Einhorn adds to Apple stake, awaits ‘blockbuster product’

“David Einhorn’s Greenlight Capital has added to its investment position in Apple Inc and is waiting for the company’s ‘next blockbuster product,’ Einhorn said on Tuesday,” Sam Forgione reports for Reuters.

“In a conference call for his Cayman Islands-based reinsurer Greenlight Capital Re Ltd, Einhorn did not specify when the hedge fund added to its Apple position or the size of its current holdings,” Forgione reports. “At the end of 2012, the $8.8 billion Greenlight Capital held 1.3 million Apple shares, according to a regulatory filing. At the market close on Monday, the shares were worth about $600 million.”

Forgione reports, “He said Apple’s roughly 17 percent stock price decline in the first quarter led to the biggest loss in the Greenlight investment portfolio in the period. He added, however, that Apple took a ‘major step forward’ by issuing $17 billion in bonds on April 30, and that its recent plan to return $100 billion to shareholders via an increase in its dividend and share buybacks is a ‘vastly more shareholder-friendly’ policy than it had a few months ago. ‘We’ve added to our Apple position. Now we just wait for the release of Apple’s next blockbuster product,’ Einhorn said.”

Read more in the full article here.

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