By Lynnley Browning, Newsweek
James S. Chanos, a prominent short-seller in New York City known for wagering on falling stock prices, counts shares in CGI Group, the parent company of CGI Federal, as among his “largest short positions,” according to persons briefed on the matter. That means Chanos, the founder of Kynikos Associates (the name means cynic in Greek), has placed potentially lucrative bets that CGI shares will fall in value.
CGI Group, whose CGI Federal is the main contractor behind the glitch-plagued Healthcare.gov, has been an investor favorite for nearly five years. Headlines on troubles at the federal health-insurance website, intended to be the showpiece reform of Obama’s presidency, are drawing growing attention to the company, often called Canada’s most valuable technology firm.
Keep reading Investors Are Betting the Company That Fumbled Healthcare.gov Has Room to Fall.
