Dan Niles looking to re-short Tesla, Apple: Insider trades & hedge funds weekly
Dan Niles looking to re-short Tesla, Apple: Insider trades & hedge funds weekly By Investing.com
Breaking News
‘;
AuthorDavit KirakosyanStock Markets
Published Oct 29, 2023 01:39PM ET
© Reuters.
Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Corvex doubles stake in Southwest Gas, Ancora supports Forward Air’s decision to terminate Omni Logistics merger, Satori’s Dan Niles covers shorts in Tesla and Apple and looks to re-short higher, and top brass buys at Truist Financial, Nasdaq, and Commercial Metals.
InvestingPro subscribers got this news first. Never miss another market-moving headline.
Corvex doubles stake in Southwest Gas, seeks possible sale of utility business
Corvex Management LP, a hedge fund, more than doubled its stake in Southwest Gas (NYSE:SWX), disclosed at the end of the June quarter – to 4,153,717 shares, or 5.8% of the company.
Corvex says it aims to discuss potential strategies to maximize the company’s value with the board, particularly its core utility franchises and Centuri Group investment. Corvex says that, while it supports Southwest’s plan to separate Centuri, it believes Southwest Gas seems to be trading at or below its currently authorized rate base. It says that the implied valuation represents a “deep discount to underlying value, market comps, and recent transactions” and suggested the company may need to address this if that disconnect persists. Corvex added that “similar assets trade at a 1.5-2.0x rate base.”
Corvex also believes Southwest’s ambitious $2 billion capital plan “clearly does not make sense if growth capital results in a market valuation less than cost.”
The hedge fund said it expects to engage with Southwest on ways to enhance shareholder value, including by improving earned returns on capital, further restructuring, or an outright sale of the company.
Dan Niles looking to re-short Tesla, Apple: Insider trades & hedge funds weekly
Related Articles
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
© 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
