logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 

Equities – Your destination to connect with the growth investment community.

Why These Stocks Will Suffer From SAC Capital's Legal Woes

By  +Follow August 21, 2013 9:15AM
Share:
Tickers Mentioned:

The long rise and snowballing decline of SAC Capital Advisors LP has been one of the bigger stories of this year.

The legendary investment fund began 2013 with $15 billion in assets, with $6 billion of that belonging to outside investors. By the beginning of June, however, investors had requested that nearly all of that be returned, as the company was confronted with civil and then criminal charges from the SEC. One of the more high-profile examples of this occurred when the well-known Blackstone Group yanked the entirety of its more than $500 million in investments from the firm.

As of June 30, SAC had closed down its Parameter Capital trading unit, reducing its positions by $2 billion in anticipation of repaying investor withdrawals for the remainder of the year. The future of the fund is uncertain, especially after US attorney Preety Bharara upped the ante with the introduction of criminal charges on July 25. Prior to embittering of relations between Cohen and SAC on the one hand, and Federal regulators on the other, there was a great deal of speculation that SAC would simply contract into a fund whose sole responsibility would be the management of the Cohen family fortune.

That possibility now seems more remote, however. Early this week, Bloomberg reported that the 21-year old SAC was refusing requests to return cash early, with rumors of coming layoffs swirling about, though the firm has been doing its best to behave as though everything will continue on its normal course once recent problems have been resolved.

With all of the drama and uncertainty surrounding the matter, the fund does indeed appear to be operating as best it can. As of July 30, SAC had a total of 1,917 positions worth $16.9 billion. 426 of those positions were new, while overall 984 positions had been increased, and 931 had been reduced. The fund had sold off 369 of its holdings.

Of the holdings SAC had exited completely by the July 30 13-F filing deadline, the biggest included:

-Panera Bread Co. (PNRA) , down 7 percent over the last month to $173.72.
-Cliffs Natural Resources Inc. (CLF) , up 20 percent over the last month to $21.68
-The Dow Chemical Company (DOW) , up nearly 7 percent over the last month to $36.95.
-Smithfield Foods Inc. (SFD) , up half of a percent over the past month to $33.43.

The holdings that SAC had reduced the most by July 30 include:

-Repros Therapeutics Inc. (RPRX) , down nearly 6 percent over the last month to $19.80.
-Praxair Inc. (PX) , up 0.4 percent over the last month to $117.47.
-Endo Pharmaceuticals Holdings Inc. (ENDP) , up 0.05 percent over the past month to $38.50.
-Intuitive Surgical Inc. (ISRG) , down 2.65 percent over the past month to $385.45.

The fund had increased its holdings the most in the following stocks:

-Market Vectors Gold Miners ETF ($GDX), up 10.5 percent over the past month to $30.33.
-Select Comfort Corporation (SCSS) , down 8.25 percent over the past month to $21.95.
-CNH Global NV (CNH) , up 4.9 percent over the past month to $46.95.
-HCA Holdings Inc. (HCA) , down 1.6 percent over the past month to $38.58.

The fund started the largest new positions in the following companies:

-U.S. Silica Holdings Inc. (SLCA) , down 3.73 percent over the past month to $22.47.
-EXCO Resources Inc. (XCO) , down 13.8 percent over the past month to $7.43.
-Intelsat S.A. (I) , up 5.8 percent over the past month to $22.38.
-Pinnacle Foods Inc. (PF) , up 3.5 percent over the past month to $26.76.

For the full list of SAC Capital’s holdings and activity as of July 30 of this year, the NASDAQ website has all of the information.

[Image: A Panera Bread location in Chicago, Illinois. Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Signup for our daily newsletter and get our best articles emailed right to you!

