Sprint Nextel Corporation (S), Priceline.com Inc (PCLN): Billionaire Leon Cooperman’s Shakeups

Priceline is looking for longer-term growth via international expansion, with a focus on Asia and South America. Management believes China and other Asian countries are highly under-served and under-penetrated.

Priceline.com Inc (NASDAQ:PCLN) also has a very strong cash position, with cash and short-term investments of roughly $3.22 billion, compared to $2.5 billion in the previous quarter. Its debt to capital ratio is at a manageable 29%. I think Priceline can perform nicely on the back of a rebounding economy, which will spur travel bookings higher. Fellow billionaire Stephen Mandel is the largest shareholder in Priceline.com Inc (NASDAQ:PCLN), having a $1 billion position (check out Mandel’s newest picks).

Eastman Chemical Company (NYSE:EMN) saw Cooperman up its shares owned by 94% last quarter. Eastman manufactures and sells chemicals, plastics and fibers. The company has been working through various business restructuring initiatives, which includes selling off unprofitable units and closing businesses that could not be sold. Eastman closed its PET polymer operations in Cosoleacaque, Mexico and Zarate, Argentina.

The company’s first quarter 2013 earnings came in at $1.62 per share, well above year-ago EPS of $1.22. In the future, Eastman Chemical Company (NYSE:EMN) hopes to leverage its stronghold in key markets and large geographical presence to see growth. However, there appears to still be interim pressures for the company. Eastman lowered its full year 2013 EPS expectations from $6.40 to $6.30.

Bottom line

Billionaire Copperman’s Omega Advisors still loves Sprint Nextel Corporation (NYSE:S), and for good reason. The mobile company has seen Dish Network make an offer to buy up the company. Even without an acquisition by Dish, Sprint is well positioned to perform well over the long-term given its recent moves to better compete with AT&T and Verizon. I agree with Cooperman’s selloff of Humana Inc (NYSE:HUM), while also believing that Priceline.com Inc (NASDAQ:PCLN) could perform well. But I remain cautious on Eastman as the company looks to restructure.

The article Billionaire Leon Cooperman’s Shakeups originally appeared on Fool.com and is written by Marshall Hargrave.

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