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

By  +Follow August 21, 2013 9:15AM
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.

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Results for PNRA
Stephanie Link
20 Aug 14 02:43:50
Barclays u/g $PNRA to overweight from equal - valuation, low expectations and co's investments to benefit long term. Target $175.
Market Updates
19 Aug 14 21:41:10
$PNRA: Trade-Ideas: Panera Bread (PNRA) Is Today's Post-Market Leader Stock http://t.co/15L9tteBr1 http://t.co/5rRunhcdKt
19 Aug 14 21:30:09
Panera Bread : to Launch South Florida Drive Thru Bakery-Cafe http://t.co/vSyPJr7lAd $PNRA
19 Aug 14 16:34:09
$PNRA - Statement of Changes in Beneficial Ownership (4) http://t.co/4SOXaAqoGm
19 Aug 14 13:08:56
$TASR sigue firme gracias a la policia de Ferguson 9,74% $PNRA 1,89%
19 Aug 14 12:25:07
PNC Financial Services : Consumer Prices Rose 0.1% in July--2nd Update http://t.co/CsPaZP4Yed $PNC $PNRA
Riskwise Management
19 Aug 14 11:24:48
First visit to Panera Bread. I like ! $PNRA
Stock Market News
19 Aug 14 09:41:20
$PNRA: Cramer: Did market punish the wrong stock? http://t.co/Rw62pmAL6w http://t.co/eh2WVynK86
Wincrease Team
19 Aug 14 08:42:39
We stated why we were bullish on $PNRA on our options strategies page. http://t.co/mZdgEhtZCy
Market Int Center
19 Aug 14 06:40:28
Potential Panera Bread $PNRA Trade Has 6.38% Downside Protection ( http://t.co/kcUFjSPFqT )
Enrico Sieni
19 Aug 14 05:08:53
RT @SeekingAlpha: Panera's New CFO Works Fine, But Their App Needs Work http://t.co/eoF7XuzDEL $PNRA
Seeking Alpha
19 Aug 14 04:28:26
Panera's New CFO Works Fine, But Their App Needs Work http://t.co/eoF7XuzDEL $PNRA
18 Aug 14 18:12:51
PNRA 148.92 Stock Charts $PNRA Panera Bread Co. Cl A (NASDAQ) Last Updated: 08/18/2014 20:12:50 PNRA Stock Cha http://t.co/aQqBWnJ3R7
John A. Gordon
18 Aug 14 12:35:47
$PNRA store in SAN not high number of 4 top seats, ergo less wastage of seats at lunchtime rush. Not rocket science. http://t.co/e785nefC4x
Market News
18 Aug 14 11:41:09
$PNRA: [video] Fast casual sales grow 11%: Technomic http://t.co/qWGTWAR8ja http://t.co/YNWccDB9l9
TV_Trading Ideas
18 Aug 14 11:35:30
Bullish divergence+final wedge. $PNRA http://t.co/Igfy100cI8
18 Aug 14 11:21:14
$PNRA CFO Roger Matthews resigns, stock goes up 2% on the news. Don’t put that on your resume dude.
Clair Voight
18 Aug 14 10:00:35
$PNRA Panera Bread CFO resigns http://t.co/3XhintEUrV
RS Metrics
18 Aug 14 07:13:46
$PNRA reported a +0.1 comp in 2Q14 with +0.4% transactions and -0.3% ticket. @RSMetrics measured +0.5% traffic for the quarter overall.
10K Trader
17 Aug 14 15:13:53
$PNRA - Just went to Panera Bread, 1/2 sandwich, mac and cheese, cinnamon roll, no drink, 13 bucks….Still hungry….
Market News
15 Aug 14 18:41:06
$PNRA: Panera Bread (PNRA) - Stock Analysis http://t.co/hgICMjvtvD http://t.co/Q4x9s0dMDB
Green to Gold Group
15 Aug 14 18:06:50
RT @kelseyjharkness This hurts. http://t.co/Jz8O02XK3f #Coffee $GMCR $SBUX $PNRA $DNKN $MCD @Tony_BATtista & @VonettaLogan @TraderKatie
Clair Voight
15 Aug 14 15:30:17
$PNRA Panera Bread CFO resigns http://t.co/IOdikCcx2L
Media Sentiment
15 Aug 14 12:39:58
$PNRA received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 345
Market Int Center
15 Aug 14 12:32:29
Panera Bread $PNRA Showing Bearish Technicals ( http://t.co/0Cz0ImrmJo )
Intraday Updates
15 Aug 14 12:09:38
New post: 3:00 Pm Top-Five Food - $cmg $pnra $sbux $bwld $gmcr - Best Case Zigzag Before 3 Scenarios http://t.co/8vLELlUmhz
