It looks like Philip Falcone’s career as a hedge fund manager could be coming to an end. The Minneapolis native, who made $1.7 billion in 2007 betting against sub-prime mortgages, and his firm, Harbinger Capital Partners, have agreed to settle charges with the Securities and Exchange Commission related to two civil actions. Under the settlement, Harbinger agreed to pay $18 million, while Falcone is barred from serving as an investment adviser for two years. He is still permitted to serve as chief executive of Harbinger Group, his publicly-traded firm. It is not clear exactly what role he will play in the future. The settlement was made without admitting or denying any of the SEC’s charges. Falcone is also a minority owner of the Minnesota Wild professional hockey team.
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Thursday was not a good day for one of David Einhorn’s high profile short positions. Green Mountain Coffee Roasters reported much better than expected earnings and announced a long-term deal with Starbucks. As a result, the stock soared nearly 28 percent on the day, to close at $76.04. The stock has now nearly tripled after initially dropping in October 2011 following Einhorn’s short selling presentation.
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Shares of Nexstar Broadcasting Group Thursday rose about 4.5 percent after Steve Cohen’s SAC Capital reported a 5.3 percent stake in the company after the market closed Wednesday. Cohen filed the position as a passive stake.
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Omega Advisors’ Lee Cooperman told CNBC from the SALT conference in Las Vegas that 50 percent of stocks in the S&P 500 today yield more than government bonds. Wow!
