Loeb's Third Point LLC Lowers Stake in Atmel

In an amended 13D filing after the close Friday on Atmel (ATML), Daniel Loeb's Third Point LLC disclosed they lowered their stake in the company to 4.99% (22.4 million shares).

Loeb's firm held 35 million shares of Atmel at the quarter ended September 30, 2007.

Loeb's firm sold large blocks of Atmel stock from 10/11 thru 11/30 at prices from $5.80-$4.39.

Because Loeb's firm is below the 5% threshold, he will not be required to file updated 13Ds on the position.

Atmel has not been a winning trade for Loeb. The original 13D, filed in July, showed Loeb paid an average of about $5.45 per share for the stock. It is currently at $4.42.