JANA Partners: Abandons Qualcomm

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Jana Partners and Barry Rosenstein has dumped most of its Qualcomm (QCOM) stake. It owned ~28.5 million shares and dumped about two-thirds of its stake. It now owns 9.2 million shares.

This comes as the activist hedge fund was pushing Qualcomm to split into two companies. Qualcomm rebuffed and Jana is moving on. And likely cutting losses. Jana bought the bulk of its stake in 1Q 2014.

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QCOM went from Jana’s no. 1 largest holding to no. 4.