Traders Market Weekly: China, NVidia, BRICS and Jackson Hole Risks

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    Soroban Capital exits Mosaic, boosts Mastercard

    Soroban Capital exited stakes in Mosaic (NYSE:MOS), U.S. Steel (NYSE:X) and Nutrien (NTR) in Q2, according to its latest 13F filing.

    The fund increased its holdings MasterCard (NYSE:MA), according to the Q2 filing.

    Soroban, led by Eric Mandelblatt, decreased its position in Cenovus Energy (CVE), Westlake (WLK), Teck Resources (TECK) and EQT Corp. (EQT).

    In Q1, Soroban Capital tooks a new stake in Mastercard (MA) and exited Amazon (AMZN) and Suncor (SU).


    Paulson takes new stakes in Newmont, Iveric Bio and Madrigal in Q2

    Paulson & Co., the fund headed by John Paulson, added new stakes in Iveric Bio (NASDAQ:ISEE) (25K shares), Madrigal Pharmaceuticals (NASDAQ:MDGL) (350K shares), and Newmont (NYSE:NEM) (452K shares) in Q2 2023, according to its 13F filing.

    The firm closed out its stake in Bally’s Corp. (NYSE:BALY). It also no longer has stakes in Shaw Communications and Yamana Gold due to the acquisitions of the two companies.

    Meanwhile, it reduced its stake in Horizon Therapeutics (NASDAQ:HZNP) to 500K shares from 1.00M shares, it disclosed in the filing.


    David Einhorn’s Greenlight adds Activision Blizzard, exits Global Payments

    David Einhorn’s Greenlight Capital added Activision Blizzard (NASDAQ:ATVI) and exited Global Payments (NYSE:GPN), according to the fund’s latest 13F filing.

    Greenlight added new positions in Activision (ATVI), First Horizon (NYSE:FHN), and Seadrill (SDRL) in Q2. The firm exited its stakes in Civitas Resources (CIVI) and Concentrix (CNXC).

    The fund also increased its positions in Consol Energy (CEIX), Black Knight (BKI), Southwestern Energy (SWN), and Capril Holdings (NYSE:CPRI).

    Greenlight also reduced its stake in Kyndryl Holdings (KD), Teck Resources (TECK), Tenet Healthcare (THC), and Weatherford International (WFRD).


    Tiger Global reduces holdings in tech, boosts stakes in Grab, Apollo, adds Eli Lilly

    iger Global Management, the hedge fund run by Chase Coleman, boosted its holdings in Apollo Global Management (NYSE:APO) and cut its stakes in tech and consumer giants Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and (NASDAQ:JD) in Q2 2023, according to its latest 13F filing.
    The firm divested its 851K shares of Apple (NASDAQ:AAPL), its 724K shares of Mastercard (NYSE:MA), 183K shares of Visa (NYSE:V), and 1.65M share of Block. It acquired new stakes in pharmaceuticals makers Eli Lilly (NYSE:LLY) at 724K shares and Novo Nordisk at ~635K.

    Its stake in Apollo Global (APO) swelled to 12.3M shares from 2.61M shares at March 31, 2023. It also increased its stake in Grab Holdings (NASDAQ:GRAB) to 23.4M shares from 18.4M.

    Tiger’s holdings in Google parent Alphabet (GOOG) declined to 3.81M shares from 8.36M, in Amazon (AMZN) to ~3.70M from 9.69M and in (JD) to 21.1M shares from 24.1M, according to the filing.

    Earlier this month, the Financial Times reported that Tiger Global boosted its stake in Apollo (APO), but didn’t specify the amount of the increase.


    Eminence Capital adds Dave & Buster’s, exits Vertiv Holdings in Q2

    Ricky Sandler’s Eminence Capital took new positions in Louisiana Pacific (NYSE:LPX), Progressive (NYSE:PGR), and Dave & Buster’s Entertainment (NASDAQ:PLAY), and exited Vertiv Holdings (NYSE:VRT), Avantor (NYSE:AVTR), and SentinelOne (NYSE:S) during Q2 2023, according to its latest 13F filing on Monday.

