We've been following shares of Diamond Foods (DMND) ever since its accounting scandal forced it to restate earnings for the 2010 and 2011 fiscal years. Our opinion is that in times of uncertainty there's opportunities for profit, but the key is timing. We think that time is now, even after its 52% run YTD.
We feel the company has turned the corner and put its past firmly in the rear-view mirror. One big investor certainly agrees with us and that's billionaire Stevie Cohen. His SAC Capital has increased its stake by 3X from 2Q and now owns 5.1% of Diamond Foods. SAC joins the event driven hedge fund, Litespeed Management, as one of the major hedge...
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