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Share Buybacks Ramp Up – InsideArbitrage Friday Wrap

  • June 9, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

If you’re a young trader & Bobby Rubin has something for you - read or listen to every word.

$AMED shares surging after $UNH offers all cash deal at $100/share

#Microsoft President Seeks Resolution for Blocked #Activision Deal

Amgen $AMGN discloses court issued an order granting the Revised Stipulated TRO

UBS expects to seal Credit Suisse takeover as early as June 12

Merger arbitrage spreads are at their widest level in at least the past decade

Bunge finalizing $30 billion-plus merger with Viterra

North Sea oil and gas producer Harbour Energy is in merger talks with Gulf of Mexico operator Talos Energy

Cano Health holders should vote against two incumbent directors, proxy advisors say

Qatar has made a final attempt to win the battle for Manchester United

Wall Street is still learning the hard way just how far Lina Khan will take her fight against corporate deals.

Apple dramatically boosted buybacks of its shares late last year—and saved nearly $300 million in taxes as a result.

$TGNA receives 8,640,452 TEGNA shares from Standard General in satisfaction of $136 million termination fee

announced an accelerated share repurchase agreement JPMorgan Plans for the ASR and a 20% increase $TGNA regular quarterly dividend were previously announced on May 22 & reflect initial actions to return capital to shareholders following the termination of its SG

Victoria's little secret: share buyback done at ave price >$50 vs current <$18. $VSCO bonds due 2029 trading in mid 70s yielding 11%.

$CAH Cardinal Health has approved a new $3.5B share repurchase authorization expiring December 31, 2027

Japanese corporate annual dividends at record levels again... Announced share buyback plans are also expanding at a pace approaching last year's record highs, a clear indication that payments to shareholders are rising.

The company completed a $200 million accelerated share repurchase from Q4 2022, a $250 million ASR from Q1 2023, and a May 2021 $1 billion stock repurchase program.

Three closed-ended funds announce 5% share repurchase each as they trade at >15% discount to their NAV

$POST: Post approves new $400 mln share repurchase program

CEO Matt Furlong is out at videogame and collectibles retailer $GME.

Investing

Buffett's purchases in $OXY over the past year––it's safe to say he likes the stock under $65.

The five largest US stocks account for a record 21% of total market cap, the same level reached at the peak of the 2021 bubble

S&P 500’s Tech-Heavy Top Is a Feature, Not a Bug

Spread between S&P 500's forward earnings yield and 10y U.S. Treasury yield has fallen to lowest since mid-2007

We're not in a bear market, but I don't think you can have a "new bull market" starting from 19x earnings and unemployment in the 3's.

After weeks on the sidelines, individual investors are starting to chase the tech rally.

Apple is pushing the boundaries of what technology can do & will change our interactions with tech just like iPhones did

GameStop $GME is up +38% over last three months and +20% over the last month.

High Free Cash Flow

Nvidia currently has only $26 billion in sales versus $208-525 billion for the Big 4 (Microsoft, Apple, Google and Amazon).

Credit tightening in the real estate space is significant

One thing is clear, office REIT implied cap rates are high and office real estate is much cheaper in the public market than the private market.

A bizarre situation where every board member of this REIT fails to win a majority of votes.

The 🚩red flag🚩 was in his Dec 2022 @CNBC interview claiming the Big 4 auditors “don’t even know how to audit crypto exchanges.”

Yikes... Capex is falling of a cliff. This makes way for a lower growth cycle for companies.

Valuations remain elevated relative to short-term yields (the Fed cycle) and real rates (also driven by the Fed cycle, among other things), but it looks like the market is pivoting away from the Fed, and on to expectations of an earnings recovery.

The decision of when to sell an investment is a complex decision that goes beyond determining the intrinsic worth of a company.

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