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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.

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