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Santiago Solari

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Santiago Solari

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    Fund Managers

    Key analysis of Lithia’s used vehicle operations

    The larger share of CPOs and core vehicles in its sales mix drives Lithia’s significant lead in same-store gross profit per vehicle.

    By Santiago Solari
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    Fund Managers

    Third Point adds stake in Citigroup

    Citigroup is the third largest US bank with assets of $1.9 trillion and ~200 million customer accounts worldwide.

    By Santiago Solari
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    Fund Managers

    Luxor Capital Establishes New Stake in Cheniere Energy

    In February 2015, Cheniere Energy announced that its 4Q14 and full-year results reported a net loss attributable to common stockholders of $158.6 million, or $0.70 per share.

    By Santiago Solari
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    Fund Managers

    How Does Wall Street View American Airlines?

    Out of the total analysts surveyed by Bloomberg, 64.7% of analysts have a “buy” rating on American Airlines, ~35.3% of the analysts have a “hold” rating, and no analysts have a “sell” rating.

    By Santiago Solari
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    Fund Managers

    Trying Times for Railroads, but Institutional Investors Hang On

    During slowdowns, manufacturers cut production. As a result, freight volumes hauled by railroads, airplanes, truckers, and shipping firms tend to be adversely affected.

    By Santiago Solari
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    Fund Managers

    What Do Fundamental Bulk Shipping Indicators Say?

    The BDI (Baltic Dry Index) is a leading indicator for the bulk shipping industry. It’s a measure of the cost of shipping major bulk commodities on a number of shipping routes.

    By Santiago Solari
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    Fund Managers

    Getting a Read on the Railroad Industry

    Railroads have seen a boost in intermodal traffic recently due to heightened international trade, continued investment in growing intermodal rail networks, and a shift from trucks to railways.

    By Santiago Solari
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    Fund Managers

    Why Teradyne’s offerings provide value to end-user markets

    This article takes a look at Teradyne’s (TER) product line and how it adds value to its customer base.

    By Santiago Solari
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    Fund Managers

    MeadWestvaco to spin off its specialty chemicals business

    In January 2015, MeadWestvaco, announced that its board had approved the plan to spin off the specialty chemicals business from the rest of the company.

    By Santiago Solari
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    Fund Managers

    JAT Capital Eliminates Exposure to SanDisk Corporation

    JAT Capital sold its position in SanDisk Corporation (SNDK) in 4Q14. The position had represented 1.2% of the fund’s third-quarter portfolio.

    By Santiago Solari
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    An Update on Fairholme’s Positions in Fannie Mae and Freddie Mac

    Berkowitz believes that Fannie Mae and Freddie Mac entities are highly valuable and expects them to generate earnings of at least~$21 billion a year.

    By Santiago Solari
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    Fund Managers

    Magnetar Raises Its Position in Williams Companies

    Magnetar raised its stake in Williams Companies during the fourth quarter by purchasing 1.5 million shares. It represents 2.59% of the fund’s 4Q14 portfolio.

    By Santiago Solari
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    Fundamental Industry Trends that Investors Should Know

    While air freight and logistics service operators have benefited from the recovery in the US economy, M&A has been the major growth driver for the industry in recent years.

    By Santiago Solari
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    Fund Managers

    JAT Capital Lowers Stake in Tesla Motors

    In the fourth quarter of 2014, JAT Capital reduced its stake in Tesla Motors (TSLA). The position accounted for 5.83% of the fund’s 4Q14 portfolio.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital Increases Its Stake in Plains Group Holdings

    During 4Q14, Magnetar Capital increased its position in Plains Group Holdings. It represents 2.36% of the fund’s portfolio at the end of the fourth quarter.

    By Santiago Solari
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    Fund Managers

    Starboard Value raises activist stake in MeadWestvaco

    Starboard Value is a New York-based activist hedge fund that takes large, long-term positions in companies that it believes to be undervalued or mismanaged.