    The firm now holds almost 1.91M shares of LPX, 540K shares of PGR and 843 shares of PLAY, among several other stocks it added to its portfolio.

    Eminence increased holdings in Spectrum Brands Holdings (NYSE:SPB) to 1.21M shares from 376K, Manchester United (NYSE:MANU) to 3.96M shares from ~2.74M, and Charles Schwab (NYSE:SCHW) to 2.46M shares from ~2.02M.

    It reduced its stakes in Ashland (NYSE:ASH) to ~3.62M from 3.93M, Berry Global Group (NYSE:BERY) to ~1.31M shares from 2.53M, and Salesforce (NYSE:CRM) to ~574K from 883K, the company disclosed in the filing.


    Seth Klarman’s Baupost retakes stake in Amazon in Q2; exits Fiserv, Skyworks

    Billionaire investor Seth Klarman’s Baupost Group made a u-turn on (NASDAQ:AMZN), having retaken a stake in the tech and retail giant in Q2 2023 after exiting it in the previous quarter.

    The fund also took in positions in discount retailer Dollar General (DG) and railroad operator Union Pacific (UNP), while exiting its stakes in fintech Fiserv (NYSE:FI) and semiconductor company Skyworks Solutions (NASDAQ:SWKS).

    Baupost disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Friday.

    The fund took in nearly 964K shares in Amazon in Q2, after having disposed off the 990K shares it had held in the firm in Q1.

    Baupost snapped up 242K shares in Dollar General (DG) and 175K shares in Union Pacific (UNP). Meanwhile, it also picked up around 56K American depositary shares in Ireland-based building materials maker CRH (CRH).

    The fund shed its stake of ~533K shares in Fiserv (FI) and nearly 704K shares in Skyworks (SWKS). It also exited its stake of 65K shares in used cars dealership Lithia Motors (LAD) and around 1.23M class A shares in infrastructure investing firm DigitalBridge (DBRG).

    Among other notable moves, Baupost cut its stake in Google-parent Alphabet’s (GOOG) class C capital stock to 4.12M from 5.85M. The fund upped its position in data storage company Seagate (STX) to 600K ordinary shares from about 136K. Finally, the fund cut its stake in semiconductor company Qorvo (QRVO) to 2.62M shares from 4.65M.

    Seth Klarman’s Baupost Group manages roughly $28B across a wide range of asset classes, making it one of the largest hedge funds in the U.S. According to Forbes, Klarman’s real time net worth is $1.3B.


    Soros Fund Management adds General Motors, PayPal, exits Salesforce in Q2

    Soros Fund Management, the hedge fund founded by billionaire investor George Soros, took new stakes in General Motors (NYSE:GM), with 449.8K shares, PayPal (NASDAQ:PYPL), with 75K shares, and Pioneer Natural Resources (NYSE:PXD), with 50K shares, during the second quarter, according to a 13F filing dated Friday.

    The fund exited its positions in Salesforce (NYSE:CRM), American Water Works (NYSE:AWK), Estée Lauder (NYSE:EL) and Teck Resources (NYSE:TECK).

    It boosted holdings in Amazon (NASDAQ:AMZN) to 769.1K shares from 706.6K, Rivian Automotive (NASDAQ:RIVN) to 4.19M from 3.58M, and Inuit (NASDAQ:INTU) to 91.4K from 70.4K.

    Reduced stakes in Qualcomm (NASDAQ:QCOM) to 74.4K from 104.4K, and indie Semiconductor (NASDAQ:INDI) to 2.99M from 3.24M.

    In Q1, Soros exited Tesla (TSLA) and added Netflix (NFLX).


    Starboard Value boosts stakes in, Humana, trims Salesforce

    During the second quarter, Starboard Value dumped its positions in ON Semiconductor (NASDAQ:ON), Enovis (NYSE:ENOV) and HCM Acquisition (NASDAQ:HCMA), the investment firm disclosed in a 13F filing on Friday.

