More From Patricia Garner
Yahoo Coins the Term MaVeNS, Its Key Revenue Growth Driver
In 2015, Yahoo’s management expects that MaVeNS will contribute more than $1.5 billion of revenue to Yahoo’s overall business.
Balyasny exits position in Newfield Exploration Co.
BAM exited its position in Newfield Exploration Co. in 3Q14. It accounted for 1.31% of BAM’s second quarter portfolio. NFX is an energy company.
Facebook introduces new features to improve e-commerce conversion
Facebook has been looking to diversify its business from online advertisements to e-commerce. E-commerce is a fast-growing market that Facebook should tap.
CBS gets position with Davidson Kempner
Davidson Kempner Capital Management initiated a new position in CBS Corporation (CBS) that accounted for 1.55% of the fund’s 3Q14 portfolio.
Farallon Capital adds a new position in Covidien
Ireland-based Covidien is a global healthcare leader that offers innovative medical technology solutions and patient care products to providers.
Why Facebook stopped using Bing for its web search results
The company has now stopped including results from Microsoft’s Bing search engine through the Facebook search.
JAT Capital raises its position in Apple
Activist investor Carl Icahn said that Apple’s stock is dramatically undervalued and is actually trading at half its intrinsic value. He believes that Apple’s stock should be trading at around $203.
JAT Capital ups its position in Yahoo
Yahoo! Inc. is a global technology company that provides a variety of products and services. Recently, Yahoo shares climbed higher on third-quarter earnings and revenue that beat analyst estimates.
Maverick Capital Sells Its Position in Martin Marietta Materials
MLM’s 4Q14 net sales were up 59% to $779.5 million, compared with net sales of $491.4 million in 4Q13. It beat its 4Q14 revenue estimates by $84 million.
Yahoo’s Acquisition of BrightRoll: A Boon for the Company
In December, Yahoo acquired BrightRoll for $640 million. The acquisition of BrightRoll put Yahoo in a leadership position in the video advertising industry.
Moore Capital lowers its stakes in JPMorgan Chase
JPMorgan’s latest 2Q14 results beat estimates. Meanwhile, net income was down to $6 billion from $6.5 billion in 2Q13. The earnings per share (or EPS) was $1.46, compared to $1.60 in 2Q13.
Why AQR Capital exits its position in Geo Group Inc.
AQR Capital sold a position in GEO Group Inc. in 2Q14. The company accounted for a 0.0206% position in the fund’s first quarter U.S. long portfolio.
Farallon Capital exits its position in Time Warner Cable
In February, Comcast agreed to buy Time Warner Cable for ~$45.2 billion. This deal will create the largest cable provider in the U.S.
Maverick Capital Decreases Position in Allison Transmission
Allison Transmission and its subsidiaries design and manufacture commercial and defense fully automatic transmissions. In 4Q14, net sales grew 11% to $544 million.
Facebook’s Q4 2014 earnings: Expect revenue growth and more
Facebook (FB) is expected to announce its Q4 2014 earnings on January 28, 2015. In this series, we’ll analyze how the last quarter of 2014 could turn out.
Key takeaways from the online advertising industry
The online advertising industry is growing at a much faster pace. This is an exciting opportunity for advertisers and marketers around the world.
Facebook’s WhatsApp crosses the 700 million active users mark
According to WhatsApp CEO Jan Koum, WhatsApp crossed the 700 million monthly active users (or MAUs) mark globally in January 2015.
Yahoo completed the acquisition of BrightRoll
On December 15, 2014, Yahoo completed the acquisition of BrightRoll for ~$640 million in cash. It’s the industry’s leading programmatic video advertising platform.
Renaissance Invested in Gold and Silver Mining Stocks in 1Q15
The investment in silver mining stocks appears to be based on the view that the stocks could outperform the market. This is due to a rise in consumer demand for silver.
Why display advertising is still a challenge for Yahoo
Yahoo’s other area of core business is the display advertising business. It hasn’t been performing well. In 3Q14, its revenue declined by 6% YoY.
