Seeking Alpha

Steven Cohen's SAC Capital Advisors sold off more than 1M shares of Apple (AAPL) in Q1, and...

Steven Cohen's SAC Capital Advisors sold off more than 1M shares of Apple (AAPL) in Q1, and increased stakes in several other techs, including Advanced Micro Devices (AMD), Cisco (CSCO), Oracle (ORCL) and Hewlett-Packard (HPQ). The firm also cut is holdings in the SPDR Gold Trust (GLD) and sold off sizable chunks of ExxonMobil (XOM) and Pfizer (PFE).
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Comments (16)
  • doc47
    , contributor
    Comments (1310) | Send Message
    20/20 hindsight shows they should have bought nothing!
    15 May 2012, 07:28 PM Reply Like
  • Ashraf Eassa
    , contributor
    Comments (9271) | Send Message
    AMD will be fine. Don't know about the other ones...
    15 May 2012, 08:47 PM Reply Like
  • Night train
    , contributor
    Comments (21) | Send Message
    Let us know when they buy back in.
    15 May 2012, 10:00 PM Reply Like
  • dab3z
    , contributor
    Comments (312) | Send Message
    And Einhorn and GC maintained their position in Q1.


    Fact is that we don't know what they did during Q2. This is "old" new news.
    15 May 2012, 10:24 PM Reply Like
  • Dean Scarpinato
    , contributor
    Comments (372) | Send Message
    Right but it serves to make the jittery more jittery and it adds some noise to the fact that there is no actual reason for the selloff. Fears of the end of subsidies may be valid but how far out would you need to look? And ask T-Mobile (lost 800,000 subscribers over the holidays) just how wise it is not to stock the iPhone.
    16 May 2012, 02:24 PM Reply Like
  • consultnick
    , contributor
    Comments (271) | Send Message
    Although stale, this is none-the-less useful information, for it explains some of the pricing pressure on AAPL--not all, but some. And many fund managers had done the same quietly, because they needed to raise cash for the next series of opportunities, which are happening presently.


    We may see a repeat of the horrifying self-eviceration by the demagogs of congress over the debt issue again! Moody's is circling the banks for a killing downgrade--again. We are currently watching the same Greek movie again. We are playing the same dead Chinese economy record again. The "tax uncertainty"/Bush tax cuts are again threatened.


    So if one had a great profit in those halcyon days of the first quarter--they might feel somewhat remiss for not having taken it, especially with what we re looking at now. But these guys are huge and must perform to a different set of criteria than small scale mostly long investors. I believe they will jump on AAPL once again when it starts to move pending the release of I Phone 5, and they will indeed get a good entry point.


    I'm not that nimble, and don't do very well on short-term trading strategies. Just pouring another glass of merlot and waiting.....I HAVE learned that following these whales in the PAST tense is a fools errand!
    15 May 2012, 11:37 PM Reply Like
  • mimailmula
    , contributor
    Comments (44) | Send Message
    Just impressed on how these guys talk to other fund managers and they all get out of a trade at the same time with no relevant news.


    The only news is that many of these big guys agreed to get out of it at the same time pushing down the stock. Small investors think they know something they don't and sell at lower prices so the big guys can buy at lower levels. Let's give them that that macro timing was pretty good adding to smaller players panic.


    But I see this P/E ratio, look at the cash it has, recent demonstrated growth, quality of their products, loyalty of their customers and remain a true believer that this is a huge investment opportunity. And please look beyond iphone4s and ipad3, remember iphone 5, 6...etc are coming out.


    Say there's a catastrophe and AAPL stops growing its earnings. Wouldn't this still be far better than buying treasuries? (E/P around 7%, they have to reinvest part of it to keep the business running over time, but still a lot better than the 50bp you get by holding treasuries over years).


    Do we really think it can go from growing its bottom line almost 100% yoy to growing 0 next year?? China numbers up 500%, sure, the bulk of chinese will buy cheaper phones than apple's, but does that mean growth is going to completely go away? probably not, many chinese will buy an iphone for the first time next year and those who already bought one will upgrade to iphone5...


    Staying long AAPL, while at the same time I'm working to save and buy more.... not just because i bought lower than where is now, but because I've seen this same story many times before. Trust the numbers and stay focus on the relevant news
    16 May 2012, 12:59 AM Reply Like
  • Snoopy1
    , contributor
    Comments (1118) | Send Message
    You can take advantage of AAPL at low prices because, unlike hedge funds, you aren't judged quarterly or even monthly.
    16 May 2012, 01:23 AM Reply Like
  • tallmike
    , contributor
    Comments (23) | Send Message
    It doesn't mean collusion on the part of the institutional investors, it's the common sense thing to do after a big gain. I got all out of AAPL in the middle of April myself. Obviously when it starts performing again, I'll be back in. In the meantime, a straddle paid off for the earnings move and since a few days after earnings I'm short and that's making profits too. Gotta be nimble if you're not going for capital gains status.
    16 May 2012, 01:20 AM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
    smart money sells, to the I-Bagholders.


    That's what they do.
    16 May 2012, 01:25 AM Reply Like
  • Marc Bergman
    , contributor
    Comments (4) | Send Message
    Go Steve, you've sold AAPL bought into HP (one of the more dysfunctional companies I've seen.)
    16 May 2012, 01:27 AM Reply Like
  • dividend_growth
    , contributor
    Comments (2899) | Send Message
    Well, the CSCO stake has been a disaster so far.
    16 May 2012, 02:04 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3084) | Send Message
    All these 13-F news items are very interesting. What I found of greatest use is the options positions. Lots of large and obvious companies on this list, but a few unexpected positions too. Thanks for posting this news.
    16 May 2012, 02:25 AM Reply Like
  • $vix
    , contributor
    Comments (522) | Send Message
    The filing is old news, however looking at an aapl chart, one can see money coming out of the stock on 3/29. The participation of these guys in the stock either on the long or short side is the only reason aapl has gone drastically up or down. Dumping millions of shares of aapl sends it into a tail spin causing shorts to jump on causing more selling etc etc. Hence you have aapl going from 644 to 551 in short order. Unless they decide to get back into aapl in a big way the stock will keep trending down to the 459 range. If they decide to start buying again, aapl makes a new high. The reality is that they control the market and the smaller trader must learn to caplitalize on these moves. Goog and amzn have become their new favorites. Take a look at them Goog up $16 bucks and amzn up $3 while aapl is down again.
    16 May 2012, 10:03 AM Reply Like
  • what do I know
    , contributor
    Comments (1049) | Send Message
    any conclusion about Mr. Cohen's move about AAPL? Is he going to regret later or going to celebrate. What was his selling price(s)?
    16 May 2012, 11:34 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3084) | Send Message
    Check the AAPL options positions in that list. SAC are poised for profit on nearly any movement.
    16 May 2012, 01:30 PM Reply Like
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