    By Santiago Solari
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    Highlights of Fairholme Capital’s 4Q14 Portfolio

    Fairholme Capital’s collective funds hold in excess of ~$7.0 billion in net assets, of which roughly 94% is concentrated in FAIRX.

    By Santiago Solari
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    Fairholme Lowers Its Stake in Leucadia National Corporation

    Due to its long-term value-oriented investment style and its interests in diversified businesses, Leucadia National is known as Baby Berkshire.

    By Santiago Solari
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    Fund Managers

    A Bird’s-Eye View of Orbitz Worldwide’s Full Year Performance

    In fiscal 2014, Orbitz posted double-digit revenue growth on the back of strong hotel bookings. It experienced a 10% year-over-year growth in total revenues to $932 million.

    By Santiago Solari
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    Fund Managers

    An overview of PVH’s business by geographies

    We’ll look at PVH’s operations by geographies. It markets its products in over 100 countries through wholesale partners. It has over 4,700 retail locations.

    By Santiago Solari
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    What investors need to know about PVH’s operations

    In the apparel industry, operators are focusing on the retail side of their business. Through retail operations, companies generate higher margins.

    By Santiago Solari
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    Berkowitz’s Fund Establishes Stake in Sears Canada

    To counter competitive pressures, Sears Canada sold leases worth $400 million in 2013 and reduced its workforce by 3,000 employees.

    By Santiago Solari
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    JAT Capital Exits Stake in Comcast

    In its fourth-quarter 13F, JAT Capital revealed that it had sold its stake in Comcast (CMCSA).

    By Santiago Solari
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    Hedge Funds Were Right about Air Freight and Courier Services

    1Q15 aggregate filings from institutional investors revealed a net bearish position in stocks belonging to the air freight and logistics industry.

    By Santiago Solari
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    What’s the Outlook for Star Bulk Carriers?

    If dry bulk demand picks up, Star Bulk Carriers (SBLK) with its large fleet would be in a position to capitalize on the upswing.

    By Santiago Solari
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    Fund Managers

    Chesapeake Energy is Fairholme Capital’s new position

    Fairholme purchased ~537,000 shares of Chesapeake Energy Corporation (CHK) for $12.3 million in 3Q14. It now accounts for 0.16% of the portfolio.

    By Santiago Solari
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    Passport Capital Invests over $127 Million in Banks in 4Q14

    The investment in banking stocks appears to be based on the view that such stocks could outperform the market given a rise in short-term interest rates.

    By Santiago Solari
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    Basic Materials

    Exploring MeadWestvaco’s packaging business

    MeadWestvaco’s packaging operations can be broken down into three categories. The primary raw material used in operations is third-party sourced wood fibre.

    By Santiago Solari
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    Fund Managers

    A Valuation Perspective on Southwest Airlines

    Over the last three years, Southwest has been able to grow both its revenues and earnings meaningfully, facilitated by the low fuel price environment and prudent capacity management.

    By Santiago Solari
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    Delta Air Lines Reports Mixed Traffic Results in August

    Delta Air Lines expects its situation to ease by 1Q15, when it can reap the benefits of declining oil prices, fleet restructuring, and cost-saving initiatives.

    By Santiago Solari
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    What Does Wall Street Think about Southwest Airlines?

    Of the 20 Wall Street analysts covering the stock, 13 have rated Southwest Airlines a “buy,” and three have rated it a “sell.”

    By Santiago Solari
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    Fund Managers

    AQR Capital and Renaissance Technologies Raise Stakes in LUV

    Among hedge funds that made significant buys in 2Q15 was value investor Cliff Asness’s AQR Capital Management. It increased its stake in LUV by ~4 million shares to 9.7 million shares.

    By Santiago Solari
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    Southwest Airlines: Institutional Investors Shied Away in 2Q15

    2Q15 institutional investor filings show the vast majorty of asset managers weren’t bearish on airlines such as Southwest Airlines (LUV). Publicly traded US airline stocks have collectively lost 7.43% to date.

