Wednesday, 6 May 2015
Last updated 2 hours ago
Sep 3 2013 | 12:09pm ET
Despite rumblings as far back as February, some prominent hedge funds clearly did not see Microsoft's all-cash $7.2 billion deal for most of Nokia coming.
What had been a very profitable bet against the cellphone maker—whose shares had lost 93% over the past 13 years—soured quickly after the merger was announced yesterday. Some 12% of Nokia shares were on loan to short-sellers, who saw the stock's price soar nearly 50% after the announcement.
Hedge funds may have lost up to €640 million, according to Reuters. Among Nokia's biggest short-sellers were Discovery Capital Management, Viking Global Investors, Maverick Capital Management, Blue Ridge Capital and Lone Pine Capital.
"It's going to be a long/short body-bag job," Hobart Capital's Justin Haque told Reuters.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…