Why Ally Financial (ALLY) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of Ally Financial (ALLY) are up 2.99% to $24.15 on very heavy trading volume after it was reported that hedge fund manager Dan Loeb acquired a large stake in the finnancial services company during the second quarter, according to an SEC filing today, according to Market Watch.

Loeb's Third Point fund acquired 45.6 million shares of the company during the latest reporting period, according to a 13F filing.

Loeb dumped stakes in Google (GOOG), Baidu (BIDU) and Citigroup (C), according to the SEC filing.

 

ALLY ChartALLY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Facebook's Investors Have a Big Day Ahead

Facebook's Investors Have a Big Day Ahead

Facebook, Boeing, Shire and Credit Suisse - 5 Things You Must Know

Facebook, Boeing, Shire and Credit Suisse - 5 Things You Must Know

The Global Stock Market Rout Spreads Across the World

The Global Stock Market Rout Spreads Across the World

Comcast Details $30 Billion Bid for Britain's Sky in Takeover Battle With Fox

Comcast Details $30 Billion Bid for Britain's Sky in Takeover Battle With Fox

Credit Suisse Shares Surge After Strong Q1, Record Wealth Management Inflows

Credit Suisse Shares Surge After Strong Q1, Record Wealth Management Inflows