Market Compass
15 Aug 14 08:41:12
$PNRA: [video] Cramer: Panera no longer short play http://t.co/i2S9fmk6g8 http://t.co/WedOb0YrAF
Joel Libava
15 Aug 14 08:39:50
RT @TiceWrites: The 9 Fastest-Growing Fast-Food Restaurant Chains http://t.co/NPFWKPtDe4 via @forbes w/ $SBUX $CMG $PNRA
15 Aug 14 08:35:46
Panera Bread SVP Mark Borland Unloads 302 Shares $PNRA http://t.co/KhYdNy3spP
Carol Tice
15 Aug 14 08:32:55
The 9 Fastest-Growing Fast-Food Restaurant Chains http://t.co/NPFWKPtDe4 via @forbes w/ $SBUX $CMG $PNRA
Carol Tice
15 Aug 14 08:31:15
7 Fast-Food #Restaurant Chains That Rake In $2M+ Per Store http://t.co/cmcAEXLvWn via @forbes w/ $KKD $PNRA $MCD $CMG
Green to Gold Group
15 Aug 14 05:07:20
How many cups of coffee do you need to get through this morning @panerabread #PaneraBread $PNRA?
Howard Penney
15 Aug 14 05:00:01
WOW not the time to do this - $PNRA Panera Bread EVP and Chief Concept and Innovation Officer to take sabbatical
Blue Horseshoe
14 Aug 14 16:50:45
@NedKhouri @BarbarianCap well, it's not like $PNRA is in the midst of any major new initiatives!
Stock Headlines
14 Aug 14 15:41:21
$PNRA: [video] How Buffalo Wild Wings CEO is Positioning the Company for the Future http://t.co/kwHSa547wi http://t.co/ZfuTpqli2q
14 Aug 14 15:39:24
RT @TiceWrites: 7 Fast-Food #Restaurant Chains That Rake In $2M+ Per Store http://t.co/cmcAEXLvWn via @forbes $MCD $PNRA $CMG $KKD
Rob Wilson
14 Aug 14 15:14:54
The departures/sabbaticals continue to pile up at $PNRA. Scott Davis, EVP and Chief Concept Officer on sabbatical for 3 months begin Oct 1.
Carol Tice
14 Aug 14 15:12:46
7 Fast-Food #Restaurant Chains That Rake In $2M+ Per Store http://t.co/cmcAEXLvWn via @forbes $MCD $PNRA $CMG $KKD
14 Aug 14 13:35:13
PANERA BREAD : Change in Directors or Principal Officers (form 8-K) http://t.co/WKbpXFYfzf $PNRA
Ned Khouri
14 Aug 14 13:26:18
@BarbarianCap @Blu_Horseshoe Chief Innovation Officer at $PNRA taking a sabbatical Oct 1-Jan 1, maybe he ate the Loco Pollo?
Value Line
14 Aug 14 12:49:36
There have been many noteworthy developments in the #restaurant space recently. $BLMN $EAT $DRI $CMG $PNRA $BKW http://t.co/a0z5LvcGXx
Stock News Headlines
14 Aug 14 12:41:35
$PNRA: America's top 10 restaurants ... of 2020 http://t.co/FsZLeD0f7X http://t.co/DHTwwOHstS
Market Int Center
14 Aug 14 12:38:49
Potential Panera Bread $PNRA Trade Has 5.91% Downside Protection ( http://t.co/TwwQOR0N0Y )
Smart Value
14 Aug 14 07:58:07
RT @SeekingAlpha: Einstein Noah: Desperately Seeking Growth At An Unreasonable Price http://t.co/ItDt687ffV $DNKN $PNRA $SBUX $BAGL
Seeking Alpha
14 Aug 14 07:56:32
Einstein Noah: Desperately Seeking Growth At An Unreasonable Price http://t.co/ItDt687ffV $DNKN $PNRA $SBUX $BAGL
Tracy N
14 Aug 14 07:40:05
@jimcramer @sepkousha sandwiches are overpriced too. Mostly bread. $pnra
SET Analysis
14 Aug 14 06:45:04
“@jimcramer: Whole Thai chicken salad with bread..no drink $PNRA @sepkousha” < Kai Sa Tae ☺️
Jim Cramer
14 Aug 14 06:43:32
Whole Thai chicken salad with bread..no drink $PNRA @sepkousha
Business Headlines
14 Aug 14 06:41:15
$PNRA: Development today: Permits issued for upgrades at two Panera locations http://t.co/dwJNhKcvpk http://t.co/P13Nd323xr
Sepehr Kousha
14 Aug 14 06:38:04
@jimcramer him re your comment on price of salad at $pnra for $11 I am not sure what salad you eat but all I buy & btw yummy are under $6!
By  +Follow August 21, 2013 9:15AM



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