Steve Cohen Is Rebranding His Hedge Firm, Looks Like Hong Kong’s Market Is Unraveling, And Other Stories (5/21/15)
Wait what’s this? Steve Cohen — you might remember him from the news for insider trading. He hasn’t been found guilty of it because of lack of evidence — and his super-secret hedge fund is rebranding and doing so with quite a bit of fanfare. This comes as news because Cohen is notoriously camera-shy and of course, when CNBC went to record the trading floor at Cohen’s firm, he wasn’t available.
Yesterday, Hanergy Thin Film Power Group Ltd.’s shares plummeted 47%, losing almost $19 billion in the process. Today, Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., lost more than 60% of its value. According to Bloomberg, “the two stocks surged more than 300 percent in 2015 for the biggest gains on the Hang Seng Composite Index.” And without explanation, the two stocks lost 60% of its gains. However, there is one person we can focus on: Li Hejun, who also just happens to be the owner of Hanergy Thin Film Power Group Ltd.
Are suburbs growing faster now? The Wall Street Journal reports that with the sluggish economy, big cities are growing at a slower pace. That’s actually fine with me. Stay out of New York.
West Coast Fed President John Williams is re-starting the West – East Coast feud. He believes it’s San Francisco that innovates useful products whereas it’s Wall Street that creates products using leverage. Okay, buddy, whatever you say.
CVS is expanding — the nationally recognized brand is buying Omnicare for $12.7 billion to expand their pharmacy division. CVS will pay $98 per share in cash, which comes out to around $9.2 billion, and will take on $2.3 billion in debt.
White people are moving back to Detroit. I guess they needed the backing of billionaires to help them get back in there.
Apparently come Memorial Day, we will all pay a little more for gas.
The CEO of Lumber Liquidators resigns after the US government begins to probe the company after it was reported they were selling toxic flooring. Its shares dropped almost 18% — they had lost 62% of their value this year already.
BREAKING: Lumber Liquidators CEO Robert Lynch steps down • $LL stock falling sharply. We discuss w/ an analyst next pic.twitter.com/ijjbdVxFo3
— Squawk Box (@SquawkCNBC) May 21, 2015
Americans need to be less skeptical of the stock market — families missed out on some enormous gains. You know what the word on the street is: Buy low and buy when there’s blood in the streets. So come this bear market, buy, buy, buy, but buy smart.
Looks like the data is pointing to slow economic growth.
:o)
