Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Corvex Management has sold its 3.459 million shares of Signet Jewelers Ltd. (NYSE: SIG), according to a source familiar with the matter. Stock values plunged after investors learned of the block trade, which sold at $83.75 a share.
Thursday’s news is just the latest in a long history between the two corporations.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
In January 2014, Signet announced a “constructive meeting” with Corvex, and the relationship progressed in 2015 when Corvex boosted its stake in the jewelry company to 7.2 percent. In December, Corvex cut its stake from 9.94 percent to 4.97 percent.
Now, it seems the shareholder has pulled out entirely.
Signet’s Bad Luck
The news doesn’t bode well for Signet, which has recently been plagued by poor sales, poor guidance and poor press.
On Wednesday, the company reported a nine-week, same-store sales decrease of 4.6 percent. This followed a more substantial hit taken by Signet throughout the fall when its Kay Jewelers franchise faced allegations of selling fake diamonds.
Shares initially fell 2 percent on spreading rumors, and the value continued to plunge after Benzinga confirmed the report.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.