market folly

Barry Rosenstein's hedge fund JANA Partners has filed a Form 4 with the SEC regarding shares of Oil States International (OIS).  Per the filing, JANA has exercised 10,000 call options and converted those into 1 million shares of OIS. 

After the transaction, JANA now owns over 6.4 million shares of OIS.  The options had a exercise price of $80 with an expiration date of October 11th.

David Einhorn's Greenlight Capital is also involved in this company as it's one of his largest positions.  Earlier this year, our Hedge Fund Wisdom newsletter analyzed OIS and outlined the investment thesis.  You can subscribe here to read it.

Per Google Finance, Oil States International "is a provider of specialty products and services to natural resources companies worldwide. The Company operates in oil and natural gas and coal producing regions, including Canada, onshore and offshore the United States, Australia, West Africa, the North Sea, South America and Southeast and Central Asia. Its customers include national oil companies, oil and natural gas companies, onshore and offshore drilling companies, other oilfield service companies and mining companies. It operates in four segments: accommodations, offshore products, well site services and tubular services. In September 2013, Oil States International Inc sold Sooner, Inc. and its subsidiaries (Sooner) to Marubeni-Itochu Tubulars America, Inc."

For more on this hedge fund, we posted Barry Rosenstein's recent interview.