Einhorn Discloses Stakes In Time & 5 Other Companies
Time (NYSE: TIME) shares picked up two percent in value Friday in perhaps the biggest intraday mover on a list of newly-established positions of activist investor David Einhorn.
The hedge fund Greenlight Capital managed by Einhorn disclosed that during the second quarter it had acquired 3.35 million shares of the magazine publisher spun off in June from Time Warner (NYSE: TWX).
Other new beachheads for Einhorn include AerCap Holdings N.V. (NYSE: AER), down 1.34 percent Friday; NorthStar Realty Finance (NYSE: NRF), up 1.5 percent; Chemtura (NYSE: CHMT), up 1 percent and DSW (NYSE: DSW), down 2.6 percent.
Time got saddled with debt of $1.3 billion by its former parent company in June. That included $600 million for a one-time cash dividend to Time Warner shareholders.
Time, whose 40 print titles include Sports Illustrated and People magazine, beat Wall Street earnings estimates in its first-ever quarterly report, posting earnings of $0.30 a share on a 1.6 percent decline in revenue to $820 million.
Time traded recently at $23.75, up 1.8 percent.
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