Einhorn's Greenlight Took a New $1 Billion Position in Micron During 4th Quarter -- Filing

   By Rob Copeland 
 

David Einhorn's Greenlight Capital Inc. hedge fund disclosed Friday a new $1 billion position in semiconductor maker Micron Technology Inc. (MU) and $145 million stake in Andarko Petroleum Inc. (APC).

Greenlight also outlined new positions in Chicos FAS Inc. (CHS), EMC Corp. (EMC) and Take-Two Interactive Software Inc. (TTWO) in quarterly filings that reflect stock holdings in the firm's portfolio as of Dec. 31.

The filings don't offer any insight into short positions Greenlight may have, or changes in holdings that may have occurred since the end of the fourth quarter.

The Andarko and Micron moves had previously been mentioned, without any details of sizing, in Greenlight's yearend investor letter last month. In the letter, Mr. Einhorn wrote he bought Micron at $16.49; it closed Friday at $25.08.

He wrote it was the first time he had taken a long position in a company he had once shorted.

"A decade of poor results exposed every flaw in the business and killed any love for the stock," Mr. Einhorn wrote. "The sell-side groupthink has reversed: the mostly bearish analysts now contort themselves to justify earnings estimates that are too low, price targets that are too pessimistic, and stock ratings that are too negative."

Greenlight exited its position in homebuilding and mortgage company NVR Inc. (NVR) during the fourth quarter, the filings indicate.

The filings also showed Greenlight has stuck to a sizeable long position in Apple Inc. (AAPL). Greenlight owned $1.3 billion worth of shares in Apple as of Dec. 31, mostly unchanged from a quarter earlier.

Greenlight, which manages $10 billion overall, returned 19% last year, according to investor documents, handily beating the average stock hedge-fund tracked by research firm HFR. The fund dropped about 2% in January. A firm spokesman declined to comment.

Write to Rob Copeland at [e-mail]

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