Israel Englander’s Millennium Management has
named Citigroup’s Mark Tsesarsky as co-head of its
fixed income and commodities business, according to a Wall Street Journal report,
citing people close to the matter. With the hiring, the $35
billion multistrategy hedge fund firm is combining its
fixed-income and commodities businesses. Englander was stunned
earlier this year when Lehman veteran Michael Gelband, the head
of fixed income, left the firm. According to the report,
Tsesarsky had spent 31 years at Citigroup, where he most
recently was a managing director focused on securitizations.
Millennium is currently up 2.6 percent for the year after
gaining just 3.4 percent in 2016.
Shares of hedge fund favorite
Apple dropped more than 1 percent in after-hours trading
after the maker of the iPad and iPhone reported second-quarter
earnings that beat expectations but revenues that came up short
of forecasts. In addition, iPhone shipments came in below
expectations. The company also said it is increasing its stock
repurchase program to $210 billion and lifting its dividend by
10.5 percent. At year-end it was the seventh-most widely held
stock among hedge funds.
Credit Suisse raised its price target on hedge fund favorite
Priceline Group from $1,935 to $2,050 in anticipation of the
online travel company reporting earnings on May 9. The bank
also said it raised its estimates for 2017 and 2018 due to
foreign exchange issues. At year-end, at least 92 hedge funds
held a position in the stock, according to Goldman Sachs. The
stock Tuesday closed at $1,880.52, up less than 1 percent.
Shares of activist favorite Monzelez International jumped
about 3.5 percent in after-hours trading after the snack foods
giant slightly beat quarterly earnings and revenue estimates.
At year-end the stock was the third largest long of both
Trian Fund Management and
Pershing Square Capital Management.
Valeant Pharmaceuticals International surged 6.6 percent,
to $10.30, one day after the drug company said it had further
cut its debt. It seems investors were also excited that chief
executive officer Joe Papa said at the company’s
annual meeting it is considering changing
Valeant’s name, citing bad publicity.