Yahoo’s Tumblr Outshines Instagram in User Growth
Yahoo plans to make Tumblr similar to YouTube and is trying to convince some of Google’s top YouTube stars to make Tumblr their exclusive video distributor.
Facebook’s Audience Network efforts are paying off
Facebook (FB) launched its Audience Network program early last year in beta. Facebook said that it’s looking to partner with more publishers.
Online advertising will outpace traditional advertising
Industry analysts expect online advertising to increase by 17% in 2014, as improving technology makes Internet advertising cheaper and more effective.
Magnetar decreases stakes in American Airlines
Magnetar reduced its position in AAL in the third quarter. The position accounts for 1.17% of the fund’s total portfolio in the third quarter.
Facebook tries to grab some of YouTube’s video ad share
Facebook’s (FB) direct video uploads and autoplay video ads are garnering lot of attention from viewers as well as advertisers.
Magnetar Capital’s new position in Alibaba Group
Magnetar started a new position in BABA in 3Q14. The position accounts for 4.05% of the fund’s total portfolio in the third quarter. BABA is the largest e-commerce player in China.
Tumblr helped Yahoo increase its user engagement
User engagement is an important parameter for Internet companies. It helps drive ad pricing. Tumblr is helping Yahoo increase its user engagement.
Has mobile advertising reached saturation?
Mobile advertising is a type of advertising that involves communicating promotional or advertising messages. The messages are sent through mobile phones or wireless networks.
Facebook plans to monetize WhatsApp’s large user base
Facebook’s Mark Zuckerberg is often questioned about Facebook’s high-priced acquisition of WhatsApp, which generated revenue of only $20 million in 2013.
Overview: Highbridge Capital Management’s 2Q14 positions
Highbridge Capital Management is an alternative investment management organization. It was founded in 1992. The company has developed a diversified investment platform.
Why hedge funds show interest in Japanese ETFs
DXJ tracks the performance of the WisdomTree Japan Hedged Equity Index. The Index and the fund are designed to provide exposure to equity securities in Japan.
An overview of what to expect from Yahoo’s 4Q14 earnings
Yahoo (YHOO) is expected to announce its fiscal 4Q14 earnings on January 27, 2015. Yahoo had robust third quarter results. Its revenue was $1.09 billion.
Gemini helped Yahoo leverage growth in the mobile search market
Gemini is a platform that combines mobile search and native advertising. It helps advertisers manage and optimize their ads.
Coatue Management Eliminates Its Position in eBay
In 4Q14, Coatue Management sold its position in eBay (EBAY). Coatue sold 5,820,987 shares of eBay. It represented 3.37% of the fund’s 3Q14 portfolio.
Why AQR Capital increased its position in Apple in 2Q14
AQR Capital increased its position in Apple from 0.86% in the previous quarter to 1.24% in the fund’s second quarter U.S. long portfolio.
eBay management strategies for 2015
After the separation of eBay and PayPal, eBay management plans to pursue an IPO (initial public offering) or sale of eBay Enterprise.
Yahoo Is Looking to Increase User Engagement on Yahoo Mail
In addition to its partnership with Paperless Post, Yahoo (YHOO) also launched contact cards in Yahoo Mail to increase user engagement.
Braintree drives growth, gains new merchants for eBay
Braintree is growing rapidly, helping PayPal extend its reach in the mobile payment market.
Will Yahoo’s Firefox deal grow its mobile search market share?
Yahoo’s mobile search business continues to increase at a fast rate. It shows that the company’s investments in mobile are finally paying dividends.
Chilton sells position in Kohlberg Kravis Roberts
By acquiring KKR Financial Holdings, KKR increased the scale and liquidity of its balance sheet and added over $2 billion in net assets to support the continued growth of its business.
Why did eBay’s operating margins continue to decline in 4Q14?
eBay’s non-GAAP operating margins declined from 29.2% in 4Q13 to 27.7% in 4Q14. eBay still hasn’t recovered from the events that caused the decline.
How do ad exchanges add value to advertisers and publishers?
Ad exchanges help advertisers reach the most accurate audience in real time, so that they can maximize their campaign performance.
