In other news Apple Inc. (NASDAQ:AAPL) and Ericsson (ADR) (NASDAQ:ERIC) reached a deal to end a patent dispute. Back in January, the two tech giants have locked horns in a license dispute over payments Apple was supposed to make in order to continue using Ericsson’s 4G technology. Although the terms of the new agreement are confidential, it is understood that the Cupertino-based giant will continue paying for the use of Ericsson’s technology and will work together with the Swedish titan to develop the next generation of wireless communication technology. Shares of both companies opened higher this morning, with Ericsson up by more than 5%, while Apple has advanced by less than 1% during the first hours of trading.
The second most popular stock among the funds we follow, Apple Inc. (NASDAQ:AAPL) could be found in the portfolios of 133 top hedge funds at the end of September, down from 144 a quarter earlier. Having reduced his holding of Apple stock for several quarters in a row, David Einhorn of Greenlight Capital changed his mind and started buying shares in the third quarter, boosting his stake by 30% to 11.2 million shares.
Only 11 of the funds we follow reported a long position in Ericsson (ADR) (NASDAQ:ERIC) at the end of the third quarter, down from 12 at the end of June. Peter Rathjens, Bruce Clarke and John Campbell were also among those scrambling for the exit, having dumped more than 80% of their investment in Ericsson during the quarter. In its latest 13F filing, Arrowstreet Capital reported ownership of just 2.53 million shares valued at $24.8 million.