Don Bilson, who heads Gordon Haskett's event-driven research team, said in a note prior to the open that Nomura's largest stock purchase last quarter was Netflix (NFLX), noting that the Japanese bank "put Mantle Ridge into Aramark (ARMK) and Carl Icahn into HP (HPQ) via a swap or some sort of options trade that remained on Nomura's books" previously. He speculated Bill Ackman could be the buyer behind Nomura's stakeholding, even "though there is nothing for an activist to do" at Netflix, given it fits the pattern of some other Pershing Square stock investments and Ackman mentioned not long ago that he had built a new, unnamed position. If it's not Ackman, "we suppose it could be Carl Icahn who just proved he knows who to call at Nomura" and his son, who previously got Icahn into the stock, is set to rejoin his fund shortly, Argenti wrote in his pre-open note.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.

Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.