Results for PNRA
FinSentS NASDAQ
18 Apr 15 15:34:05
$PNRA:US Bank of America Reiterates $205.00 Price Target for Panera Bread (PNRA) #PANERA BREAD CO http://t.co/us4XkYExEr #NASDAQ
StockNewsWires
18 Apr 15 10:10:12
$PNRA: Bank of America Reiterates $205.00 Price Target for Panera Bread ...: http://t.co/FArpRGDlHC
Polyticks
18 Apr 15 09:41:17
RT @Jack_L_Mohr: Yes! $PNRA! $750M buyback program announced = 18% of their mkt cap. Shares should be up dbl digits. Bravo @jimcramer
Activist Stocks
18 Apr 15 09:40:23
Activist Stocks: Alliance Trust, Panera Bread, Rovi, Altisource http://t.co/2tpTxZRnDU ICYMI $BH $ROVI $PNRA $HOT
Activist Stocks
18 Apr 15 09:39:24
Post Darden, restaurants more receptive to activists | Reporter's Notebook http://t.co/pbikKLftNz $PNRA
ybfmiami
18 Apr 15 08:29:23
@panerabread Your online ordering has improved immensely since I last tried it. It is fast & easy, especially with Apple Pay. $PNRA $AAPL
WKRB News
18 Apr 15 04:56:54
Miller Tabak Raises Panera Bread Price Target to $200.00 $PNRA http://t.co/0C4OuPv707
WKRB News
18 Apr 15 04:56:44
Panera Bread Rating Reiterated by Stifel Nicolaus $PNRA http://t.co/qXX7ODksoD
Sleek Money
18 Apr 15 04:50:33
Panera Bread Given a $200.00 Price Target by Robert W. Baird Analysts $PNRA http://t.co/fJhNBtiI4O
Sleek Money
18 Apr 15 04:50:32
Panera Bread Stock Rating Reaffirmed by Jefferies Group $PNRA http://t.co/KMyYT2qMBy
12Stocks.com
18 Apr 15 03:03:48
Weekly MidCap #Stocks Trend $PNRA $SM $GPOR $TECH $FCS $CYH $UNT $DWA $ISCA $DDD $EGN $JDSU $AKRX $CIEN $ARRS @ http://t.co/H27z0IZ4hK
12Stocks.com
18 Apr 15 03:03:31
Weekly MidCap #Stocks Performance $PNRA $ROSE $UNT $CLF $CIEN $GPOR $PTEN $SM $RDC $TDW $DDD $APOL $BXS more@ http://t.co/H27z0IZ4hK
danrocks
17 Apr 15 20:41:13
Right now PNRA is number 146 for the largest percentage gain out of 250 stocks. $PNRA PNRA is up +9.90% in the http://t.co/aW6C0ILRBJ
danrocks
17 Apr 15 20:40:51
$PNRA PNRA Stock is number 146 for the largest percentage gain out of 250 stocks. $PNRA PNRA is up +9.90% in the las http://t.co/OciCqJSZ0Q
Warren Neill
17 Apr 15 20:06:02
$GT $TSCO $DDD $EMC $TSM $BX $PNRA $AA showed relative strength today, but definitely a rough one for bulls.
12Stocks.com
17 Apr 15 16:03:48
MidCap #Stocks Trend $SM $PNRA $TECH $GPOR $CYH $FCS $ISCA $DWA $UNT $DDD $AKRX $EGN $JDSU $CIEN $LPNT $DCI @ http://t.co/H27z0IZ4hK
The Fly
17 Apr 15 13:31:58
Stocks end week lower amid earnings reports, fear about Greece, China $GOOG $NOK $ALU $AVP $PNRA $NFLX $JPM $G... http://t.co/BMNucUvy1i
merrillmouse
17 Apr 15 13:08:08
$ACM $AIG $BLK $C $CCE $CELG $CHKP $CMCSA $CYH $DIS $EIX $EQIX $FDX $KMI $KORS $MMM $NUE $NWL $NXPI $OXY $PCP $PNRA $SIVB $STJ $TMO $VZ $WHR
12Stocks.com
17 Apr 15 13:01:27
MidCap #Stocks Trend $CYT $PNRA $CIEN $UMPQ $FCS $UNT $GPOR $PLT $BXS $THOR $ULTI $MSA $SM $ISCA $DWA $EGN @ http://t.co/H27z0IZ4hK
ValueWalk
17 Apr 15 12:55:40
Activist Stocks: Alliance Trust, Panera Bread, Rovi, Altisource http://t.co/x2Ztap55yC $BH $PNRA $ROVI $ASPS @activiststocks
Market Int Center
17 Apr 15 12:44:37
Panera Bread $PNRA Trading Near $187.80 Resistance Level ( http://t.co/lCOGA8yeq7 )
Rob Wilson
17 Apr 15 12:32:18
T/S #29: Just my two cents. But, $PNRA mgmt has clearly been on the record as having admitted this 1-time charge was coming post-sale.
Rob Wilson
17 Apr 15 12:28:30
T/S #24: ...is that, in my view, $PNRA mgmt clearly knew these stores were 'impaired' and yet waited until the re-franchising event...
Rob Wilson
17 Apr 15 12:27:30
T/S #23: ...it's easier to sweep it under the rug and hope no one notices. But, my point, and not to simply pick on $PNRA...
Rob Wilson
17 Apr 15 12:26:30
T/S #22: My guess is that $PNRA mgmt views the sale/impairment combo as more preferred vs. the simple year-end impairment charge...
