Third Point’s Portfolio Struggled in the Turbulent Third Quarter

Let’s move on to Sunedison Inc. (NYSE:SUNE), which saw its stock price lose 76.00% in the third quarter. Third Point increased its position in the solar company during the second quarter by 2.4 million shares, and owned 12.40 million shares that were worth $370.88 million on June 30. The shares of Sunedison Inc. (NYSE:SUNE) are 53% in the red year-to-date, but some tend to believe in a potential rebound. One of the bullish players on Sunedison is short-seller John Hempton’s Bronte Capital, which reckons that the company’s existing projects have a great deal of potential. Even though Hempton is not entirely sure that the solar company will not file for bankruptcy, he does believe that the stock represents a great opportunity (read more details). David Einhorn’s Greenlight Capital represents the largest stockholder of Sunedison Inc. (NYSE:SUNE) within our database, holding 24.84 million shares.

Third Point owns nearly 3.58 million shares of Yum! Brands Inc. (NYSE:YUM) as of June 30, which were valued at $322.04 million. The shares of the restaurant chain lost 10.85% in the third quarter and has lost an additional 9% since then amid a disappointing third-quarter earnings report that was released earlier this month. Earlier this week, Keith Meister of Corvex Management LP was appointed to Yum! Brands Inc. (NYSE:YUM)’s Board of Directors, and he will surely put a great deal of effort to create shareholder value. The company’s China business has had a hard time recovering from last July’s supplier incident, which has put downward pressure on the stock and the company’s top-line. Let us remind you that the activist investor has previously expressed his conviction that a potential spin-off of its China business would unlock great shareholder value (read more details here). Corvex Management LP is the top shareholder of Yum! Brands Inc. (NYSE:YUM) within our database, owning 15.29 million shares as of June 30.

Lastly, Third Point held its position in Sothebys (NYSE:BID) unchanged during the second quarter at 6.65 million shares, which was worth $300.85 million at the end of June. The shares of the auctioneer of authenticated fine art, decorative art, and jewelry lost 29.11% over the latest quarter, and are 22% in the red year-to-date. For the second quarter that ended 30 June, Sothebys (NYSE:BID) reported revenues of $332.0 million, which were down 1% year-over-year. The currency exchange rates significantly impacted the company’s top-line. In fact, the revenue excluding the impact of currency fluctuations increase by $8.6 million or 3% year-over-year Ricky Sandler’s Eminence Capital added a 1.75 million-share position in Sothebys (NYSE:BID) during the June quarter.

Disclosure: None