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Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport...

Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing.
Comments (22)
  • Leon has been reading about Apple's plan to destroy the IPhone with a wrist device and he has questions about who in his position would give up their Rolex for such an object.
    2 Jan 2013, 05:50 PM Reply Like
  • true enough but they may make one in solid gold
    2 Jan 2013, 05:52 PM Reply Like
  • How can you trust anyone whose name is "Leon"?
    2 Jan 2013, 06:00 PM Reply Like
  • Another rich guy spills his plan and wants you to buy his new investment FCX. These guys all get the chance to beat up AAPL with the CNBC morons salivating with his every word.
    2 Jan 2013, 06:09 PM Reply Like
  • drmwsunner sums up my thoughts nicely.
    2 Jan 2013, 06:13 PM Reply Like
  • Jim Bob over at McMoran screwed up with his latest purchase. Apple has started its usual slingshot effect two days ago. That trade sounds like a double loser
    2 Jan 2013, 06:25 PM Reply Like
  • He simply sounds like a hedge fund manager talking his book; just remember, if his mouth is moving he's probaly.......
    2 Jan 2013, 06:28 PM Reply Like
  • Leon is a buffoon. He doesn't run a hedge fund. Omega is a mutual fund on roids that doesn't short stocks. A "hedge fund" should be hedged. Omega is not.

     

    Just another old overpaid Goldman guy.
    2 Jan 2013, 06:32 PM Reply Like
  • LEON TELLS CNBC! Well isn't that nice and CNBC just drools over this! They spent the whole day giving out out negative reports reference the FISCAL CLIFF results. They should stick to STOCKS and leave the Washington results to Lou Dobbs. Their heads have grown too big and Rick Santelli feels he has to SCREAM all the time! Now watch CNBC help Leon get his price up on FCX!
    2 Jan 2013, 06:55 PM Reply Like
  • The truth is that Leon had sold part of his position and stills retains a large position. He thinks Apple is a great company. He is concerned about Apple's cash management. I prefer to let Apple do what they think is right with their cash. I think Apple will establish an annual dividend increase of sustainable proportion. I think this is a better strategy than a special dividend. My initial purchase of Apple stock was at 85. I am now receiving a 12.5% dividend on that investment. I expect a dividend increase again this year and that percentage will increase.
    2 Jan 2013, 07:23 PM Reply Like
  • I'd be concerned about AAPL's cash too if you saw what most of their holdings were managed by unknown Braeburn Capital.

     

    AAPL's cash horde is a large hedge fund itself, should be managed by the best of the best.
    2 Jan 2013, 11:44 PM Reply Like
  • FYI: Breaburn is a type of Apple.
    3 Jan 2013, 04:51 AM Reply Like
  • "a large hedge fund"? LOL, there are no 120 billion dollar hedge funds.
    3 Jan 2013, 10:12 AM Reply Like
  • Must be cool to be referred to as a "Titan" even if your name is Leon. That said, why would anyone care, believe or give the slightest bit of brain power to pondering anything the head of a hedge fund has to say? Any time they say something publicly they're just trying to play the retail investor for their own gains.
    2 Jan 2013, 07:28 PM Reply Like
  • Notice the spelling of Leon. Reverse order and capitalize the N instead of the L and you have Noel. Do the opposite of Leon and you will have a very early Noel (Christmas) gift. FCX might be going up another $15-$20 this year, but AAPL will approximately double from its 2012 low.
    2 Jan 2013, 08:58 PM Reply Like
  • Cooperman never said he was out of APPL he still has a significant position and I think he said they might have added to the position recently. He basically said he lightened up as the stock was running towards 700. He took profits on part of his position.
    Cooperman is a very highly skilled and successful stock picker with a really great track record. Not a fast money guy roughly 1/3 of his fund is his own money. If I am correct he only had 2 or 3 down years out of the last 25 and way out performed the mkt in those.
    2 Jan 2013, 10:31 PM Reply Like
  • As far as CNBC: I only watch it to follow NASDAQ.

     

    It is annoying to watch political diatribes instead of business news.

     

    If BLOOMBERG had streaming NASDAQ I would never watch CNBC
    3 Jan 2013, 01:29 AM Reply Like
  • You are so right. CNBC has become political diatribes instead of business news.
    They need to get back to the business news.
    3 Jan 2013, 05:01 AM Reply Like
  • Apple's reluctance to return cash is what is going to give it the fuel to keep growing.
    3 Jan 2013, 05:03 AM Reply Like
  • Said hedge fund titan would be fortunate to do 35.56% gain....which Apple has done in the past year. You don't need to be in the exclusive, restrictive hedge funds to do well. I'm not impressed with his holdings
    3 Jan 2013, 05:06 AM Reply Like
  • With AAPL's cash hoard, they can buy FCX outright or just about anything. As far as CNBC, that channel is a rag and not worth the time to view it. Bloomberg does a much better job without the games and jokes. Does anyone remember the time Enron was going under and the clowns at CNBC had a clock posted on the bottom right of the screen. A bunch of us emailed them and stated what a low class thing they were doing, in 10 minutes it was gone. Do yourself a favor, just don't watch that cartoon channel.
    3 Jan 2013, 07:36 AM Reply Like
  • I can hardly watch CNBC anymore and actually Bloomberg puts on more news. CNBC in the morning seems more like a Fox news channel pushing the GOP views. What happened to business??
    Not much Appl left and am keeping the faith but that too is getting tougher to do.
    4 Jan 2013, 05:27 PM Reply Like
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