By Polya Lesova
Point72 Asset Management, the hedge-fund firm founded by
billionaire Steven A. Cohen, sold its stakes in a number of
companies in the second quarter, including Sirius XM Holdings Inc.,
Zynga Inc. and Yahoo Inc., according to a regulatory filing
Thursday.
Point72 sold 35.83 million shares in Sirius XM Holdings, 32.89
million shares in Zynga and 11.69 million shares in Yahoo.
The firm also eliminated its stake in BlackBerry Ltd., the
smartphone maker that has been struggling to turn around its
business, as well as home-improvement retailer Home Depot,
according to the filing that showed Point72's holdings as of June
30.
Among other divestments, Point72 sold stakes in oil-and-gas
producer Quicksilver Resources Inc., energy producer Encana Corp.
and cellphone carrier T-Mobile US Inc.
Point72, formerly SAC Capital Advisors LP, has changed
drastically amid 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.
Write to Polya Lesova at polya.lesova@wsj.com
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