When the world found out that Steve Ballmer will retire in the next 12 months from Microsoft Corporation (NASDAQ:MSFT), market reacted favorably to the news. A noted investor who gave up his position in the company as a lost cause was David Einhorn. Greenlight Capital sold the 6 million shares of the company in Q2. Despite the temporary spike in shares, Microsoft Corporation (NASDAQ:MSFT) has yet to break this year’ high that it reached back in July. So all in all, so far there is no concrete reason to think that whoever replaces Ballmer will manage to inject new life in the tech major, as we know from several examples, changing CEOs does not resolve the issue in many cases.
Courtesy of Icahn, Einhorn up in Apple
Carl Icahn’s tweets have been doing wonders at Apple Inc. (NASDAQ:AAPL) and so far have managed to coax some increase in share prices. We should all brace for another boom in Apple when Icahn discloses what he had for dinner with Tim Cook. Since Einhorn has been buying Apple on the dip this year, he should be doing well. Apple is up 7.6% in this month and is Einhorn’s largest holding.
Axon Capital Up 60% In 2020; Says These Tech Stocks Are Value Stocks
Axon Capital was up more than 60% for the first 11 months of 2020 after making some changes to deal with the year's challenges. In his delayed third-quarter letter to investors, which was reviewed by ValueWalk, Axon's Dinakar Singh noted that the year was not only "incredibly stressful" but also "successful." Q4 2020 hedge fund Read More
Einhorn doing exceptionally well in mid caps
Forget about Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL), Einhorn bought some mid caps in the last quarter which are doing really well so far . David Einhorn’s Greenlight Capital picked up a few stocks in the last quarter and some of them are killing it this year. Rite Aid Corporation (NYSE:RAD), which was bought by Einhorn in Q2, has gained a whopping 150% YTD, raising its market cap from $1.23 billion at the end of 2012 to $3.18 billion. Greenlight owns 20.2 million shares of the retail drugstore, and as of the end of June, the bet was worth $57.7 million. As of today, Greenlight’s holding is worth $70.7 million.The company’s net profit margins were up 1.4% in the last quarter.
VOYA, NCR Corp up for the year
Einhorn also bought ING US Inc (NYSE:VOYA) in the last quarter. It would be reasonable to think that his fund initiated the position around the same time the company debuted in public market on May 2, 2013. Since then VOYA has gained 38%, and Einhorn is making some money on this investment as well.
Greenlight has a position in NCR Corporation (NYSE:NCR); the fund holds 9.23 million shares of the company. NCR provides a wide range of communication solutions to businesses. Shares of NCR are up 42% in this year, and have been consistently gaining in the past 12 months. Greenlight has had a position in NCR Corporation (NYSE:NCR) since 2010, and the fund’s total position in the company is equal to 5.5% of the company’s shares and is Greenlight’s 6th largest position.
Greenlight’s new positions in WPX Energy Inc (NYSE:WPX) is also doing well.