    By Santiago Solari
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    Fund Managers

    Is Delta Air Lines Undervalued?

    Delta Air Lines has traded at a discount to its peers over the last five-year period. With a debt-to-equity ratio of 0.8x, DAL’s leverage is somewhat elevated in comparison to its peers.

    By Santiago Solari
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    Some Activist Investors Are Betting that SBLK Has Hit Bottom

    Hedge funds like Caspian, Oaktree, and Monarch are going against the crowd by pinning their hopes on the assumption that SBLK’s share price has reached its floor.

    By Santiago Solari
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    Factors to Consider When Investing in Crude Tankers

    Due to the capital-intensive nature of the tanker business, crude tankers tend to have high debt levels on their balance sheets. In lean times when contango narrows, it will likely result in value destruction.

    By Santiago Solari
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    How Have Hedge Funds Played Crude Oil Tankers?

    Trade activity among institutional investors with exposure to crude tankers revealed mixed activity in 2Q15. Certain crude tanker companies on average have generated returns of 38% so far in 2015.

    By Santiago Solari
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    Fund Managers

    Crude Oil Contango and Carry Trade: What Investors Should Know

    Recent events such as rising US production and the Iran nuclear deal have added to the oil glut. Contango is currently at $8.50 per barrel, which makes it an attractive trade for speculators and arbitrageurs.

    By Santiago Solari
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    Fund Managers

    Why Are Oil Tankers Sailing High in 2015?

    Oil tankers have outperformed shipping peers, generating in excess of 50% year-to-date on a total return, or price return plus cash returns, basis.

    By Santiago Solari
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    Fund Managers

    Courier Service Providers Report Strong Second-Quarter Earnings

    Over the last week, air freight and courier service providers registered the largest gains among subindustry groups within the iShares Transportation Average ETF (IYT).

    By Santiago Solari
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    Fund Managers

    Does It Make Sense to Add JetBlue to Your Portfolio?

    JetBlue Airways trades at a forward EV-to-EBITDA multiple of 5.35x, which is in line with its peer average.

    By Santiago Solari
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    Fund Managers

    Are Railroads Trading at Fair Valuations?

    Railroads have underperformed the overall market and have yielded negative returns year-to-date. But the industry has outperformed the market over the last ten years on a total returns basis.

    By Santiago Solari
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    Fund Managers

    What Investors Should Know about the Trucking Industry

    The condition of the trucking industry provides a basis for reading the status of the economy. Over 65% of the freight in the US is transported on trucks.

    By Santiago Solari
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    Fund Managers

    Do Air Freight and Logistics Stocks Trade at a Fair Multiple?

    The industry’s trailing 12-month PE (price to earnings) multiple of 22.46x is at a slight premium to the S&P 500 trailing PE of 20.6x.

    By Santiago Solari
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    Fund Managers

    Hedge Funds with Sizeable Holdings in Air Freight and Logistics

    Filers with significant holdings in air freight and logistics service providers either maintained their existing exposure or made slight adjustments to their portfolio weights.

    By Santiago Solari
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    Fund Managers

    Is it Worth Making an Active Bet on Bank of America?

    Bank of America (BAC) was added to its portfolio because the fund expects BAC to generate returns that are superior to the benchmarks listed in the table below.

    By Santiago Solari
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    Fund Managers

    Magnetar Sells Position in Western Refining

    In January 2015, Western Refining grew its retail operations by adding 31 stores in Southern Arizona. Revenues in 4Q14 were relatively stable at $3 billion.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital Establishes a New Position in McDonald’s

    In 4Q14, Magnetar Capital initiated a new position in McDonald’s (MCD). It represented 0.76% of the fund’s fourth quarter portfolio holdings.

    By Santiago Solari
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    Fund Managers

    Orbitz’s Cash Flow Generation and Credit Profile

    Orbitz Worldwide (OWW) has an established track record for generating positive operating cash flows. Its existing cash balance is $188 million.

