the discount retailer’s operations are improving. Nelson Peltz’s Trian Fund Management has long been the largest shareholder of Family Dollar, while John Paulson’s Paulson & Co. was the second-largest at the end of the second quarter. Other investors include Glenview Capital Management and Citadel. Deutsche Bank also slightly increased its target price on the Walgreen Co. to $69 from $67. It was Jana Partners’ largest single-stock holding at the end of the second quarter.

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