    The hedge fund, meantime, opened new stakes in Algonquin Power & Utilities (NYSE:AQN), with 34.1M shares, and Abcam (NASDAQ:ABCM), with 4.59M shares.

    It boosted its stakes in (NASDAQ:WIX) to 3.79M from 1.97M, and Humana (NYSE:HUM) to 885K from 800K.

    Reduced stakes in Mercury Systems (NASDAQ:MRCY) to 2.84M from 3.77M, Salesforce (NYSE:CRM) to 2.01M from 2.53M, and Rogers (NYSE:ROG) to 774K from 1.03M.


    Equity indices in the Asia-Pacific region ended Tuesday on a mixed note while markets in India and South Korea were closed for holidays.

    Japan’s Nikkei: +0.5%,
    Hong Kong’s Hang Seng: -1.3%,
    China’s Shanghai Composite: -0.1%,
    India’s Sensex: CLOSED,
    South Korea’s Kospi: CLOSED,
    Australia’s ASX All Ordinaries: +0.4%.


    China reported weak growth data for July, adding to concerns about the strength of the country’s economy.
    In addition, China’s National Bureau of Statistics discontinued publishing of youth unemployment figures after the youth unemployment rate reached 21.3%.

    China’s July Retail Sales 2.5% yr/yr (expected 4.5%; last 3.1%), July Industrial Production 3.7% yr/yr (expected 4.4%; last 4.4%), July Fixed Asset Investment 3.4% yr/yr (expected 3.8%; last 3.8%), and July Unemployment Rate 5.3%, as expected (last 5.2%)

    The People’s Bank of China lowered its one-year medium-term lending facility rate to 2.50% from 2.65% and lowered the seven-day reverse repurchase rate by ten basis points to 1.80%.


    Japan Q2 GDP expanded at its fastest qtr/qtr pace in more than two years, though private consumption decreased.

    Japan’s Q2 GDP 1.5% qtr/qtr (expected 0.8%; last 0.9%); 6.0% yr/yr (expected 3.1%; last 3.7%).
    Q2 GDP External Demand 1.8% qtr/qtr (expected 0.9%; last -0.3%)
    GDP Private Consumption -0.5% qtr/qtr (expected 0.1%; last 0.6%).
    June Industrial Production 2.4% m/m (expected 2.0%; last -2.2%)
    Capacity Utilization 3.8% m/m (expected -1.6%; last -6.3%)


    Australia’s Q2 Wage Price Index 0.8% qtr/qtr (expected 0.9%; last 0.8%); 3.6% yr/yr (expected 3.7%; last 3.7%)


    Major European indices trade on a lower note while Italy’s MIB is closed for Assumption Day.

    STOXX Europe 600: -1.2%,
    Germany’s DAX: -1.1%,
    U.K.’s FTSE 100: -1.5%,
    France’s CAC 40: -1.3%,
    Italy’s FTSE MIB: CLOSED,
    Spain’s IBEX 35: -1.1%.


    Eurozone’s August ZEW Economic Sentiment -5.5 (expected -12.0; last -12.2)
    Germany’s August ZEW Economic Sentiment -12.3 (expected -14.7; last -14.7) and Current Conditions -71.3 (expected -63.0; last -59.5)

    Germany’s ZEW Economic Survey improved in August, but the Current Conditions Index worsened.


    U.K.’s June Average Earnings Index + Bonus 8.2% yr/yr (expected 7.3%; last 7.2%). June three-month employment change -66,000 (expected 75,000; last 102,000) and Unemployment Rate 4.2% (expected 4.0%; last 4.0%).

    The U.K. reported an unexpected increase in its Unemployment Rate while earnings growth exceeded June expectations after public sector workers received a raise, which is boosting expectations for another BoE rate hike in September.

    Retailer Marks & Spencer raised its profit outlook for the year.

Viewing 15 posts - 31 through 45 (of 115 total)
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