Daniel Loeb's Third Point Invests Again in Apple, Drops Energy Names
November 10 2016 - 6:25PM
Dow Jones News
By Lauren Pollock
Daniel Loeb's Third Point LLC invested again in Apple Inc. in
the third quarter, while eliminating its position in a number of
energy companies.
The New York hedge fund reported a stake worth $282.6 million in
Apple as of Sept. 30. Apple shares have declined 7.7% over the past
12 months, leading some high-profile investors, such as Warren
Buffett's Berkshire Hathaway Inc., to take advantage of the slide
to buy up shares in recent months.
Third Point last reported a position in the iPhone maker's stock
in 2014.
In other moves disclosed Thursday, Third Point eliminated its
positions in exploration-and-production firm Marathon Oil Corp.,
energy producer Devon Energy Corp. and refiner Tesoro Corp., among
other names in the energy sector.
Shares of Marathon and Devon have surged this year as oil prices
have steadied and the energy sector stages a recovery. Tesoro,
however, is down 20% year to date.
Third Point's positions were disclosed in a 13F filing with the
Securities and Exchange Commission, a quarterly requirement for
investors managing more than $100 million. The report indicates the
number of shares held and the value of each stake at the end of the
quarter. Monday is the filing deadline.
Write to Lauren Pollock at lauren.pollock@wsj.com
(END) Dow Jones Newswires
November 10, 2016 18:10 ET (23:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Andeavor (NYSE:ANDV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Andeavor (NYSE:ANDV)
Historical Stock Chart
From Apr 2023 to Apr 2024
