{"id":34934,"date":"2017-07-15T06:34:06","date_gmt":"2017-07-15T06:34:06","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=34934"},"modified":"2017-07-15T06:34:06","modified_gmt":"2017-07-15T06:34:06","slug":"greenlight-capital-takes-stake-in-toshiba-says-its-funds-fell-4-percent-in-second-quarter","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/greenlight-capital-takes-stake-in-toshiba-says-its-funds-fell-4-percent-in-second-quarter.html","title":{"rendered":"Greenlight Capital takes stake in Toshiba, says its funds fell 4 percent in second quarter"},"content":{"rendered":"

Greenlight Capital takes stake in Toshiba, says its funds fell 4 percent in second quarter<\/span><\/strong><\/span><\/h2>\n

Greenlight Capital takes stake in Toshiba, says its funds fell 4 percent in second quarter Hedge fund Greenlight Capital said on Friday that it had added a stake in Toshiba Corp as it expects the stock to rise once the Japanese company resolves uncertainties around its bankrupt Westinghouse unit and the sale of its memory business.<\/span><\/p>\n

The Japanese conglomerate, whose stock closed at 231.6 yen per share on Friday, may be worth as much as 400 yen per share once it exits a legal dispute with Western Digital Corp over the sale of its flash memory business, Greenlight said. Toshiba sold the unit to help cover losses from Westinghouse’s nuclear reactor business.<\/span><\/p>\n

In a letter to its investors seen by Reuters, Greenlight said Toshiba’s position would stabilize once it exits money-losing contracts related to the bankruptcy, adding that this should help the company to extract value from the subsidiary’s profitable business.<\/span><\/p>\n

The hedge fund, run by David Einhorn, also said on Friday its funds dropped 4 percent during the second quarter, calling the quarter a bit of a “head-scratcher.”<\/span><\/p>\n

Greenlight reported a year-to-date loss of 2.8 percent, compared with a 9.3 percent gain for the S&P 500.<\/span><\/p>\n

The hedge fund said companies among its long stock holdings exceeded expectations, while short positions mostly disappointed, leading to losses during the quarter.<\/span><\/p>\n

Greenlight’s five largest equity longs include Bayer AG , AerCap Holdings NV, Consol Energy Inc, General Motors Co and Mylan NV.<\/span><\/p>\n

It said the short book “proved more costly.” The stocks in its “bubble basket”, including Amazon.com Inc, Tesla Inc , Netflix Inc and athenahealth Inc, gained significantly in the quarter.<\/span><\/p>\n

Also, the hedge fund said it exited a large number of positions, including long positions in Altice NV, InterActive Corp, Liberty Global Plc and Time Warner Inc.<\/span><\/p>\n

Short position exits included Mallinckrodt Plc and the credit-rating agencies, the hedge fund said.<\/span><\/p>\n

source;-http:\/\/www.reuters.com\/article\/us-greenlight-toshiba-idUSKBN1A000Q<\/span><\/p>\n

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