Einhorn's Greenlight Capital Adds To EMC (EMC), Pfizer (PFE) Longs, Buys More Ford (F) Debt
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Greenlight Capital's David Einhorn added "significant" long positions in EMC Corporation (NYSE: EMC), Harman International (NYSE: HAR) and Pfizer (NYSE: PFE) and Ford Motor (NYSE: F) debt, according to a letter to clients obtained by Bloomberg News.
Einhorn paid an average cost of $10.72 for EMC, saying he expects EMC to fare better than most IT companies given the less volatile nature of storage spending. Einhorn paid an average of $13.59 for Pfizer, saying the company is attractive both as a stand-alone entity and in a combination with Wyeth (NYSE: WYE).
Einhorn's hedge fund sold shares in Dr Pepper Snapple Group (NYSE: DPS) and Cablevision Systems (NYSE: CVC), among others.
Einhorn also added to his holdings in Ford Motor (NYSE: F) debt, saying "it does not appear that Ford will need a government loan any time soon, if ever." He also continues to hold a large long position in Gold, through ETFs (NYSE: GLD) and (NYSE: GDX)
Greenlight Capital LP fund gained 4.4% in the first quarter after showing a rare loss last year.
Link to Bloomberg Article
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