The boom in spinoff activity over the past few years has been aided greatly by the boom in activist investing. In this edition of Odds & Ends we check in on some activists. Other hedge funds may be shuttering, but it seems this segment remains hot! When something works, the financial industry knows how to milk it, but… Read More »
It’s that time of year again where thanks to sites like Market Folly we mere mortals get to enjoy the vast wisdom contained in hedge fund year end letters. David Einhorn’s Greenlight Capital is always a good one to read although this past year was a challenging one for the value investor. The fund returned <2% in 2017… Read More »
Lets close off the week with some happenings in the world of spinoffs: 1) Spinoffs Are Popular On The Johannesburg Exchange Every so often, a reader writes in to the site to let us know that our international coverage is weak (some use nicer language…others less nice). To which we reply thanks for reading and that volunteers are… Read More »
The automotive space is undergoing a tremendous amount of change and the forecast calls for more turbulence. I mean, Google’s Waymo is advertising! It’s been interesting to watch the different approaches taken by the OEMs though. For example, GM (GM) has been very active in both electrification (despite the hype differential its Bolt outsells Tesla’s Model 3) and… Read More »
Despite our new President publicly pledging his support for the coal industry, Consol Energy (CNX) is still looking at ways to fully shed its exposure to the commodity. The company sold off a number of its mines in 2016 and the only thing keeping it from being a pureplay E&P entity is its Pennsylvania mining interests. In its… Read More »
Last week, we wrote about the nosedive in Civeo (CVEO) shares following lousy guidance and the announcement that the company would redomicile in Canada as a C corp instead of pursuing REIT status. Although the logic seemed reasonable, the decision was somewhat surprising as the REIT conversion seemed to be viewed as a big value driver by large, activist shareholders such… Read More »
Oil States International’s (OIS) board of directors approved the spinoff of its accommodations business, Civeo Corporation. The new company will trade on the NYSE under the ticker ‘CVEO’ and OIS shareholders will receive 2 shares of CVEO for every OIH share owned. The distribution is expected to take place on May 30th to shareholders as of the close on… Read More »
People often focus on the larger, more macro implications of the recent commodity boom. As a result, it’s very easy to forget about the nitty gritty, day to day lives of the people actually working in far flung locations up in Canada or South Dakota (well, there goes our South Dakota reader). Thousands of people descend on these… Read More »