Farallon Capital raises its position in Safeway
On March 6, 2014, grocery store operators Safeway and Albertsons announced a merger agreement valued at approximately $9 billion.
Chilton increases position in McDonald’s
Chilton Investment Company increased its position in McDonald’s. It accounts for 0.96% of the fund’s third quarter US long portfolio. MCD is a fast food restaurant.
Mackenzie Financial Invested >$260 Million in Gold Mining in 1Q15
In the first quarter of 2015, Mackenzie Financial added a new position in Newmont Mining (NEM).
Overview: TPG-Axon Capital Management’s 2Q14 positions
TPG-Axon Capital Management LP is a privately owned $4 billion hedge fund firm. It was founded by Dinakar Singh in February 2005.
Facebook’s slow user growth isn’t a concern
Despite the slow user growth, Facebook continues to be the leading social network in terms of monthly active users.
Maverick Capital Increases Stake in Novartis
Maverick Capital increased its position in Novartis (NVS) by more than $22 million in stock. It represented 0.75% of the fund’s total portfolio in 4Q14.
JAT Capital opens new position in Ctrip.com
Ctrip.com International, Ltd., or Ctrip, is a leading travel service provider of accommodation reservations, transportation ticketing, packaged tours, and corporate travel management in China.
Maverick Capital Reduces Stake in Adobe Systems
Adobe Systems is one of the largest and most diversified software companies in the world. 4Q14 revenue grew 3% year-over-year to $1.073 billion.
Trian Fund lowers its position in Allegion
Allegion provides security solutions for homes and businesses, employing more than 8,000 people and selling products in more than 120 countries across the world. Allegion reported third-quarter 2014 net revenues of $546.7 million, up 3.3% compared to the previous year.
Key overview of Marcato Capital’s 3Q14 position
Marcato manages a select number of passive and activist investments across all industries with a primary focus on opportunities in middle-market public equities. At the end of 3Q14, the fund’s U.S. long portfolio was worth $2.81 billion, slightly up from $1.89 billion in 2Q14.
Magnetar Capital exits position in Boardwalk Pipeline Partners
Boardwalk Pipeline owns ~14,000 miles of natural gas and natural gas liquids (NGL) pipelines, as well as underground caverns for natural gas and NGL storage.
Why Bridgewater increased its position in Juniper Networks
Bridgewater Associates increased its position in Juniper Networks from 0.07% in the 1Q portfolio to 0.21% in the fund’s 2Q portfolio.
Yahoo’s strategic partnership with Mozilla
On November 19, 2014, Mozilla entered into a five-year strategic partnership with Yahoo (YHOO). It made Yahoo the default search engine for Firefox users in the US.
JAT Capital sells its position in Vipshop Holdings
According to a Bloomberg report in March, Vipshop’s Guangzhou-based share price doubled this year after surging 369% in 2013. This was the biggest advance on the Bloomberg China-U.S. Equity Index.
Must-know: Chilton initiates a new position in Now Inc.
Now’s U.S. revenues fell due to the company’s central U.S. pipe yard relocation, reduced project revenues, and the implementation of a new quoting system.
Farallon Capital establishes a new position in Hillshire Brands
Hillshire reported fiscal 4Q14 net sales of $1.1 billion, up 10.7% in comparison to the corresponding period last year.
Coatue Management adds new position in Level 3 Communications
Coatue Management added a new position in Level 3 Communications Inc. (LVLT) during the third quarter. The stock accounted for 1.46% of the fund’s 3Q14 portfolio.
Facebook plans to introduce a voice-to-text feature on Messenger
Facebook’s (FB) Messenger already offers a feature that let people send voice clips to their friends without having to type out the text.
The evolution of online advertising
Since its inception in the early 90’s, online advertising has exponentially increased in growth.
Maverick Capital lowers position in Baidu, Inc.
Maverick Capital lowered its position in Baidu, Inc. in 3Q14. The position accounts for 0.36% of the fund’s total portfolio in the third quarter.
Phillips 66 no longer part of Iridian
Iridian exited its position in Philips 66 (PSX), which accounts for 3.20% of the fund’s third quarter portfolio.
