Christian Leone Trims Exposure to Top Picks, Buys Apple, Sells Yahoo

BJ’s Restaurants, Inc. (NASDAQ:BJRI)

– Shares Owned by Luxor Capital Group (as of June 30): 2.50 million

– Value of Luxor Capital Group’s holding (as of June 30): $109.71 million

Luxor Capital Group’s position in BJ’s Restaurants, Inc. (NASDAQ:BJRI) remained unchanged during the second quarter. BJ’s Restaurants, Inc. (NASDAQ:BJRI)’s results for the second quarter did not meet Wall Street estimates, as the company’s revenue of $250.33 million was $2.9 million lower than expected, while EPS of $0.56 per share was below the consensus estimate of $0.57. The comparable restaurant sales fell by 0.2%. At the end of June, 20 funds from our database held shares of BJ’s Restaurants with a total value of $243.95 million, compared to 21 funds and $129.87 million, respectively, a quarter earlier.

Apple Inc. (NASDAQ:AAPL)

– Shares Owned by Luxor Capital Group (as of June 30): 101,775

– Value of Luxor Capital Group’s holding (as of June 30): $9.73 million

Christian Leone’s fund initiated a stake in Apple Inc. (NASDAQ:AAPL) during the second quarter. The iPhone maker has been making headlines lately amid the European Commission’s ruling over its taxes in Ireland and the release of the new iPhone 7 and iPhone 7 Plus, which, despite some drawbacks, seem to be a success, as carriers have recently announced that preorders are some of the highest in history. Among the funds we track, 116 funds held shares of Apple at the end of June, down from 152 funds a quarter earlier.

Yahoo! Inc. (NASDAQ:YHOO)

Luxor Capital Group sold its entire stake of 7.15 million shares of Yahoo! Inc. (NASDAQ:YHOO) it had reported as of the end of March during the second quarter. The move might have been a bit rash as in July, Verizon announced the acquisition of Yahoo’s core business for $4.83 billion. However, the deal does not include Yahoo’s investments in Alibaba Group Holding Ltd. (NYSE:BABA) and Yahoo Japan. Following the acquisition, Yahoo’s core business, which includes advertising, content, search, and mobile activities will be combined with AOL, which Verizon had bought last year. However, Luxor wasn’t the only stock that decided to dump Yahoo, as the number of funds from our database bullish on the company slid to 81 from 97 between April and June.

Disclosure: None