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Traffic blocked for Highway 42 northbound at I-43 intersection due to tipped tanker truck

TOWN OF SHEBOYGAN, WI (WHBL) -  Traffic is closed to part of the I-43/Highway 42 intersection due to a tipped tanker truck at one of the roundabouts. The incident occurred around 9:45 this morning on the south roundabout, the one closer to Texas Roadhouse and Hardees.  Sheboygan County Sheriff's Sgt. Doug Tuttle said the situation is not hazardous and no major leakage from the tanker is taking place. For now, all traffic on Highway 42 towards Howards Grove at the roundabout is clo...

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Loeb's Third Point takes Nokia stake, plans to return some cash

Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Ve
Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Ve

BOSTON (Reuters) - Hedge fund manager Daniel Loeb, one of the industry's best performers this year, said his Third Point took a position in Nokia after the Finnish communications and technology company said it would spin off its Devices & Services business to Microsoft.

News that Loeb had taken a stake in Nokia sent the company's shares up 1.4 percent in New York on Tuesday.

Loeb, discussing his portfolio in his Third Quarter Investor Letter, said Nokia would have 8 billion euros in cash available after the deal with Microsoft, and that the bulk of that money would likely be returned to shareholders. He said a "buyback or special dividend" is possible, something that should attract new investors to what he called "new" Nokia.

In the letter, which was seen by Reuters, Loeb also said his $14 billion fund was as large as he wanted it to be right now and that he would be returning to investors 10 percent of the capital in the fund at the end of the year.

Loeb's Offshore Fund has gained 18 percent in the first nine months of the year. The average hedge fund has gained roughly 9 percent.

Other prominent investors, including Seth Klarman at Baupost Group and Jon Jacobson at Highfields, are also returning some money to clients.

(Reporting by Svea Herbst-Bayliss; Editing by John Wallace)

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