Stocks of Hedge Funds Involved In Insider Trading Scandal are in the Crosshairs (VMED, SINA, EP, PXP, more...)
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The names of three hedge fund involved in the vast insider trading probe was revealed today. Those three firms are Connecticut-based Diamondback Capital Management LLC and Level Global Investors LP, both run by former managers of Steve Cohen's SAC Capital Advisors. In addition, Boston-based Loch Capital Management was also named.
While it is uncertain what impact the probe with have on the future operations of the hedge funds, speculators were busy scanning the holdings of the three and selling some of their larger holdings on a bet that some of these holdings could be liquidated.
Level Global holds 19.3 million shares, or 6%, of Virgin Media, Inc. (Nasdaq: VMED). The firm also owns 2.95 million shares, or 0.55%, of Monsanto Co. (NYSE: MON). Bigger percentage holdings include Sina Corp. (Nasdaq: SINA) at 3.65%, Fossil, Inc. (Nasdaq: FOSL) at 2.65%, Comverse Technology Inc. (OTC: CMVT) at 5.2%, and Green Mountain Coffee (Nasdaq: GMCR) at 1.83%.
Diamondback Capital holds 12.6 million shares of El Paso Corp. (NYSE: EP), or 1.8% of the shares outstanding. The firm also holds 3.4 million shares, or 2.4% of Plains Exploration (NYSE: PXP). The firm holds 3.3 million shares, or 5%, of PPL Corporation (NYSE: PPL). The firm also holds millions of dollars worth of JP Morgan (NYSE: JPM), Citigroup (NYSE: C) and Canadian Natural (NYSE: CNQ), buts its percentage stakes are very small.
For Loch Capital, Its largest dollar value holding was Apple (Nasdaq: AAPL), but shares held were just 48,100. The fund also owns 200,200 shares of Qualcomm (Nasdaq: QCOM), its second largest holding. In percentage terms, the firm holds 0.4% of the outstanding shares of Sycamore Network (Nasdaq: SCMR), or 4 million shares. The firm also held 0.24% of the outstanding shares of Varian Semiconductor (Nasdaq: VSEA).
While it is uncertain what impact the probe with have on the future operations of the hedge funds, speculators were busy scanning the holdings of the three and selling some of their larger holdings on a bet that some of these holdings could be liquidated.
Level Global holds 19.3 million shares, or 6%, of Virgin Media, Inc. (Nasdaq: VMED). The firm also owns 2.95 million shares, or 0.55%, of Monsanto Co. (NYSE: MON). Bigger percentage holdings include Sina Corp. (Nasdaq: SINA) at 3.65%, Fossil, Inc. (Nasdaq: FOSL) at 2.65%, Comverse Technology Inc. (OTC: CMVT) at 5.2%, and Green Mountain Coffee (Nasdaq: GMCR) at 1.83%.
Diamondback Capital holds 12.6 million shares of El Paso Corp. (NYSE: EP), or 1.8% of the shares outstanding. The firm also holds 3.4 million shares, or 2.4% of Plains Exploration (NYSE: PXP). The firm holds 3.3 million shares, or 5%, of PPL Corporation (NYSE: PPL). The firm also holds millions of dollars worth of JP Morgan (NYSE: JPM), Citigroup (NYSE: C) and Canadian Natural (NYSE: CNQ), buts its percentage stakes are very small.
For Loch Capital, Its largest dollar value holding was Apple (Nasdaq: AAPL), but shares held were just 48,100. The fund also owns 200,200 shares of Qualcomm (Nasdaq: QCOM), its second largest holding. In percentage terms, the firm holds 0.4% of the outstanding shares of Sycamore Network (Nasdaq: SCMR), or 4 million shares. The firm also held 0.24% of the outstanding shares of Varian Semiconductor (Nasdaq: VSEA).
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