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Uber CEO Travis Kalanick at Recode Conference Excerpts

June 9th, 2014 No comments

uber

Categories: News

Zynga (ZNGA) Merrill 2014 Technology Conference Notes

June 5th, 2014 No comments

znganotes

Categories: News

Gamestop (GME) Q1 2014 Earnings Call Notes

May 22nd, 2014 No comments

gme-notes

Categories: News

Target (TGT) Q1 2014 Earnings Call Notes

May 21st, 2014 No comments

tgt

Categories: News

Twitter Lockup Confusion?

May 9th, 2014 No comments

Presented without comment

A more mysterious set of filings was made by Twitter’s largest shareholder, Rizvi Traverse Management, the secretive money manager that controlled 85 million shares, or 14.4 percent of the stock.

Rizvi disclosed that it had distributed all of its shares to the underlying investors. Those investors included other Rizvi-controlled entities as well as units of JPMorgan Chase, the giant American bank, and Kingdom Holding, an investment company controlled by Prince Alwaleed bin Talal of Saudi Arabia.

Although JPMorgan and Rizvi had previously signaled their intention to hold onto their shares, it’s unclear whether some of the recipients will choose to cash out, potentially adding to the selling pressure that drove Twitter stock to an all-time low of $29.51 this week. – New York Times May 8th, 2014


Twitter plunged 18 percent yesterday even as early investors Chris Sacca and Rizvi Traverse Management LLC pledged not to sell in a sign of confidence in the San Francisco-based company.

Rizvi Traverse Management, whose 14 percent ownership makes it the single biggest investor, won’t sell either, people with knowledge of the matter have said. Some of Sacca’s holdings are included in Rizvi. – Bloomberg May 7th, 2014



“We’re going to hold,” said Chris Sacca, an early Twitter investor, who manages about 15 per cent of the company’s shares through various arrangements. Analysts and other investors are focusing too much on user growth and instead should “just recognize how much money Twitter is going to continue to put up on the board” – Bloomberg May 5th, 2014


Twitter’s largest shareholder – the money management firm Rizvi Traverse Management, which oversees funds that own 17.9 percent of the company – also plans to hold on to the stock, according to a person familiar with the firm’s thinking, who spoke on condition of anonymity because Rizvi does not publicly discuss its investments. – New York Times April 14th, 2014

Categories: News

Mid-April 2014 Hedge-fund Performance

April 18th, 2014 No comments

Average hedge-fund +1.1% through March YTD

Median equity-focused hedge-fund lost more than 2% first two weeks of April

Viking, $28B hedge-fund PM: Andreas Halvorsen, –4.2% in March, –4% first two weeks of April

JAT, $2.2B hedge-fund PM: John Thaler, –9.3% in March, –4% in April so far, –10% YTD

Horseman, $1.7B, +10% March YTD

Discovery Global Macro, $15B, –6% April so far, –14%+ YTD

Caxton, $7B, –3.5% through April 15th, –6% YTD

Source: WSJ

Categories: News

March Jobs Number 192K vs. 206K est. Prior 175K revised up to 197K

April 4th, 2014 No comments

marchjobs2014

Source: Bloomberg

Categories: News

March ISM Non-Manufacturing 53.1 vs. 53.3 Est./51.6 Prior

April 3rd, 2014 No comments

ismservices

Categories: News

March ISM Manufacturing 53.7 vs. 54.0 Estimate/53.2 Prior

April 1st, 2014 No comments

ismmfg

Categories: News

March Rotation in Technology from Growth to Value

March 30th, 2014 No comments

Every time Jeff Gundlach does a presentation he has a segment where he talks about the “bloodless verdict of the market” on recent price action moves of various instruments and sectors.

Since I focus on the consumer technology sector, I’d be amiss to not document the significant rotation from tech growth names to tech value names in this month of March. It has been a stunning move. I’m not really sure what was the catalyst behind the timing of this rotation, but we shouldn’t ignore it. If you have a good theory or thesis on why this is happening now, let me know by emailing news(at)firstadopter(dot)com. Here are some of the examples on my screens:

Value Technology Companies (Lower Earnings Multiples)

ttw

aapl

ibm

hpq

gme

intc

Growth Technology Companies (Higher Multiples)

amzn

ddd

feye

zng

trip

yelp

Categories: News