$3.91 down 14.25% after touching another all-time low of $3.72.A twofer from Barron's. First up, Focus on Funds:
Einhorn’s Greenlight Cuts Stake in Micron, SunEdison, Adds to Apple, GM, Consol Energy
The closely-watched hedge fund manager David Einhorn, struggling through a money-losing year, has renewed bets on Apple (AAPL), General Motors (GM) and Consol Energy (CNX) and slashed positions in SunEdison (SUNE) and Micron Technology (MU).
In a 13-F filing with the SEC unveiled late Monday, Einhorn’s Greenlight Capital reported that it reduced its positions in SunEdison and Micron Technology by 25% and 67%, respectively during the third quarter , to 18.6 and 12.4 million shares as of Sept. 30. The New York hedge-fund firm raised its Consol Energy holdings to 29.6 million shares during the same period.
Monday marked the deadline for big money managers to reveal holdings as of Sept. 30. Firms that wield more than $100 million need to hand over lists of equity holdings within 45 days following the quarter’s end
Greenlight has fallen a little more than 16% for the year through October. In August, the firm told its clients its losses so far for the year “came primarily” from SunEdison, Micron and Consol, which have fallen 73%, 53% and 80-% respectively over the past 12 months....MOREAnd from Income Investing:
SUNE Swoon Continues; Loeb Sold His Shares in Q3
Investors who thought selling in SunEdison was getting overdone last Tuesday when it was at $6.50, must be wondering when the stock will hit a floor. SUNE shares fell another 7% Monday to $4.53 by 3 p.m. ET.
The likely sources for the latest drubbing: Securities and Exchange Commission filings showed that Daniel Loeb’s hedge fund Third Point sold its stake in the third quarter (SUNE was once a hedge fund darling) and a UBS downgrade of TerraForm Power (TERP), SunEdison’s infrastructure division, or “yieldco.”
A big concern: that TERP won’t be able to handle the terms of Vivint Solar (VSLR) and Invenergy purchases, which now seem overpriced.
UBS analyst Julian Dumoulin-Smith downgraded TerraForm to Neutral from Buy on Friday. TERP shares were down 5.25% to $13.07 Monday. SunEnergy’s other yieldco, TerraForm Global (GLBL), was down just 2% to $6.76 Monday.
Dumoulin-Smith recommended in a Friday afternoon note that investors stay on the sidelines with SunEdison, too. He suggested the company may need to renegotiate Vivint terms, even though management says it can’t....MORESee also yesterday's "Sun Edison: Investors Turn Out the Lights" (SUNE) "The most disastrous big hedge fund trade of 2015".