Motley Fool discussed stocks legendary investors George Soros and David Einhorn are selling, and in the group are a few surprises.
Einhorn, who garnered a significant amount of respect betting on the demise of Lehman Brothers in 2008, has been successful in his stock picks for Greenlight Capital, which has returned 18.9% since it was founded in 1996. Einhorn’s holdings Apple and Micron have been winners, but it is also worth noting what he is selling. Cigna Capital Corporation, American Capital Agency and National Oilwell Varco are stocks he has been unloading, to the tune of $250 million, $124 million and $120 million respectively.
Motley Fool noted that the sale of Cigna was significant, because it comes as the company returned 17.7% last year and is notable that Einhorn sold it ahead of a Supreme Court decision concerning Obamacare subsidies. It is likely he was taking gains in American Capital, which rose 31% last year, and that he sold National Oilwell Varco after a 6% decline, perhaps to avoid an additional decline in shares as oil prices are falling through the floor.
George Soros sold Apple, Intel and Stryker for $150 million, $133 million and $130 million respectively. Apple has been a winner and a favorite portfolio holding for many fund managers. It is possible Soros thinks the upcoming iWatch release may not be all its cracked up to be, or perhaps he was taking profits. Intel rose 4.9%, but this gain perhaps seemed tepid. Stryker rose 17% on the Republican hopes that the medical devise tax would be repealed, and it was likely Soros was taking gains.