By Rob Copeland
David Einhorn's Greenlight Capital Inc. hedge fund disclosed
Friday a new $1 billion position in semiconductor maker Micron
Technology Inc. (MU) and $145 million stake in Andarko Petroleum
Inc. (APC).
Greenlight also outlined new positions in Chicos FAS Inc. (CHS),
EMC Corp. (EMC) and Take-Two Interactive Software Inc. (TTWO) in
quarterly filings that reflect stock holdings in the firm's
portfolio as of Dec. 31.
The filings don't offer any insight into short positions
Greenlight may have, or changes in holdings that may have occurred
since the end of the fourth quarter.
The Andarko and Micron moves had previously been mentioned,
without any details of sizing, in Greenlight's yearend investor
letter last month. In the letter, Mr. Einhorn wrote he bought
Micron at $16.49; it closed Friday at $25.08.
He wrote it was the first time he had taken a long position in a
company he had once shorted.
"A decade of poor results exposed every flaw in the business and
killed any love for the stock," Mr. Einhorn wrote. "The sell-side
groupthink has reversed: the mostly bearish analysts now contort
themselves to justify earnings estimates that are too low, price
targets that are too pessimistic, and stock ratings that are too
negative."
Greenlight exited its position in homebuilding and mortgage
company NVR Inc. (NVR) during the fourth quarter, the filings
indicate.
The filings also showed Greenlight has stuck to a sizeable long
position in Apple Inc. (AAPL). Greenlight owned $1.3 billion worth
of shares in Apple as of Dec. 31, mostly unchanged from a quarter
earlier.
Greenlight, which manages $10 billion overall, returned 19% last
year, according to investor documents, handily beating the average
stock hedge-fund tracked by research firm HFR. The fund dropped
about 2% in January. A firm spokesman declined to comment.
Write to Rob Copeland at rob.copeland@wsj.com
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