Avis Budget Group gets lower position with Iridian
Iridian lowered its position in Avis Budget Group, Inc. (CAR), which now accounts for 2.46% of the fund’s third-quarter portfolio.
Sale of position in Tyco affects Iridian’s portfolio
Iridian sold its position in Tyco International Ltd. (TYC), which accounts for 1.90% of the fund’s second quarter portfolio.
Avis stock accounts for 5.84% of Marcato Capital portfolio
Marcato Capital added to its position in Avis Budget Group (CAR) . The stock accounted for 5.84% of the fund’s portfolio for the quarter ending in September.
Lear stock accounts for 11% of Marcato portfolio
Marcato Capital added to its position in Lear corporation (LEA) during 3Q14. The stock accounted for 11.13% of the fund’s portfolio for the quarter ending in September.
JAT Capital’s activist stake in Madison Square Garden
In its latest amended filing to SEC, JAT Capital revealed it has an activist stake equal to 9.36% of the company’s shares outstanding. It upped its stake to 5.96 million shares, pushing the company’s management harder to consider strategic alternatives.
JAT Capital adds to its position in Twitter
Despite continued growth, Twitter is still a small player in the online advertising market. Twitter needs the support of as many advertisers as possible to become a major player in the digital advertising world.
JAT Capital starts a new position in Zillow
Zillow, Inc. operates the leading real estate and home-related marketplaces on mobile and the Web. Zillow reported quarterly revenue of $88.6 million, up 66% over 3Q 2013.
Trian Fund adds position in Mondelez International
Mondelez is a global snacking powerhouse and a world leader in biscuits, chocolate, gum, candy, coffee, and powdered beverages. It owns billion-dollar brands and reported net revenues of $8.4 billion.
Trian Fund raises stake in Wendy’s
Consolidated revenues were $523.4 million in the second quarter of 2014, compared to $650.5 million in the second quarter of 2013. The 19.5% decrease came from loss of revenue resulting from the sale of 418 company-operated restaurants to franchisees.
Trian Fund reduces its stake in Ingersoll-Rand
Ingersoll-Rand is a global diversified firm. The company’s reported revenues increased 5% to $3,385 million, beating estimates by 6%. It expects revenues for full-year 2014 to increase by approximately 4%.
Farallon Capital sold its position in SiriusXM Holdings
SiriusXM’s net income was $136 million, or $0.02 per diluted share, in 3Q14, an increase of 117% from $63 million, or $0.01 per diluted share, in 3Q13.
Moore Capital starts new position in Procter & Gamble
P&G reported first quarter fiscal year 2015 core earnings per share of $1.07, an increase of 2% compared to the previous year. Net sales were unchanged compared to a year ago, at $20.8 billion.
Moore Capital increases its stake in Apple
Carl Icahn said that Apple’s stock is dramatically undervalued and is actually trading at half of its intrinsic value. He believes that Apple’s (AAPL) stock should be trading at around $203, much higher than the current stock price of $98.
Why exchange-traded funds were hedge fund favorites in 2Q14
ETFs owned by hedge funds were valued at $36.9 billion at the start of 3Q14. This was an increase of 12.1% from $33.8 billion in the earlier quarter.
Why Bridgewater starts new position in Bed, Bath and Beyond
Bridgewater Associates disclosed a new position in Bed, Bath & Beyond (BBBY). It accounted for 0.11% of the fund’s total portfolio.
Why Bridgewater Associates decreased its position in Cisco
Bridgewater Associates decreased its position in Cisco from 0.20% in the 1Q portfolio to 0.09% in the fund’s 2Q portfolio.
Why Blue Ridge Capital exits position in Coach
Coach shares fell in June after the company said it will close 70 out of its 351 North American full-price stores by the end of the first half of 2015.
Marcato eliminates position in Brookfield Residential Properties
In 3Q14, Marcato Capital sold a position in Brookfield Residential Properties Inc. (BRP). The stock accounted for 0.6% of the fund’s portfolio for the second quarter ending in June.
Is It Worth Taking an Active Bet on Coeur Mining?
