So much for the so-called FANG stocks. Shares of RH, also
known as Restoration Hardware Holdings, surged about 5 percent
on Friday to close at $59.45 after Deutsche Bank raised its
rating on the venerable home furnishings company from hold to
buy and lifted its price tag from $45 from $66. The stock has
now just about doubled this year alone. At the end of the first
Balyasny Asset Management and
Millennium Management were among the top-ten shareholders.
Tiger Global Management, which has sagged and surged from
the same internet and media stocks, cleared out its entire
position in RH.
Starboard Value liquidated its position in Parexel
International, a life sciences consulting firm. Last Tuesday
the company agreed to be acquired by Pamplona Capital for $5
billion. Just last month Starboard disclosed it owned 5.7
percent of the shares, stressing they were undervalued. It had
been noted in press reports at the time that the company may be
working with investment bankers about a possible sale.
Starboard said in its May regulatory filing if Parexel "runs a
legitimate, robust process to explore strategic alternatives,"
there would be "significant strategic and financial buyer
interest." It was apparently right.
Valeant Pharmaceuticals International extended its Paulson
rally, gaining another 1.9 percent to close at $15.80. The
stock is now up 30 percent over the past six trading days and
nearly 9 percent for the year. Now the pressure is on
new director John Paulson of Paulson and Co. to
Point72 Asset Management, Steven Cohen’s
family office, disclosed it more than quadrupled its stake in
Conn’s to more than 1.6 million shares, or 5.3
percent of the home furnishings chain.