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

By  +Follow August 21, 2013 9:15AM
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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.


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Results for PNRA
Stockaholics
23 Oct 14 01:14:47
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $PNRA $BXS $CFR
Zany Williams
22 Oct 14 22:44:48
RT @MisterLomez: $PNRA another good short into earnings. Been in distribution mode during this fakeout breakout. Will follow $CMG
MrLomez
22 Oct 14 22:40:06
$PNRA another good short into earnings. Been in distribution mode during this fakeout breakout. Will follow $CMG
GAHS
22 Oct 14 20:53:25
One more reason to respect Panera CEO Shaich: he used the term "mosh pit" to describe ordering:pickup system & is trying to fix it $PNRA
Chris Story
22 Oct 14 16:11:39
Published $PNRA estimate on Estimize: Panera continues investments to improve customer experience a... http://t.co/sO8CdJgkkP
Samuel Brown
22 Oct 14 15:01:29
$PNRA The Latest Rating for Panera Bread Co. (NASDAQ:PNRA) by BMO Capital http://t.co/sT6wGSffIy
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22 Oct 14 13:52:35
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $PNRA $BXS $CFR
Gabriel Román
22 Oct 14 10:04:24
$PBPB Anybody see seeking alphas latest cover? Why We Agree With The Negativity Around Potbelly's Stock $PBPB $CMG $NDLS $PNRA
Kansas City Traders
22 Oct 14 09:41:44
covering some $PNRA shorts into this
Morgan Brock
22 Oct 14 09:37:59
Food prices trek higher http://t.co/dACdNNGB4Q $CAKE, $CBRL, $CMG, $DNKN, $DPZ, $DRI, $EAT, $JACK, $MCD, $PNRA, $RRGB, $RT, $SBUX, $SONC,
NYC Trader
22 Oct 14 09:35:37
RT @KansasCityTrade: @szaman your short calls are money man.. shorts alot easier for me see also.. $PNRA is my short right now
Kansas City Traders
22 Oct 14 09:35:07
@szaman your short calls are money man.. shorts alot easier for me see also.. $PNRA is my short right now
Seeking Alpha
22 Oct 14 07:57:52
Why We Agree With The Negativity Around Potbelly's Stock http://t.co/vnH5V2pps9 $CMG $NDLS $PNRA $PBPB
Sterne Agee
22 Oct 14 07:06:36
Can McDonald's Win Back Diners In A Chipotle World? http://t.co/9rfUftLtzz #IBDNews @IBDinvestors $MCD $AAPL $CMG $PNRA $YUM $KO @sterneagee
US Banking News
22 Oct 14 06:13:56
Brokerage Give Consensus Hold Rating to Panera Bread $PNRA http://t.co/kk3xiVS3bS
NASDAQ
22 Oct 14 05:52:15
$PNRA - Statement of Changes in Beneficial Ownership (4) http://t.co/K3tRt8XiDy
Daytradeya
22 Oct 14 05:01:16
@MarketSmith: McDonald’s Costly Burgers Send Diners to Fancier Rivals: Retail http://t.co/jfzuS2cHOK $MCD $EAT $PNRA
Beacon Comm,
22 Oct 14 04:44:13
One more reason to respect Panera CEO Shaich: he used the term "mosh pit" to describe ordering:pickup system & is trying to fix it $PNRA
finsents
22 Oct 14 04:15:19
$PNRA:US #PANERA BREAD CO 22Oct Positive #NewsSentiment http://t.co/OViZgq1Bbu #NASDAQ
Stockaholics
22 Oct 14 01:21:47
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Stockaholics
21 Oct 14 21:29:53
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fat fish
21 Oct 14 14:42:57
RT @MarketSmith: McDonald’s Costly Burgers Send Diners to Fancier Rivals: Retail http://t.co/ca28eQemii $MCD $EAT $PNRA
Top Stocks
21 Oct 14 14:35:06
McDonald’s Costly Burgers Send Diners to Fancier Rivals: Retail http://t.co/DYqODCnnyo $MCD $EAT $PNRA
MarketSmith
21 Oct 14 14:35:06
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Lucretia
21 Oct 14 13:32:26
$PNRA Top Franchises: Investing in Panera Bread Co. http://t.co/OlhFaktM3D
Harry Walkman
21 Oct 14 13:32:25
$PNRA Is Gluten-Free a Real Threat to Panera Bread Co.? http://t.co/75N8yuq5Nu
Ryan M Craver
21 Oct 14 13:25:49
Quick service restaurants are all over Apple Pay advertising $PNRA $AAPL http://t.co/Zbfi7ntEJS
Kansas City Traders
21 Oct 14 12:49:57
$PNRA been selling all day i think there was some WG flow a few days ago on puts
Steven Ling
21 Oct 14 12:47:51
#ApplePay tried it at Panera's in Canton, OH. They're not ready. $AAPL $PNRA
Brian Ballard
21 Oct 14 11:15:53
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Craig Bibb
21 Oct 14 06:52:03
$PNRA "One more reason...most pit" Shaich quote gets tweeted everyday by fake accounts. Who is paying for that? and for what purpose?
Chuck Wells
21 Oct 14 03:35:26
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Dave Neville
21 Oct 14 03:28:25
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21 Oct 14 01:00:15
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Stockaholics
20 Oct 14 20:35:06
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Roberto Flores
20 Oct 14 19:01:54
RT @billgunderson: Panera Bread $PNRA continues to rise nicely. #14 overall. I am long.
Roberto Flores
20 Oct 14 19:01:33
RT @avlentinarachel: One more reason to respect Panera CEO Shaich: he used the term "mosh pit" to describe ordering:pickup system & is tryi…
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Ray Bordogna
20 Oct 14 18:24:06
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G. Thomas Lackey Jr
20 Oct 14 17:31:31
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20 Oct 14 16:54:40
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20 Oct 14 16:31:30
RT @whunterthomas: First #ApplePay user at Panera Bread Bryant Park, it's slick! @ryanmcraver $AAPL $PNRA https://t.co/no30MGENvc
Matt Soleyn
20 Oct 14 16:03:37
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Ryan M Craver
20 Oct 14 16:01:22
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Jason Carlamere
20 Oct 14 15:51:18
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John Turner
20 Oct 14 15:32:20
$PNRA Panera's Margins Still Looking Up (PNRA) http://t.co/RRWRmMh58d
Samuel Brown
20 Oct 14 15:32:17
$PNRA Is Gluten-Free a Real Threat to Panera Bread Co.? http://t.co/h8WbK0IhMa
Ted Mann
20 Oct 14 14:29:09
RT @ryanmcraver: Apple Pay use at Panera $AAPL $PNRA https://t.co/oADua9TPcW
Ryan M Craver
20 Oct 14 14:12:42
Apple Pay use at Panera $AAPL $PNRA https://t.co/oADua9TPcW
Hunter Thomas
20 Oct 14 14:12:39
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By  +Follow August 21, 2013 9:15AM
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