Rob Wilson
17 Apr 15 12:20:41
T/S #19: I admit that I don't have perfect info here and I'm speculating. But, my guess is that $PNRA mgmt had no interest in admitting...
Rob Wilson
17 Apr 15 12:17:38
T/S #17: Where I'm really going with this... I would suspect $PNRA mgmt knew last year these problem stores should have been impaired.
Rob Wilson
17 Apr 15 12:16:45
T/S #16: ...in a realized impairment charge. So, if $PNRA mgmt recognized this in February, why not take the impairment charge sooner?
Rob Wilson
17 Apr 15 12:15:51
T/S #15: Why did $PNRA not impair the re-franchised stores sooner? Clearly, mgmt knew in February that selling these stores would result..
Rob Wilson
17 Apr 15 12:15:05
T/S #14: So, why did $PNRA mgmt wait until the re-franchise (sale) to take the 1-time charge?
Rob Wilson
17 Apr 15 12:07:36
T/S #7: ... $PNRA mgmt suggested in the press release on Wednesday afternoon that it plans to "re-franchise" 73 restaurants soon...
Rob Wilson
17 Apr 15 12:06:24
T/S #6: ...and this issue was perfectly illustrated in $PNRA's press release on Wednesday...
Rob Wilson
17 Apr 15 12:05:41
T/S #5: But, let's go one step further. There's an issue that I wish to SEC would look at in greater depth re: $PNRA and others...
Rob Wilson
17 Apr 15 12:03:47
T/S #3: Full disclosure, we have a Neutral rating on $PNRA as our EPS estimates are largely in-line with consensus this year...
Rob Wilson
17 Apr 15 12:00:36
#TweetStorm #1: This week, $PNRA mgmt expertly turned lemons into lemonade. Management teams have figured out that getting...
Rob Wilson
17 Apr 15 11:49:52
Friday #TweetStorm #1: Short one today that touches on $AMZN and $PNRA. I'll get started shortly.
St. Louis Business
17 Apr 15 10:34:22
RT @dnickbiz: Panera CEO gave up his bonus in 2013, but not last year. Shaich's total #execpay rose 27% to $3.4m http://t.co/Xe4Pu5Hhux $PN…
Hector
17 Apr 15 10:02:06
RT @theflynews: Analysts more upbeat on Panera after activist prompts buyback hike $PNRA: Full Story http://t.co/jnQVhi3aeE
David Nicklaus
17 Apr 15 09:58:35
Panera CEO gave up his bonus in 2013, but not last year. Shaich's total #execpay rose 27% to $3.4m http://t.co/Xe4Pu5Hhux $PNRA
FlashRatingsHOT
17 Apr 15 09:54:36
$PNRA has 10 analyst ratings in the last 7 days. Median target: $200. View here: https://t.co/XEy90jUa8a #PNRA
Andy L.
17 Apr 15 09:46:43
RT @theflynews: On The Fly: Top stock stories for Thursday $NFLX $GS $C $SNDK $ETSY $VIRT $PRTY $KMPH $PM $PNRA $PCRX: Full Story http://t.…
12Stocks.com
17 Apr 15 08:54:43
MidCap #Stocks Trend $CYT $GPOR $PNRA $CIEN $UMPQ $FCS $SM $CYN $UNT $PLT $BXS $MSA $THOR $ULTI $EGN $DWA @ http://t.co/H27z0IZ4hK
smart-ticker.com
17 Apr 15 08:51:23
Pre market top Stocks trade ideas: $CPLP $MNTA $NFLX $GPOR $PNRA $SNDK $PM $VIMC $CCOI $FCS more http://t.co/afLVqGEPgY
BreakingStocksNews
17 Apr 15 08:35:02
$PNRA: Panera Bread PT Set at $205.00 by Bank of America (PNRA): http://t.co/32jJrtmkwO
Sleek Money
17 Apr 15 08:34:29
Panera Bread PT Set at $205.00 by Bank of America $PNRA http://t.co/GKQFGyvxKJ
Tim Ferguson
17 Apr 15 07:27:13
Down market barely denting $PNRA Bread stock, nicely accumulated by #Goldman Sachs Small/MidCap Growth Fund.
FinSentS NASDAQ
17 Apr 15 07:26:11
$PNRA:US Panera Bread's "Hold" Rating Reiterated at Stifel Nicolaus (PNRA) #PANERA BREAD CO http://t.co/E6vpgo583z #NASDAQ
WKRB News
17 Apr 15 07:10:15
Panera Bread Given “Hold” Rating at Jefferies Group $PNRA http://t.co/UbuT7YCGn2
The Legacy News
17 Apr 15 06:44:12
Panera Bread Given a $200.00 Price Target at Robert W. Baird $PNRA http://t.co/5fnFBfhNBu
The Legacy News
17 Apr 15 06:44:11
Panera Bread Upgraded to Market Perform by Raymond James $PNRA http://t.co/1zCvZllDLy
				
				
By  +Follow August 21, 2013 9:15AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.