Daniel Loeb News
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Asian stocks rose, with the regional benchmark index advancing for a second week, as Japan’s Nikkei 225 Stock Average closed above 15,000 for the first time since 2007 after the yen touched a 4 1/2-year low against the dollar.
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Investors are more confident in a Japanese leader than any time since at least September 2010, with optimism about Prime Minister Shinzo Abe’s policies exceeding that for counterparts in the U.S., Europe and China.
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Daiwa Asset Management Co., which bought Sony Corp. shares last year as it bet a weaker yen would boost earnings, is opposed to hedge-fund manager Daniel Loeb’s proposal to spin off the electronic maker’s entertainment unit, claiming it will drain the company of a source of profits.
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Investors who bought into Sony Corp.’s convertible bond issue last year may reap profits of as much as $1.7 billion, after the shares surged to more than double the price at which the debt can be redeemed for equity.
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MGM Holdings Inc., the film studio that emerged from bankruptcy more than two years ago, said first-quarter profit more than doubled with the film hits “Skyfall” and “The Hobbit.”
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Four times a year, the rest of us get to watch as billionaires try to outsmart each other.
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Sony Corp. has a $100 billion reason to consider Daniel Loeb’s breakup proposal.
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Third Point LLC, the hedge-fund firm led by Daniel Loeb, exited its position in Morgan Stanley in the first quarter after the shares rallied.
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Moore Capital Management LP and Appaloosa Management LP are among hedge fund firms that counted Citigroup Inc. among their top holdings before the bank posted a 16 percent rally in a month and a half.
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George Soros’s family office and Jana Partners LLC were among investment funds that reduced stakes in American International Group Inc. amid a rally after the insurer repaid its U.S. rescue.
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