By increasing its stake in Coeur Mining in 1Q15, Renaissance Technologies would expect Coeur Mining to generate superior returns.
Coeur Mining Reports Mixed 1Q15 Results
Coeur Mining reported 1Q15 revenue of $153 million. It missed consensus estimates by $2.55 million. The company reported net loss of $24.4 million in 1Q15.
Renaissance Technologies Increases Its Stake in Coeur Mining
In 1Q15, around 23 hedge funds created a new position in Coeur Mining. Over 52 hedge funds added to their position in Coeur Mining including Renaissance Technologies.
Is Newmont Mining Worth an Active Bet Currently?
Mackenzie Financial added Newmont Mining (NEM) to its portfolio, expecting NEM to generate superior returns compared to benchmarks.
Newmont Reports Better-Than-Expected 1Q15 Results
Newmont’s (NEM) share price jumped 6.5% after the release of its 1Q15 results. The company reported Q1 revenue of $2 billion and adjusted EPS of $0.46.
Mackenzie Financial Takes On Significant Newmont Mining Exposure
In this series, we’ll take a look at Newmont Mining’s performance over the last quarter in order to better understand its current and longer-term drivers.
Coatue Management Exits Its Position in Level 3 Communications
In 4Q14, Coatue Management exited its position in Level 3 Communications. Coatue sold 3,122,406 shares of Level 3. It represented 1.46% of the fund’s 3Q14 portfolio.
Blue Harbour Ups its Stakes in Allscripts Healthcare Solutions
Blue Harbour raised its stakes in Allscripts Healthcare Solutions (MDRX) in 4Q14. The company accounts for 5.91% of the fund’s portfolio in 4Q14.
Blue Harbour Raises Its Stakes in Rackspace Hosting
Blue Harbour increased its position in Rackspace Hosting (RAX) in 4Q14. The company accounts for 13.72% of the fund’s portfolio in 4Q14.
Highlights of Blue Harbour’s Top Increased Positions in 4Q14
Blue Harbour’s top ten holdings include Rackspace Hosting at 13.42%, Akamai Technologies at 10.31%, and Babcock & Wilcox at 9.90%.
Blue Harbour Starts New Position in Clean Harbors
Blue Harbour started a new position in Clean Harbors (CLH) in 4Q14, buying 1,434,552 shares worth $68 million. It accounts for 2.21% of the fund’s total portfolio.
Maverick Capital Sells Position in Cognizant Technology Solutions
In February 2015, Cognizant Technology Solutions announced its 4Q14 results and reported revenues of $2.74 billion, up 16.4% from $2.36 billion in 4Q13.
Blue Harbour Eliminates Its Position in Nabors Industries
The Nabors companies own and operate approximately 466 land drilling rigs throughout the world and approximately 543 land workover and well servicing rigs in North America.
Maverick Capital Bumps Up Santander by $70 Million in Q4
Maverick Capital increased its position in Santander Consumer USA Holdings (SC) by more than $70 million in stock. Santander accounts for 4.44% of the fund’s portfolio in 4Q14.
Priceline Group Gets New Position with Maverick Capital in 4Q14
Maverick Capital started a new 4Q14 position in Priceline Group, buying 111,000 shares worth $126 million. Priceline accounts for 1.98% of the fund’s portfolio.
Maverick Capital Adds to Position in Vulcan Materials in 4Q14
Maverick Capital increased its position in Vulcan Materials by $147 million in stock. Vulcan accounts for 2.91% of the fund’s portfolio in 4Q14.
CommScope Holding Is Maverick Capital’s New 4Q14 Position
Maverick Capital started a new position in CommScope Holding (COMM) in 4Q14. According to 13F filings, CommScope accounts for 2.53% of the fund’s portfolio.
Google’s Search Advertising Business Is Highly Profitable
Google’s search advertising business is highly profitable because it commands higher ad rates. Search ads carry higher rates compared to display ads.
Gemini Is Becoming a Valuable Business for Yahoo
Yahoo Gemini is a marketplace that combines mobile search and native advertising, helping advertisers manage and optimize their ads.