Highlights from Greenlight’s Q3 Letter: David Einhorn’s Winners and Losers from the Tech Sector

Despite the losses from Micron Technology, Inc. (NASDAQ:MU), Greenlight managed to foresee the decline of the semiconductor market and sold out of its long position in Lam Research Corporation (NASDAQ:LRCX), in which it held 1.64 million shares as of the end of June. According to the letter, the position in Lam Research Corporation (NASDAQ:LRCX) was sold at $75.30 per share, compared to the purchase price of $54.07. The investor closed the position on concerns that the cycle was peaking, which could put pressure on Lam Research Corporation (NASDAQ:LRCX)’s estimates for the next year.

Another semiconductor stock that helped Greenlight to offset the losses from some of its larger holdings was a short position in Intel Corporation (NASDAQ:INTC). The investor shorted the stock at $34.23 and covered it at $29.28. This allowed the investor to cover some of its long exposure to the PC market.

Finally, Shares of Apple Inc. (NASDAQ:AAPL), which, as stated earlier, represented one of Greenlight’s largest long positions, slid by some 11% during the third quarter. The reason for the decline of the stock is the rising fears over the slowdown of the Chinese economy, which represents Apple Inc. (NASDAQ:AAPL)’s second-largest market after the U.S. Nevertheless, the investor is still bullish on the tech giant, which managed to deliver strong results for its latest reported quarter and provided an upgraded outlook for the following two years. In its latest 13F filing, Greenlight disclosed holding 7.38 million shares of Apple Inc. (NASDAQ:AAPL).

Disclosure: None