    By Santiago Solari
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    Fund Managers

    Expedia Plus Orbitz Will Equal Largest Online Travel Company

    On February 12, Expedia announced its acquisition of Orbitz in an all-cash transaction worth $1.6 billion, or $12 per share. The deal is under regulatory review.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital Reveals Activist Stake in Orbitz Worldwide

    In March 2015, Magnetar Capital purchased 6.27 million shares of Orbitz Worldwide, Inc. (OWW), giving the hedge fund a 5.6% stake in the company.

    By Santiago Solari
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    Fund Managers

    Magnetar Purchases New Stake in Restaurant Brands International

    Magnetar Capital added new stake in Restaurant Brands International (QSR) in 4Q14. The position represented 0.73% of its holdings at the end of the year.

    By Santiago Solari
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    Fund Managers

    Magnetar Disposes of Stake in Baker Hughes

    In 2014, Baker Hughes repurchased $600 million in shares, 71% more than in 2013. The company declared a quarterly dividend of $0.17 per share.

    By Santiago Solari
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    Fund Managers

    Magnetar Eliminates Exposure to MetLife

    MetLife (MET) is a global insurance company that operates in several countries around the world. It reported operating earnings of $1.6 billion in 4Q14.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital’s Top Exits in 4Q14

    Established in 2005 by Alec Litowitz and Ross Laser, Magnetar Capital has grown by more than five times in terms of assets under management.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital Raises Its Stake in Actavis

    In the fourth quarter, Magnetar increased its exposure to Actavis. It bought 42,107 shares in the pharmaceutical firm. It represents 1.5% of the fund’s 4Q14 portfolio.

    By Santiago Solari
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    Fund Managers

    Magnetar Adds New Stake in Applied Materials

    In 4Q14, Magnetar established a new position in Applied Materials. The position accounted for 2.66% of the fund’s fourth quarter portfolio.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital’s New Position in Devon Energy

    During 4Q14, Magnetar purchased around 1.4 million shares in Devon Energy (DVN). The position represented 1.61% of the fund’s portfolio.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital Initiated New Positions in 4Q14

    Magnetar Capital was established in 2005 by Alec Litowitz and Ross Laser. Currently, the hedge fund manages assets in excess of $12 billion.

    By Santiago Solari
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    Fund Managers

    Magnetar Increases Its Position in TransCanada

    In 4Q14, Magnetar Capital added to its position in TransCanada by purchasing 2.6 million shares. It accounts for 6.68% of the fund’s fourth quarter portfolio.

    By Santiago Solari
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    Fund Managers

    Magnetar Raises Its Stake in Alibaba

    In 4Q14, Magnetar Capital increased its position in Alibaba (BABA) by purchasing 1.7 million shares. Currently, the position accounts for 7.6% of the fund’s portfolio.

    By Santiago Solari
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    Fund Managers

    Highlights of Magnetar Capital’s 4Q14 Position Decreases

    Magnetar Capital’s portfolio remained highly concentrated in energy stocks, which represented over 60% of its 4Q14 US long portfolio value.

    By Santiago Solari
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    Fund Managers

    Luxor Capital Cuts Its Stake in AMC Networks

    AMC Networks is a pioneer in the cable television programming industry known for delivering high quality programming content to its audience.

    By Santiago Solari
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    Fund Managers

    Magnetar Capital’s Increased Positions in 4Q14

    Magnetar Capital was established in 2005 by Alec Litowitz and Ross Laser. Currently, the hedge fund manages assets in excess of $12 billion.

    By Santiago Solari
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    Fund Managers

    Luxor Capital Reduces Its Position in Twenty-First Century Fox

    Twenty-First Century Fox, a diversified global media and entertainment company, is home to a number of cable, broadcasting, and film networks and properties.

    By Santiago Solari
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    Fund Managers

    Luxor Capital Reduces Position in Constellation Brands

    Constellation Brands is a leading international beverage alcohol company with a broad portfolio of premium imported beer, wine, and spirits brands.

