Today’s most notable movers are Yahoo! Inc. (NASDAQ:YHOO), MannKind Corporation (NASDAQ:MNKD) and American Apparel Inc (NYSEMKT:APP), according to Bloomberg.
As a result of a Piper Jaffray Cos. Buy recommendation on Yahoo! Inc. (NASDAQ:YHOO), the company’s stock gained 1.9%. Piper Jaffray upgraded the stock from neutral to overweight because it views the company’s stake in Alibaba, which will soon have its initial public offering, to be undervalued. According to the firm, Yahoo! Inc.’s (NASDAQ:YHOO) stake in the Chinese firm will likely reflect a more realistic valuation as the IPO date comes nearer. Analysts Gene Munster and Douglas Clinton said in a note that though their firm view’s the once-formidable internet company’s core business to be challenged, it’s stake in Alibaba will likely make up for this deficiency. Piper Jaffray also indicated a price target of $43 on Yahoo! Inc. (NASDAQ:YHOO) stock, up $6 from $37.
Meanwhile, MannKind Corporation (NASDAQ:MNKD) rose 11%. The company has had its inhaled insulin approved by the U.S. Food and Drug Administration on Friday. The approval of the drug named Afrezza comes with the caveat that the drug be labeled with a box warning to tell asthma and other serious lung disease sufferers to not use the drug. MannKind Corporation (NASDAQ:MNKD) stock was suffering its worst week in two months before the FDA approval.
As for American Apparel Inc (NYSEMKT:APP), the stock fell 19% after the company thwarted a plan by overthrown CEO Dov Charney to hold an investors meeting. According to American Apparel Inc (NYSEMKT:APP), Charney does not have the power to hold such a meeting. The controversial CEO was ousted from the company by its Board of Directors earlier this month.
Yahoo! Inc. (NASDAQ:YHOO) shareholders includes Paul Tudor Jones’ Tudor Investment Corp which reported 438,281 shares in the technology company by the end of March. Another shareholder is Millennium Management Subsidiary’s Blue Arrow Capital Management which had 417,121 also in that period.
MannKind Corporation (NASDAQ:MNKD) investors includes Kevin C. Tang’s Tang Capital Management which reported, by the end of the first quarter, 1.8 million shares. Another investor is Glenn Russell Dubin’s Highbridge Capital Management which reported about 1.52 million shares in MannKind Corporation (NASDAQ:MNKD).
Hedge funds which have stakes in American Apparel Inc (NYSEMKT:APP) includes Michael Kao’s Akanthos Capital which reported about 1.87 million shares in the company by the end of the first quarter of the year. Another shareholder is Mark N. Diker’s Diker Management which had 1.5 million shares in the company by the end of March.
Disclosure: None
