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Bold bet – AMS: Computer-driven fund uses lower prices News

Monday, August 7th, 2017 | Economy

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The fact that machines reign over mankind is sometimes known only by Hollywood classics such as "Terminator" or "The Matrix". What sounds like a sound of the future is, however, already a bitter reality on the stock markets today. Thus the program trade is responsible for an estimated 80 per cent of the trading volumes worldwide – tendency increasingly.
And although Renaissance Technologies is probably the only market player in Switzerland, the US $ 65 billion American hedge funds in the local program trade. Founded in 1982 by the well-known mathematician James Simons, Renaissance Technologies has been passed on by the two former computer scientists Peter Brown and Robert Mercer, who have been working for IBM for several years. Already this accumulated knowledge suggests that it is not an ordinary fund. The transactions are determined by an elaborate computer program. And there is another special feature: the assets under management are largely devoid of the employees themselves.
Compared to the Swiss stock exchange SIX, Renaissance Technologies had to be recognized as a major shareholder in the past by companies such as the pharmaceutical producer Santhera, the consumer bank Cembra Money Bank or the retailer Valora. A derivative bet against Leonteq, which the Americans probably lost a lot of money after the entry of the hedge fund pioneer and UBS's board of directors Rainer-Marc Frey, remains unchanged.
With the sensor manufacturer AMS, another company listed in Switzerland is now targeting the hedge fund. At the beginning of June, Renaissance Technologies reported sales positions of 3 percent for the first time. As can be seen from a disclosure, they have been expanded to 4.05 percent over several weeks.
The reasons can only be speculated. Probably the bet is more based on price patterns than on fundamental considerations.

The bearer shares of AMS on the stock exchange have been rather heavy for days (source: www.cash.ch).
Although the shares of AMS have fallen considerably below the previous highs of just under 78 Swiss francs in recent days. Nevertheless, they have been leading the list of winners since the beginning of the year. And even if the arguments for or against lower courses at the sensor manufacturer are roughly the same, it will have to be shown whether the bet of the computer-controlled hedge fund rises.
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Panalpina, a specialist in airfreight, is putting the patience of the shareholders to the test. The operative turnaround has been delayed for several years – often due to homemade problems.
Just two weeks ago, the traditional company from Basel missed the analyst expectations once again very clearly, with the penny for the second quarter.
However, the authors of an industry study, who are active in the American investment bank Jefferies, do not want to raise Basel shares from "underperform" to "hold".
It does not seem so right with their new appraisal. On the one hand, they squeeze the profit estimates once again, and on the other hand, the new 110 (so far 100) franc price target is no less than 12 percent below the closing price of Friday.
Hearing that Panalpina could fall into foreign hands, Potential buyers in the industry study have financially strong rivals such as DSV, XPO Logistics or Maersk.

The recovery of Panalpina shares has recently been braked by weak quarterly figures (Source: www.cash.ch).
It is difficult to estimate the recent expansion by Artisan Partners to just over 10 per cent. In addition to the Americans, Cevian Capital and Janus Capital also hold prestigious packages. The final word, however, would have been the Ernst Göhner Foundation. It holds a good 43 percent of the votes.
Perhaps the airfreight specialist, who has been traded for years as a hot-spot candidate, will still be sold abroad. On Friday, it was certainly in several call-warrants interest in buying.
The cash insider records and interprets market rumors as well as strategy, industry or corporate studies. Market rumors are deliberately not checked for their truth content. Rumors, speculation and everything that traders and market participants are interested in should be passed on to the readers quickly. No responsibility is assumed for the correctness of the contents. The personal opinion of the cash insider does not have to coincide with that of the cash editorial department. The cash insider itself is active on the stock market. This is the only way to reach the necessary market proximity for this kind of news. The opinions expressed do not constitute any recommendation to buy or sell to the reader.

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