Editor’s Note: Related tickers: Apple Inc. (NASDAQ:AAPL), The Procter & Gamble Company (NYSE:PG), US Airways Group, Inc. (NYSE:LCC), AMR Corporation (PINK:AAMRQ), Facebook Inc (NASDAQ:FB), Steinway Musical Instruments Inc (NYSE:LVB), TransCanada Corporation (NYSE:TRP), Sony Corporation (ADR) (NYSE:SNE), The Walt Disney Company (NYSE:DIS), Micron Technology, Inc. (NASDAQ:MU), SPDR Gold Trust (ETF) (NYSEARCA:GLD), Barrick Gold Corporation (USA) (NYSE:ABX), E I Du Pont De Nemours And Co (NYSE:DD)
Apple a hedge fund target; Soros doubles stake (USAToday)
Well-known investor George Soros has nearly doubled the size of his investment in Apple Inc. (NASDAQ:AAPL), the latest sign how the struggling stock is drawing big bets from celebrity investors. Just a day after investor Carl Icahn revealed his plans to build a big position in Apple Inc. (NASDAQ:AAPL), fellow billionaire Soros disclosed in a regulatory filing that he now owns 66,800 shares of the company. The two are the latest deep-pocketed investors eyeing Apple Inc. (NASDAQ:AAPL)’s nearly $150 billion in cash and investments, hoping the company will do something with that financial warchest to enrich shareholders. The size of Icahn’s investment is unclear. Soros, though he owns more than $34 million worth of Apple Inc. (NASDAQ:AAPL) shares, doesn’t crack even the top 10 holders of the stock. The largest individual hedge fund owner is David Einhorn’s GreenLight Capital, with 2.3 million shares, says S&P Capital IQ, followed by D. E. Shaw, which owns 1.7 million shares. Leon Cooperman of Omega Advisors also got back into Apple Inc. (NASDAQ:AAPL) shares by buying 31,000 of the company.
Soros dumps US Airways, Tiger Consumer likes Facebook (Reuters)
Billionaire investor George Soros dumped 7.85 million shares of US Airways Group, Inc. (NYSE:LCC) in the second quarter, a regulatory filing on Wednesday showed. It was a timely move by the investor’s Soros Fund Management. On Tuesday, the U.S. Justice Department filed a lawsuit to block the proposed merger of US Airways Group, Inc. (NYSE:LCC) and AMR Corporation (PINK:AAMRQ), the parent company of American Airlines. Other regulatory filings from hedge funds and investment firms showed Leon Cooperman’s Omega Advisors soured on Facebook Inc (NASDAQ:FB) in the second quarter, but Patrick McCormack’s Tiger Consumer Management took a shine to the social networking company.
Hedge fund sells 19 million shares of Procter & Gamble (USAToday)
Hedge fund manager Bill Ackman has sold two-thirds of his stake in Cincinnati-based The Procter & Gamble Company (NYSE:PG) – cutting his share in the company that he pressured to cut costs and replace its CEO.But in another financial move, Ackman purchased the right to buy shares in the future that could make him an even bigger The Procter & Gamble Company (NYSE:PG) investor than before. …Ackman’s firm retains 8.9 million shares worth $723 million. Pershing Square is now The Procter & Gamble Company (NYSE:PG)’s 30th-largest investor, with a 0.33 percent stake, down from No. 10 with a 1 percent stake, according to Bloomberg.
Steinway sale to hedge fund confirmed (CityIndex)
The sale of Steinway Musical Instruments Inc (NYSE:LVB) has been confirmed, after a deal that values the firm at $512 million (£330 million) was agreed with a hedge fund. Paulson & Co made a larger offer than a previous bid that had been made by rival firm Kohlberg & Co, which says it will not be looking to increase its own offer. Shares in Steinway Musical Instruments Inc (NYSE:LVB) rose by around six per cent on the back of the news of the sale, pushing its stocks close to the sale price agreed with the hedge fund. Sales were up by only two per cent for the piano manufacturer last year, so the new owner will need to find a way to turn the business around in the coming months and years.
Gold Bull Paulson Cuts SPDR Stake by Half Amid Bear Market (BusinessWeek)
Billionaire hedge fund manager John Paulson, who told investors as recently as last month that they should own gold, cut his holdings in the metal by more than half as prices plunged into a bear market. Paulson & Co., the largest investor in the SPDR Gold Trust (ETF) (NYSEARCA:GLD), the biggest exchange-traded product for the metal, pared its stake to 10.2 million shares in the three months ended June 30 from 21.8 million at the end of the first quarter, according to a government filing yesterday. The New York-based firm, which manages $18 billion, cut its ownership for the first time since 2011 “due to a reduced need for hedging,” according to an e-mailed response to questions. It also sold options to buy shares in Barrick Gold Corporation (USA) (NYSE:ABX) in the future, filings show.
SEC halts fraud by Ohio-based hedge fund manager (HedgeWeek)
The Securities and Exchange Commission has filed an emergency action charging Anthony J Davian and his Richfield, Ohio-based asset management firm with defrauding investors in hedge funds they manage. A federal district court granted the SEC’s motion for emergency relief, halting the fraud. The SEC alleges that since 2011 Davian, a 34-year old resident of Copley, Ohio, has raised more than USD1.5m from investors by promoting Davian Capital Advisors as a highly successful investment management firm that manages a portfolio of profitable hedge funds.
Mad Money, August 14, 2013 (CNBC)