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Hedge fund giant Citadel is placing a daring bet on ADC Telecommunications (ADCT Quote), buying a 5.7% stake in the slumping telco gear supplier.
In a federal filing Friday, Citadel said that it had acquired 5.8 million shares of the Eden Prairie, Minn., tech shop, making it the second-largest institutional holder of ADC stock. Lord Abbett & Co. is the largest with a 9.5% ownership stake.
Though the $33 million move is a relatively tiny outlay for Citadel, it is a sign perhaps that the money manager is putting some of its cash to work. ...
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