    By Santiago Solari
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    Fund Managers

    JAT Capital Lowers Stake in Akamai Technologies

    In 4Q14, JAT Capital reduced its exposure to Akamai Technologies (AKAM). AKAM accounted for 1.27% of JAT Capital’s portfolio at the end of the quarter.

    By Santiago Solari
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    Fund Managers

    JAT Capital Significantly Reduces Position in Facebook

    In 4Q14, JAT Capital cut its stake in Facebook (FB). The position represented 2.58% of JAT Capital’s fourth-quarter portfolio.

    By Santiago Solari
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    Fund Managers

    Highlights of Luxor Capital’s Fourth Quarter Positions

    Luxor Capital’s investment style is a long-term value-oriented approach and its portfolio has a balanced mix of both equity and fixed income securities.

    By Santiago Solari
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    Fund Managers

    Must-Know Overview of Rovi Corporation

    Rovi Corporation (ROVI) provides content discovery and personalized, interactive experiences to the entertainment media market.

    By Santiago Solari
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    Fund Managers

    Glenn Welling’s Fund Pressures Rovi’s Board

    According to Bloomberg News, Engaged Capital is seeking to alter Rovi Corporation’s cost structure and implement various strategic initiatives.

    By Santiago Solari
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    Fund Managers

    Engaged Capital Raises Stake in Rovi Corporation

    Engaged Capital’s relationship with Rovi dates back to April 2013, when the fund first invested in the company.

    By Santiago Solari
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    Fund Managers

    JAT Capital Sells Stake in Hertz Global Holdings

    In 4Q14, JAT Capital sold its stake in Hertz Global Holdings (HTZ). The $196-million position had represented 3.2% of the fund’s third-quarter portfolio.

    By Santiago Solari
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    Fund Managers

    JAT Capital Adds New Position in Alliance Data Systems

    With annual revenues of $5.3 billion, Alliance Data Systems is a leading provider of customized marketing and loyalty solutions.

    By Santiago Solari
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    Highlights of JAT Capital’s Fourth-Quarter 13F Positions

    Companies belonging to the technology sector represented over 50% of JAT Capital’s US long portfolio.

    By Santiago Solari
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    Fairholme Lowers Its Stake in St. Joe

    In 4Q14, St. Joe’s revenues fell by more than half from 4Q13 to $15.7 million, as real estate sales dropped by 76% and timber sales fell by 85%.

    By Santiago Solari
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    Fund Managers

    Bank of America Gets Reduced Stake From Fairholme Capital

    Bank of America’s credit quality improved during the quarter, as provisions for credit losses fell by $117 million from 4Q13 to $219 million in 4Q14.

    By Santiago Solari
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    Fund Managers

    Fairholme Decreases Its Position in Lincoln National Corporation

    Lincoln National’s top line growth remained strong, as revenues grew by more than 18% YoY to $3.7 billion in 4Q14.

    By Santiago Solari
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    Fund Managers

    Fairholme Capital Reduces AIG Stake

    AIG reported lower net income, from $2 billion in 4Q13 to $655 million in 4Q14, due to an after-tax charge of ~$800 million for debt retirement activities.

    By Santiago Solari
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    Fund Managers

    Fairholme Capital Bids Adieu to New York Community Bancorp

    In fiscal 2014, NYCB grew its multifamily loan book, making a record ~$7.6 billion in loan originations while keeping asset quality metrics intact.

    By Santiago Solari
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    Fairholme Capital Exits Stake in KKR

    For the fourth quarter of 2014, KKR reported a net loss of $0.6 million, compared to net income of $277.9 million in 4Q13.

    By Santiago Solari
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    Fairholme Bulks Up its Position in Sears Holdings

    Eddie Lampert, chairman and CEO of Sears Holdings, has made it clear that he intends to create value through monetizing the company’s real estate assets.

