Tuesday was a good one for Bill Ackman’s潘兴广场Capital Management. Its most high-profile long holding surged in price, while its best-known short fell sharply.
First of all, shares of Valeant Pharmaceuticals International surged 33 percent on Tuesday, after the embattled drug maker confirmed reports that it may sell its Salix unit.
“我们目前正在讨论各种剥夺的第三方，包括但不限于萨利克斯，”该公司在新闻稿中表示。“讨论可能会或可能不会导致最终的协议。缬草在市场投机中不打算进一步发表评论或披露任何发展，除非另有目的，除非另一种发展是适当的或要求的。“
无论如何，CNBC报告称，价值100亿美元的交易可包括85亿美元的现金加上缬草的贸易免税。据报道，该公司希望销售资产以偿还其相当数额的债务。
This news comes one day after the stock dropped more than 12 percent, after Bloomberg reported that former Valeant CEO Michael Pearson and former CFO Howard Schiller are the targets of an accounting fraud investigation. At the end of the second quarter, Pershing Square was the largest shareholder of Valeant.
与此同时，周二股价下跌约2.6％，然后在余下的交易中占有3％。那一天，营养和健康产品的有争议的多层次营销人员报告了每股收益，击败了估计的预期和收入。但投资者似乎被公司宣布爆炸于2017年6月1日，首席运营官Richard Goudis将成为首席执行官Michael Johnson将成功。约翰逊将成为执行主席。
当然，Ackman在股票上有了一个大，庆祝的负面地位。Carl Icahn，谁对该股票最大的职位最大，在一份声明中说，他将“赞赏”约翰逊做“一员效率”，加入，“我很高兴他打算与公司有意义地留在公司，我完全支持the Board’s choice of Rich Goudis becoming CEO while Michael remains actively engaged.”
Ackman’s Pershing Square Holdings, his publicly traded hedge fund, is still having a very tough year. It fell 4.5 percent in October and is down 22.5 percent for the year to date.
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Hedge funds expect activism to be a pretty strong strategy over the next 12 months. Nearly one-third of 37 hedge funds recently surveyed expect activist activity to pick up, nearly three times as many who expect a decline, while a majority — 56 percent — expect volume to remain the same, according to a report published by law firm Schulte Roth & Zabel, in association with Activist Insight and FTI Consulting. However, the activists expect most of the action to center around the smallest companies. According to the survey, 58 percent expect a lot of activity among micro-cap stocks, while 67 percent anticipate a lot of activity among small-cap companies. When it comes to raising capital, activists are not as optimistic about fund-raising as last year. According to the report, in last year’s survey, more than half of activists said they were raising some money, while 30 percent said they were raising a lot of capital. However, this year just 21 percent expect to boost their assets by 75 percent to 100 percent over the next 12 months, while only 3 percent figure to lift assets by 50 percent to 75 percent.
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活动家对冲基金公司ValueAct Capital Managementmade significant changes to two of its core holdings. The firm, headed by Jeffrey Ubben, bought 2.9 million shares of Trinity Industries, boosting its stake in the maker of transportation, construction, and industrial products to 9.8 percent. In a separate regulatory filing, ValueAct disclosed it sold 4.3 million shares of Allison Transmission Holdings, reducing its stake in the maker of fully automatic transmissions to 9 percent.
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UBS cut its price target on hedge fund favorite AutoNation, from $47 to $43, after the largest automotive retailer in the United States reported sales that came in below expectations and higher-than-expected selling, general, and administrative expenses. The investment bank also maintained its sell rating on the stock, citing margin pressure on both new and used cars. The stock fell more than 2 percent on Tuesday and is down about 7 percent since AutoNation reported its disappointing results before Friday’s trading session. The stock is also now down 28 percent for the year.
Eddie Lampert的实体ESL Investmentswere the second largest shareholder as of the end of June. New York-based Eminence Capital was the fourth-largest shareholder, whileJana Partnerswas the seventh largest investor.