SUNE,...SunEdison closes up 6.8% on rumor of Tepper stake
SunEdison (SUNE) jumped over the final hour of trading on a rumor David Tepper's Appaloosa Management has taken a stake.David Einhorn's Greenlight Capital Stephen Cohen's Point72 Asset Management are among known investors in SunEdison, which has been called a "hedge fund hotel" due to the huge % of its equity controlled by hedge funds.
Einhorn recently defended his SunEdison position following huge Q3 losses.Tepper is expected to appear on CNBC tomorrow morning.
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"Taking into account the more conservative business plan, when we look through the complicated financials we believe that SUNE’s development business is poised to have economic earnings in 2016 of about $1.34 per share, assuming that TERP and GLBL do not regain access to the capital markets," writes David Einhorn, defending SunEdison
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