Einhorn’s Greenlight ups Apple stake to 11.7 million shares

“Battling his worst year since the financial crisis, hedge-fund manager David Einhorn in the third quarter cut his stake in two of his worst performing bets, while doubling down on another, according to a securities filing Monday,” Juliet Chung reports for The Wall Street Journal.

“Greenlight Capital reduced its positions in SunEdison Inc. and Micron Technology Inc. by 25% and 67%, respectively, to 18.6 and 12.4 million shares as of Sept. 3,” Chung reports. “The fund was down a little more than 16% for the year through October.”

“Greenlight made other adjustments to its portfolio during the third quarter,” Chung reports. “It ratcheted up its stake in Apple Inc. to 11.7 million shares…”

Read more in the full article here.

“Einhorn isn’t the only famous hedge-funder betting big on AAPL,” John Divine reports for InvestorPlace. “Carl Icahn said earlier this year that he felt AAPL stock represented the sort of rare opportunity Netflix stock did when he first purchased that several years ago.”

Divine reports, “Considering Icahn walked away with trough-to-peak gains of 1,000% and upwards of $2 billion on that trade, that would be quite the endorsement if true.”

Read more in the full article here.

MacDailyNews Take: It’d be nice if Apple were someday rewarded with a decent P/E for inventing and then raking in the majority of the profits in the personal computing, smartphone, and tablet markets. There’s plenty of room for growth given proper execution.

[Thanks to MacDailyNews Readers “Sarah” and “Dan K.” for the heads up.]


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