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Einhorn's Greenlight Reports Increased Microsoft Stake

By John Letzing Of DOW JONES NEWSWIRES SAN FRANCISCO -(Dow Jones)- Hedge-fund manager David Einhorn reported holdings Monday that signal his enduring faith in Microsoft Corp. (MSFT), even as he has shed a stake in Microsoft partner Yahoo Inc. (YHOO). In a regulatory filing, Einhorn's Greenlight Capital Inc. reported a stake in Microsoft that totaled roughly 14.8 million shares as of June 30--compared to about 9.1 million shares at the end of the prior quarter. Microsoft has continued to pull in significant profits from its traditional Windows and Office software businesses, even as it shows a loss for its newer online services unit. Shares of Microsoft have fallen 8.6% in the year so far. The shares closed Monday up 1.6% at $25.51. Einhorn has expressed his appreciation for Microsoft in the past, telling an audience at an investment conference in May that the Redmond, Wash., company is not receiving proper attention from investors. However, Einhorn recently shed his stake in Microsoft partner Yahoo. Microsoft is powering the search and advertising results on Yahoo websites, in a revenue-sharing arrangement. Yahoo has sought to focus on its online display-advertising business, though its recent second-quarter display-ad revenue results disappointed investors. Einhorn's disclosure to investors that he'd dropped his Yahoo stake was reported last month. Greenlight Capital had reported holding 8.5 million shares of Yahoo for the period ended March 31. Einhorn also on Monday reported a larger stake in Microsoft rival Apple Inc. (AAPL). Greenlight Capital reported having roughly 1.1 million shares of Apple as of June 30, compared to a holding of 837,500 shares at the end of the prior period. Apple, which sells iPhone and iPad devices popular with consumers, recently topped Exxon Mobil Corp. (XOM) to become the world's most valuable company by market valuation, before falling slightly behind. Shares of Apple closed Monday up 1.7% at $383.41. Einhorn appears to have placed another bet on consumer spending with Best Buy Inc. (BBY) Greenlight Capital reported holding roughly 6.9 million shares of the electronics retailer as of June 30, compared to about 6 million shares at the end of the prior period. Shares of Best Buy closed Monday up 3.6% at $24.52. A Greenlight Capital representative declined to comment. -By John Letzing, Dow Jones Newswires; 415-765-8230; john.letzing@dowjones.com

Stock News for Cardinal Health (CAH)
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