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Apple Modestly Lower Despite Einhorn's Increased Stake

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Apple Modestly Lower Despite Einhorn's Increased Stake

Shares of Apple (NASDAQ: AAPL), the largest U.S. technology company by market value, are trading slightly lower in early afternoon trading despite news that David Einhorn's Greenlight Capital has boosted its stake in the iPhone maker.

On a Tuesday conference call for, Einhorn said, "We've added to our Apple position. Now we just wait for the release of Apple's next blockbuster product," Reuters reported.

At the end of last year, Greenlight Capital held 1.3 million Apple shares making the stock the hedge fund's largest holding. Other top Greenlight holdings at the end of the fourth quarter included General Motors (NYSE: GM) and Cigna (NYSE: CI).

Einhorn did confess Apple's first-quarter tumble was the biggest drag on Greenlight's portfolio. However, the hedge fund manager known for being among the first to spot the coming collapse of Lehman Brothers during the financial crisis, has been among the leaders in pushing Apple to do more with its $100 billion in cash.

The California-based company recently announced it will boost its dividend and buyback program while issuing $17 billion in bonds, the largest corporate bond offering on record. Einhorn did not specify what Greenlight's Apple stake is today.

 

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