(The item "Point72 Asset Management Sells Stakes in Sirius,
Zynga and Yahoo", published Thursday at 4:14 p.m. EDT, incorrectly
reported that the firm had eliminated its stakes in those three
companies as well as Home Depot, Quicksilver Resources, Encana
Corp. and T-Mobile US. Inc. A corrected version of the article
follows.)
Point72 Asset Management, formerly SAC Capital Advisors LP,
exited its stake in Blackberry Ltd. (BBRY) and sold a portion of
its stake in Yahoo Inc. (YHOO) during the quarter ended June 30,
according to a regulatory filing.
The hedge-fund firm founded by billionaire Steven A. Cohen held
no shares in BlackBerry -- the smartphone maker that has been
struggling to turn around its business -- at the end of June,
according to a 13-F regulatory filing with the Securities and
Exchange Commission on Thursday.
Point72 held 904,400 shares in Yahoo at the end of the second
quarter.
Mr. Cohen's firm also held stakes in videogame maker Zynga Inc.
(ZNGA), cellphone carrier T-Mobile US Inc. (TMUS) and energy
producer Encana Corp. (ECA). Point72 owned 432,000 Zynga shares and
43,100 shares of T-Mobile as of June 30. The firm held 2.06 million
shares of Encana.
Thursday's regulatory filing also showed that Point72 owned
31.57 million shares in Sirius XM Holdings (SIRI), 5.88 million
shares of Quicksilver Resources (KWK) and 875,000 shares in Home
Depot (HD) as of June 30.
SAC Capital has been the subject of a federal investigation into
insider trading at the firm. SAC has pleaded guilty to insider
trading and agreed to pay a fine of almost $1.2 billion and cease
managing outside money.
Eight current or former SAC employees have been convicted of or
pleaded guilty to insider trading. Mr. Cohen has denied involvement
in any wrongdoing and hasn't been charged criminally but faces a
pending civil case brought by the Securities and Exchange
Commission, which alleges he failed to adequately supervise his
employees.
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