Einhorn Steals the Show at Ira Sohn: Bearish on MLM, Amazon, Dick's; Positive on Apple (MLM) (AMZN) (DKS) (AAPL)

David Einhorn of Greenlight Capital made some serious waves on Wall Street Wednesday afternoon as the controversial hedge fund manager highlighted several investment ideas at the Ira Sohn Conference. While Einhorn would not specify if he was long or short a certain investment, astute traders were able to figure out if he liked or hated the stock/company based on his respective presentations.

Below are some highlights from his speech and how the stocks performed just after:

• Martin Marietta Materials (NYSE: MLM) - Einhorn said the company has "problems on many levels." He believes the company's recent earnings were positively impacted by one-time initiatives which will soon wind down. He said the stocks of companies which rely heavily on government funding should trade at a discount, yet Martin Marietta Materials currently trade at a price-to-earnings multiple around 35 times.
  
  Shares plunged 10 percent immediately and were halted by a volatility circuit breaker upon Einhorn's mention. The stock closed down about 8.2 percent.
  
  
• Amazon.com (Nasdaq: AMZN) - Einhorn believes the future of the online retailer is a "riddle" as execs have not shown they can increase profit similarly to sales. He also believes there is "an elephant in the room."
  
  The stock dipped about 1.1 percent following the Einhorn comments, hitting an intraday low at $222.50, but shares bounced modestly and closed at $224.06.
  
  
• US Steel (NYSE: X) - Laid out a bear case here, but the shares were only moderately affected. The stock closed nearly 5 percent lower.
  
  
• Dick's Sporting Goods (NYSE: DKS) - Also seemed bearish. Shares fell 3.2 percent to close at $48 even.
  
  
• Apple (Nasdaq: AAPL) - Called Apple "the most misunderstood stock in the market" and said it could be worth $1 trillion. He feels Apple shares deserve a higher multiple and noted most investors mistakenly assume Apple is a hardware company, not a software company (as he sees). He said the value comes from iTunes, iCloud and iOS.
  
  And yes -- believe it or not -- Einhorn moved Apple shares following the bullish call. The stock edged about 0.9 percent higher off the session low to close at $546.08. That's a $4.7 billion segment of his speech.

What Einhorn didn't say also moved stocks. Shares of Herbalife (NYSE: HLF) and Green Mountain (Nasdaq: GMCR) both moved higher to close Wednesday's session in positive territory. Herbalife shares closed the session up nearly 17 percent.

Check out more of Einhorn's recent moves here. Or check his entity out here.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Morgan Stanley course-corrects their semiconductor equipment outlook on demand
• DA Davidson Reiterates Buy Rating on Box, Inc. (BOX) on Secular Tailwinds for Demand