    By Santiago Solari
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    Fund Managers

    Fairholme Cuts Chesapeake Energy from its Portfolio

    In 4Q14, Chesapeake Energy sold certain assets in the southern Marcellus and eastern Utica Shales for net proceeds of $5.1 billion.

    By Santiago Solari
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    Fund Managers

    A key analysis of Cadence’s profitability

    Cadence’s R&D expenses as a percentage of sales increased by 100 bps, owing to higher intellectual property–related research and development spending.

    By Santiago Solari
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    Fund Managers

    How Cadence generates a steady revenue stream

    Aggressive acquisitions and a focus on systems enabled Cadence to grow its revenues at a faster pace than its competition in the last five years.

    By Santiago Solari
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    Fund Managers

    How recent acquisitions have benefited Cadence

    In June 2014, Cadence completed the acquisition of Jasper Design Automation, the market leader in the fast-growing sector of formal analysis.

    By Santiago Solari
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    Factors that will shape the EDA industry

    Gordon Moore predicted that chip complexity would double roughly every year. Moore’s Law has held up well, as chip complexity doubles every year and a half.

    By Santiago Solari
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    Why EDA is integral to the semiconductor industry

    Semiconductor companies utilize the services of chip designers such as Cadence in order to tackle time-to-market pressures.

    By Santiago Solari
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    Fund Managers

    Cadence’s cash flow and capital allocation strategy

    Cadence’s $691 million debt is manageable, given its $1 billion cash and liquid investments. CDNS has a $250 million credit line and strong free cash flow.

    By Santiago Solari
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    Cadence delivers end-to-end solutions in EDA and IP

    Looking at its EDA products through the Virtuoso platform, Cadence provides support for laying out transistors, wires, and chips for a variety of designs.

    By Santiago Solari
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    Key overview of Cadence Design Systems’s operations

    About 90% of Cadence’s revenues come from contracts over multiple periods, allowing the company to generate a steady, predictable stream of revenues.

    By Santiago Solari
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    Fund Managers

    Glenview Capital increases its position in Cadence Design Systems

    Glenview Capital increased its position in Cadence Design Systems by 3.25 million shares, bringing its position to 17.7 million shares in the company.

    By Santiago Solari
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    Fund Managers

    Berkshire Hathaway reduces its exposure to National-Oilwell Varco

    Headquartered in Houston, Texas, National-Oilwell Varco (NOV) provides oilfield services and equipment used in oil and gas drilling and production.

    By Santiago Solari
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    Fund Managers

    Berkshire Hathaway’s new stake in John Deere

    Although Berkshire Hathaway had been accumulating shares in John Deere since 3Q14, the fund chose not to disclose it to the public in order to avoid copycat moves.

    By Santiago Solari
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    Fund Managers

    MeadWestvaco overfunds pension plan – RockTenn benefits

    A few days after the merger was announced, a law office announced it was investigating potential claims made against the board of MeadWestvaco.

    By Santiago Solari
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    Fund Managers

    Third Point ups its stake in Amgen

    Amgen is one of the leading biotech firms with market capitalization of $116 billion and revenues in excess of $20 billion.

    By Santiago Solari
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    Fund Managers

    Third Point initiates new position in Phillips 66

    Third Point established a new position in Phillips 66 (PSX) through the purchase of 5 million shares for a total value of $359 million.

    By Santiago Solari
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    Fund Managers

    Third Point’s fourth quarter portfolio: Tale of the tape

    Third Point takes positions in mismanaged or distressed companies and then maximizes shareholder value by making them into leaner and more efficient entities.

    By Santiago Solari
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    Fund Managers

    Lear acquired automotive leather supplier Eagle Ottawa

    With annual sales of approximately $1 billion, Eagle Ottawa is the world’s largest supplier of premium automotive leather.

    By Santiago Solari
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    Fund Managers

    Lear’s margins beat expectations in both of its segments

    Lear’s core unadjusted operating earnings increased by 26% to $929.2 million. The uptick was due to higher sales volumes coupled with reduction in average total costs.

    By Santiago Solari
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