UPDATE:Greenlight Boosts Apple Stake;Exits EMC,Lockheed Martin
November 15 2010 - 7:41PM
Dow Jones News
Greenlight Capital Inc., run by hedge fund manager David
Einhorn, in the third quarter bought 525,000 more shares in Apple
Inc. (AAPL), and added stakes in software provider Broadridge
Financial Solutions Inc. (BR), computer-equipment company Ingram
Micro Inc. (IM), and semiconductor solutions provider Verigy Ltd.
(VRGY), according to regulatory filings Monday.
The value of Greenlight's stock holdings was $4.02 billion at
the end of the third quarter, up from $3.32 billion at the end of
the second quarter. The increase was due to a combination of
purchases and sales of shares and changes in market value.
The most recent filings, which contained the fund's stock
holdings as of Sept. 30, showed Greenlight also boosted holdings in
offshore-drilling company Ensco PLC (ESV), homebuilding and
mortgage-banking company NVR Inc. (NVR), timing-technology company
Symmetricom Inc. (SYMM) and reinsurer Transatlantic Holdings Inc.
(TRH).
Meanwhile, Greenlight exited several stocks, including maker of
corporate data-storage equipment EMC Corp. (EMC) and defense and
aerospace company Lockheed Martin Corp. (LMT). Einhorn's exits came
before Lockheed reported a 28% drop in third-quarter earnings on a
charge related to an executive buyout program, and EMC's 58% jump
in third-quarter profit on higher revenue and surging margins.
Einhorn specializes in long/short equity trading. He is
particularly known for shorting the shares of Lehman Brothers
Holdings Inc., which collapsed during the financial crisis.
Last month, he said he was shorting St. Joe Co. (JOE), a
Jacksonville, Fla., real-estate development company. Einhorn said
St. Joe is "way, way overvalued" as its holdings of Florida real
estate are worth nowhere near the $746 million the company says
they are worth. St. Joe's shares plunged nearly 10% that day and
continued to declined. They closed 3% lower Monday at $19.04, down
from more than $24 before Einhorn talked about the stock at a
conference.
-Amy Or, Dow Jones Newswires, +1 212 416 3142,
amy.or@dowjones.com
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