早上简介：卡特彼勒是挤压绿灯首都的最新短裤

Another week, another setback for one of David Einhorn’s short positions. On Tuesday it was Caterpillar, whose stock surged nearly 6 percent to $114.54 after the heavy equipment maker reported strong quarterly results. It is now up nearly 25 percent this year. In its year-end letter, Einhorn’s Greenlight Capital disclosed it had short Caterpillar and other similar industrial cyclicals that it said moved up in price following the election. In its recent second quarter letter, Greenlight acknowledged the stock has been strong this year, but asserted: “Though Chinese demand has remained strong, we think the rest of the business is poised to disappoint.” The firm also stressed that “legislative progress” toward some sort of infrastructure bill “has been minimal” and President Donald Trump’s infrastructure week “lacked substance.” Greenlight also pointed out that Caterpillar dealers rushed to build inventory in reaction to the election but that demand is not materializing. “Key commodity markets including iron ore and oil have rolled over, which should impact CAT’s earnings as capital spending decreases,” the firm said in the letter. “Bulls believe that current results are closer to trough and the peak lies years ahead. We see it differently.” And so far wrongly. In fact, according to S3 Analytics, Caterpillar short interest has declined by $1 billion this year after rising every year since 2012. Greenlight has been hurt in 2017 in large part from negative bets on hot internet, tech and new economy stocks like Amazon.com, Tesla, Netflix, software company AthenaHealth, and of course, Caterpillar.

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Sandell Asset Management has put Barnes & Noble in its cross hairs. The activist hedge fund informed the book retailer’s board of directors在一封信中that it has taken “a meaningful ownership stake” in the company, saying it’s worth at least double its current $520 million market value. The letter, signed by chief executive officer Thomas Sandell, said that even if book sales were to decline, the activist believes the discounted value of the future stream of cash flows the company could expect to generate, also known as its intrinsic value, “would far exceed the current enterprise value of the company.” The hedge fund calls on the only national book seller to put itself up for sale, saying it should be owned “by an organization with both the vision and stability of capital that investors in the public market generally cannot provide.” It insists “a host of” huge internet and media companies are seeking a retail presence and that a purchase price of $1 billion — nearly double Barnes & Noble’s current value — would be a “rounding error” compared to the market caps of such potential suitors. Sandell told the company he and colleague Richard Mansouri are seeking some sort of dialogue with the board of directors as soon as possible. He sent subtle threats to potentially launch a proxy fight down the road, pointing to past successes with Bob Evans Farms and Viavi Solutions. “Our firm is prepared to stay the course to see value delivered to the true owners of a company, namely its shareholders,” Sandell said. The stock surged nearly 17 percent to close at $8.30.

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在搜索巨头报告主要是强大的季度结果之后，几家投资银行在谷歌父目字母表上调整了他们的价格目标。但是，并非所有分析师都在洛克斯特步搬迁。例如，UBS集团将其目标提交到“C”股份至1080美元，从1050美元起，但承认关于收入与费用的“决斗投资者叙述”。它将字母表的互相冲突的故事识别为广告业务，这在由移动搜索和YouTube驱动的持续收入增长的持续增长速度和惊喜，以及它所说的成本结构“正在进行中。”不过，瑞银仍然告诉客户，长期公牛叙述“持有公司”，添加它继续推荐字母作为核心控股。另一方面，瑞士信贷集团将其目标减少到1100美元的“A”股份，从1150美元起，降低其估计，强调报告“并不是直截了当”。但银行指出，本文没有变化。它还保持其“胜过”评级。星期二，这两类字母表都下跌了约3％。