One of the biggest names in the global hedge fund industry likes the look of Delek US Holdings. In a filing with the Securities and Exchange Commision, the managers at Citadel say they now own 5.6 percent of Brentwood-based Delek, which last month said it planned to buy nearly half of Texas-based Alon USA Energy. Chicago-based Citadel, which manages $25 billion in capital, becomes the seventh entity to hold at least 5 percent of Delek.
Shares of Delek (Ticker: DK) are up about 1 percent this morning to $35.75. So far this year, they've climbed about 30 percent.
Investors are doling out a beating to Noranda Aluminum Holding shares, which late yesterday said its largest investor planned to sell all of its 33 percent stake. As of 11:10 a.m., the shares (Ticker: NOR) were off a whopping 27 percent to $2.18, their lowest level since going public five years ago. Volume was massive, with 10.4 million shares already having been traded versus a daily average of about 330,000.
Shares of Noranda Aluminum took a 5 percent hit Thursday and are struggling again this morning on the heels of a downgrade from analysts at UBS. Following Noranda's Q1 results, the firm cut its rating on Noranda to 'sell' from 'neutral' and lowered its price target to $2.75 from $3.25. Noranda shares (Ticker: NOR) were down 1.6 percent to $2.99 in early trading Friday.
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