Here are some of the tech stocks Daniel Loeb's Third Point hedge fund has snapped up
By Claudia Assis
Third Point goes deeper into Big Tech
Daniel Loeb's Third Point hedge fund has gone deeper into stocks of major tech companies, a filing with the Securities and Exchange Commission showed late Wednesday.
Third Point beefed up its stake in Amazon.com Inc. (AMZN) by more than 20% and its stake in Meta Platforms Inc. (META) by more than 6%. It slightly lightened up, however, on Microsoft Corp. (MSFT).
It also disclosed a fresh bet on chip maker Marvell Technology Inc. (MRVL), among others. The filing also shows the new Alphabet Inc. (GOOGL) (GOOG) stake the fund disclosed earlier this month in its letter to shareholders, which spoke of buying the stock on weakness.
The hedge fund increased its stake in Apollo Global Management Inc. (APO) by more than 11%. Its non-tech new stakes included movie-theater chain Cinemark Holdings Inc. (CNK) and Goldman Sachs Group Inc. (GS).
Third Point sold off its stakes in Biomarin Pharmaceutical Inc. (BMRN) and U.S. Steel Corp. (X), to name a few.
-Claudia Assis
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05-15-24 1809ET
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