Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Billionaire Brian Higgins’ New Stock Picks

Equinix Inc (NASDAQ:EQIX) represented the second-largest new purchase of King Street Capital for the second quarter. The fund purchased 19,600 shares of the company during the quarter, worth almost $5 million as of June 30. On August 5 the data center company announced the second phase of expansion of its International Business Exchange data center, also known as SG3, in Singapore. The company declared mixed second quarter results on July 29, reporting EPS of $1.03 on revenue of $665.60 million, compared to analysts’ estimates of EPS of $1.10 on revenue of $657.74 million. On July 31, analysts at KeyBanc reiterated their ‘Overweight’ rating on the stock and upped their price target to $323 from $295. While King Street initiated a stake in Equinix Inc (NASDAQ:EQIX), John H. Scully‘s SPO Advisory Corp – one of the largest shareholders of the company – reduced its stake by 18% during the second quarter, to 4.63 million shares.

King Street Capital bought 12,396 shares of Globalstar, Inc. (NYSEMKT:GSAT) during the April-June period, it’s third new position of the quarter. As of June 30, this stake was worth $26,000. Shares of the mobile satellite services company have been nearly halved since mid-March and are down by almost 34% for the year. On August 10, Globalstar, Inc. (NYSEMKT:GSAT) reported mixed quarterly earnings. While analysts were expecting the company to report an EPS loss of $0.02 on revenue of $25.62 million, the company posted EPS of $0.17 on revenue of $23 million. In the past few weeks several industry experts have raised concerns over devices manufactured by the company being vulnerable to having their transmissions intercepted. Israel Englander‘s Millennium Management increased its holdings in the company by 448% during the second quarter to nearly 2.8 million shares.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...