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Stocks

Hedge funds smell profit opportunities in Toshiba

These foreign investors likely in the stock for the long haul

TOKYO -- Toshiba might have lost some traditional shareholders after it was demoted to the second section of the Tokyo Stock Exchange, but in their place the embattled company has attracted overseas hedge funds that had showed no interest in the past.

Toshiba shares rose for a fourth day Thursday, when it finally released its results for the year ended in March with qualified auditor approval. The stock gained 14% during a four-day rally that began Monday, when investors learned in a regulatory filing that U.S. hedge fund King Street Capital Management holds 5.8% of the beleaguered company.

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