The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Fund % short change Date changed Coltrane Asset Management, L.P. 2.49% -0.09% 22 Feb 2018 Ennismore Fund Management Limited 1.76% 0.13% 22 Feb 2018 Marshall Wace LLP 3.03% -0.16% 16 Mar 2018 WorldQuant, LLC 0.72% 0.04% 14 Mar 2018 Total 8.00%
8.7% now
A lot of shares sold after hours >2 million net. I wonderdoes this mean SP will drop tomorrow/start of a tree shake?
After close buys >1.5 million ? shorters closing positions?
Only 6 and a bit trading days till statement. Shorts will have to intensify their tree shakes.
sell 263K buy 430K and price drops. Low volume.
Price and buys up on positive news. Shorters then sell 8 blocks of 10K to knock price down again? Seems transparent to me.
https://www.bloomberg.com/news/articles/2018-02-26/apple-is-said-to-plan-giant-high-end-iphone-lower-priced-model Apple Plans Giant High-End iPhone, Lower-Priced Model Company aims to boost sales after iPhone X missed expectations All models to have facial recognition, edge-to-edge screens
Interesting. I just put an order for 20K at 129.1 when price was 130.8. Price suddenly drops to 128.9 and order filled. Then immediately goes up 130.8.
Macon. Could you define shortly and indicate the source of your information please
US market closed today so 2.00pm uplift absent?
Around 1.1M shares listed as sold after close. Shorters must be closing their positions.
Now 9.85%
Shorts drop to 10.7% on short tracker site. A lot of positions being closed. I hope they get squeezed. 20th of March is getting closer.
Valiant Capital Management, LP 0.92% -0.20% 6 Feb 2018 Now IQE PLC 11.4%
Marshall Wace short decrease to 4.17% -0.08% 31 Jan 2018 Slight decrease in their position
bestace is the author of the comments on Stockopedia that I reposted.
Comments made on Stockopedia website
6. Globo The invocation of Globo implies that IQE are doing the same thing as them, i.e. manufacturing revenues and profits at the group level and parking the corresponding losses and costs in the JVs. However I think that is jumping to conclusions where the available evidence does not provide confirmatory proof. Shadowfall describe the Globo case as a �Pig and Pork scheme� whereby transactions between two entities are �apparently at arm�s length when in fact there is an undisclosed or unclear common ownership of both companies.� However relationships between IQE and their joint ventures are neither unclear nor undisclosed. There is plenty of disclosure out there for anyone who cares to look. Furthermore, the joint venture partners in the Globo case were the directors themselves, which represented a clear conflict of interest where the directors had an incentive to accept losses and costs in the off balance sheet vehicle as a means of bumping up revenues and profits in the main company. That is not so in the case of IQE, where the joint venture parties are Cardiff University in the UK and WIN Semiconductors and Nangyang University in Singapore. I cannot think of any plausible incentives or reasons why those parties would be happy to consort in inflating profits at IQE at a cost to themselves. 7. Loss making in the joint ventures The CSC accounts for 2016 say this about their losses: 5a76fb6448548IQE9.png Taking that at face value, after the initial 3-year start up plan (which ends in FY17), the JV should be profitable in its own right, which if that transpires as planned, rather undercuts the argument that it exists merely as a means of puffing up IQE�s profits and cashflows. It doesn't seem unreasonable that a start up business would be loss-making in its first 3 years of existence, and that narrative is consistent with IQE's messaging in the group accounts: �Initiatives include... the Compound Semiconductor Centre, the unique joint venture between IQE and Cardiff University to establish a prototyping and commercialisation facility for compound semiconductor materials technologies. It is expected that the fruits of the initiatives announced during 2015 and 2016 will begin to be realised during 2017 and 2018�
5a76f8bba40efIQE7.png 4. ...whereas Cardiff University have not impaired their investment in the joint venture While IQE appears to have impaired a significant portion of its investment in CSC, by contrast, the JV partner, Cardiff University, continues to carry its investment at full value That is not correct. Take a look at Cardiff University's accounts and it is clear they also apply the equity method of accounting, and are taking their share of the JV�s losses as an impairment: 5a76f9b3a85b1IQE8.png The reason Cardiff University have not impaired their investment down to zero value is because they do not have the unrealised gains of �12m that IQE do, which are required to eliminated in the group accounts. 5. the joint venture's lack of customers other than IQE it is not altogether clear that these JVs have any other customers. It is a somewhat circular state of affairs. That is true looking backwards only at the 2015 and 2016 accounts, but we are now 13 months past that point and to claim that the JVs have no customers other than IQE is to ignore any progress made since 31 December 2016, and to ignore the narrative on progress actually reported in the 2016 accounts. A cursory look at the CSC website shows plenty of newsflow since that date with announcements of partnerships and collaborations giving rise to revenues from parties other than IQE.