Diamond Foods (DMND) Jumps As Major Hedge Fund Covers Their Short
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Shares of embattled snack food maker Diamond Foods, Inc. (Nasdaq: DMND) ramped higher mid-day Wednesday as the stock has one less short seller... a major one.
In a letter to clients, hedge fund manger David Einhorn said his Greenlight Capital hedge fund is no longer short Diamond Foods.
Einhorn said his short position in the stock was "small," however it was one of the fastest performing shorts in the firm's history.
The short cover from Einhorn may be significant as shareholders in the company await the results of an internal investigation into payments to walnut growers. Questions about the accounting of the payments has delayed the takeover of Procter and Gamble's (NYSE: PG) Pringles brand. In addition, the SEC and DoJ are also said to be probing the payments. The internal investigation is expected to be completed in mid-February.
Shares of Diamond Foods last traded at $31.53, up 5 percent.
In a letter to clients, hedge fund manger David Einhorn said his Greenlight Capital hedge fund is no longer short Diamond Foods.
Einhorn said his short position in the stock was "small," however it was one of the fastest performing shorts in the firm's history.
The short cover from Einhorn may be significant as shareholders in the company await the results of an internal investigation into payments to walnut growers. Questions about the accounting of the payments has delayed the takeover of Procter and Gamble's (NYSE: PG) Pringles brand. In addition, the SEC and DoJ are also said to be probing the payments. The internal investigation is expected to be completed in mid-February.
Shares of Diamond Foods last traded at $31.53, up 5 percent.
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