It’s prime whale watching season as the Street’s biggest money managers submit quarterly filings. What do they know that you don’t?
Probably the biggest item disclosed on Thursday came from Harbinger Capital Partners. The activist hedge fund is seeking approval from Cleveland Cliffs' shareholders to raise its ownership stake in the company.
Harbinger said in a regulatory filing that it would like to acquire at least one-fifth or more of Cliffs' outstanding shares.
The hedge fund is opposing Cleveland Cliffs' proposed takeover of Alpha Natural Resources .
The Cleveland Cliffs merger with ANR is “probably dead” because Harbinger is “that powerful,” Karen Fireman tells the traders on Fast Money.
Meanwhile, Nelson Peltz disclosed a new stake in Philip Morris , Lorillard and UST Inc. as well as Dr. Pepper Snapple Group and Hansen Natural .
Jeff Macke isn't too keen on that last trade. He feels Hansen is ahead of itself. “The parade has gone by on this one,” Macke says.
If you’re a java junkie, you’ll be interested to know Peltz sold his stake in Starbucks..
Also, Warren Buffet disclosed a new position in NRG Energy and he doubled his position in Union Pacific.
All the traders like the rails although they feel some are pricey right now.
> Warren Buffett Adds NRG Energy Stake
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Trader disclosure: On Aug 14, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (COST), (DIS), (MSFT), (WMT), (UUP); Adami Owns (C), (GS), (INTC), (BTU), (AGU), (MSFT), (NUE); Najarian Owns (AAPL), (NOK), (TSO), (XTO); Najarian Owns (WPI) Calls, (ONXX) Calls, (MRVL) Calls, (CSCO) Calls; Najarian Owns (BGG) Puts; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (JCP), (MSFT), (NOK), (SUN), (TSO), (VLO), (MO); Finerman's Firm Is Short (IYR), (IWM), (SPY), (IJR), (XLF), (BBT), (COF); Finerman's Firm Owns (ANF) Call Spreads; Finerman's Firm Is Short British Pound