Loeb’s Third Point Buys Disney, Marathon, Elan, Exits Delphi, Chimera

Dan Loeb’s Third Point raised its leverage during the second quarter of the year, according to its latest 13F filing. Interesting enough, 80 percent of the firm’s new positions are call options. During the quarter ending in June, the firm bought into The Walt Disney Company (NYSE:DIS), Marathon Petroleum Corp (NYSE:MPC) and Elan Corporation, plc (NYSE:ELN). Third Point exited Delphi Automotive PLC (NYSE:DLPH) and Chimera Investment Corporation (NYSE:CIM).

The firm’s top five positions at the end of June included Yahoo! Inc. (NASDAQ:YHOO), which made up 35 percent of its portfolio. American International Group Inc (NYSE:AIG) made up about 10 percent, while LIBERTY GLOBAL PLC (NASDAQ:LBTYA), Thermo Fisher Scientific Inc. (NYSE:TMO) and International Paper Company (NYSE:IP) each made up less than five percent.

Major new stocks and increases

In the quarter ending in June, the firm bought into 14 new stocks and increased its position in eight others.

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Third Point’s biggest new stock purchases during the second quarter included Elan Corporation, plc (NYSE:ELN), International Paper Company (NYSE:IP), iShares MSCI Emerging Markets Indx (ETF) (NYSEARCA:EEM) and The Walt Disney Company (NYSE:DIS). Other stocks entered by the firm during the quarter include Coca-Cola Enterprises Inc (NYSE:CCE), Marathon Petroleum Corp (NYSE:MPC) and Williams Companies, Inc. (NYSE:WMB).

Some of Dan Loeb’s key position increases include Thermo Fisher Scientific Inc. (NYSE:TMO), Sothebys (NYSE:BID), Tibco Software Inc. (NASDAQ:TIBX) and LIBERTY GLOBAL PLC (NASDAQ:LBTYA) (NASDAQ:LBTYK).

Dan Loeb did not change his position in Yahoo! Inc. (NASDAQ:YHOO) during the second quarter, although it was announced in July that he would sell 40 million shares back to the company and resign from the search giant’s board.

Major stock exits and reductions

Third Point’s major exits during the June quarter included Chimera Investment Corporation (NYSE:CIM), of which it sold 15 million shares during the second quarter. Other key exits during the quarter were Delphi Automotive PLC (NYSE:DLPH) Louisiana-Pacific Corporation (NYSE:LPX), Murphy Oil Corporation (NYSE:MUR) and NXP Semiconductors NV (NASDAQ:NXPI).

Some of the firm’s major reductions were in American International Group Inc (NYSE:AIG), although it continued to be in its top five holdings, and News Corp (NASDAQ:NWSA). Third Point also sold some of its stake in International Paper Company (NYSE:IP) and Anadarko Petroleum Corporation (NYSE:APC).