Tag Archives: Secondquarter
NEW YORK (Reuters) – Soros Fund Management LLC added Facebook Inc (FB.O), Apple Inc (AAPL.O) and Twitter Inc (TWTR.N), but trimmed stakes in Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) in the quarter through June, according to a regulatory filing on Tuesday.
Billionaire hedge fund manager George Soros speaks during a discussion at the Clinton Global Initiative’s annual meeting in New York, September 27, 2015. REUTERS/Brendan McDermid/File Photo
The family office of billionaire George Soros also bought stakes in AT&T Inc (T.N), Chevron Corp (CVX.N) and T-Mobile US Inc (TMUS.O) and divested stakes in eBay Inc (EBAY.O), Nvidia Corp (NVDA.O), Snap Inc (SNAP.N) and Paypal Holdings Inc (PYPL.O).
Soros Fund Management also dramatically boosted its shares in BlackRock Inc (BLK.N) – the world’s largest asset management firm, overseeing $ 6 trillion – by nearly 60 percent to 12,983 total shares in the second quarter.
Other notable adjustments included paring stakes in Netflix Inc (NFLX.O), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N), but raising its shares of Pandora Media Inc (P.N) and Salesforce.com Inc (CRM.N).
Soros Fund Management took share stakes in Facebook of 159,200 class A shares during the second quarter and 54,500 shares in Apple.
A number of prominent fund managers sharply cut their holdings in Apple only weeks before it became the first publicly-traded U.S. company to be worth more than $ 1 trillion.
Einhorn’s Greenlight Capital slashed its stake by 77 percent, while Philippe Laffont’s Coatue Management unloaded 95 percent. Advisory firm Diamond Hill Capital Management cut its stake by 27 percent.
Other big holders, including Sanders Capital and Adage Capital Partners, only trimmed small amounts in the second quarter.
Soros also rejigged his energy holdings, raising stakes in Devon Energy Corp (DVN.N) and Kinder Morgan Inc (KMI.N), while dissolving his stake in the VanEck Vectors Oil Services ETF (OIH.P) and cutting exposure to Canadian Natural Resources Ltd (CNQ.TO) and Williams Companies Inc (WMB.N).
Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of learning what the managers are selling and buying.
But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions. Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side.
The filings do not disclose short positions, or bets that a stock will fall in price. As a result, the public filings do not always present a complete picture of a management firm’s equities holdings.
Reporting by Jennifer Ablan; additional reporting by Trevor Hunnicutt, editing by G Crosse
TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s top contract electronics maker and a key Apple supplier unexpectedly posted a fall of about 40 percent in quarterly net profit on Monday.
FILE PHOTO: A shovel and FoxConn logo are seen before the arrival of U.S. President Donald Trump as he participates in the Foxconn Technology Group groundbreaking ceremony for its LCD manufacturing campus, in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/Darren Hauck/File Photo
Net profit for the three months to the end of June was T$ 17.49 billion ($ 567.42 million), the company, which is formally known as Hon Hai Precision Industry Co, said on Monday.
That compares with T$ 17.9 billion in the year ago period and was below a mean estimate of T$ 21.936 billion from 9 analysts polled by Thomson Reuters I/B/E/S.
Last month, Apple reported better-than-expected earnings, helped by sales of its pricey iPhone X. The world’s most valuable technology firm also forecast strong revenue for the autumn, when it typically launches new iPhone models.
Reporting by Meg Shen in Hong Kong; Writing by Jess Macy Yu; Editing by Himani Sarkar and Kirsten Donovan
SEOUL (Reuters) – South Korea’s LG Electronics Inc on Friday said second-quarter operating profit likely rose 16.1 percent from the same period a year earlier, falling short of market expectations.
Analysts said higher marketing expenses for new products weighed on profit.
LG, in a regulatory filing, estimated April-June profit at 771 billion won ($ 691.79 million), compared with an 821 billion won average of 10 analyst estimates in a Thomson Reuters survey.
Revenue likely rose 3.2 percent to 15 trillion won from 14.6 trillion won from a year earlier.
The firm did not elaborate on its performance and will disclose detailed earnings in late July.
Reporting by Heekyong YangEditing by Christopher Cushing
ZURICH (Reuters) – Chipmaker AMS reported first-quarter sales toward the lower end of its guidance range on Monday and warned of a downturn owing to weaker orders from one of its main customers.
AMS did not name the customer, but the Austrian company is a big supplier to Apple, making components for the U.S. technology giant’s iPhone.
“We are not able to discuss the specific customer, but we are seeing significantly lower business from a large smartphones program and that is having a strong impact on the consumer business and the company as a whole,” said AMS head of investor relations Moritz Gmeiner.
For its second quarter, AMS said it expected sales to drop to between $ 220 million and $ 250 million, down from the $ 452.7 million in sales it reported for the first three months of 2018.
The downturn was based on weaker orders and lower forecast orders in the months ahead, Gmeiner said.
AMS added that changes in upcoming products, which prevented the pre-production of parts, mean that it also expects reduced utilization of factory capacity, which will hit profit margins.
The company, which also makes sensors used in cars and industrial gear, said the problem would be temporary and that preparations for ramping up production in the second half of the year remain on track.
The Swiss-quoted company also confirmed its mid-term growth and profitability guidance, aiming for a 60 percent compound annual growth rate between 2016 and 2019, combined with an adjusted EBIT margin target of 30 percent from 2019 onwards.
First-quarter net profit rose to $ 99.9 million from a loss of $ 19.9 million a year earlier.
AMS shares have gained 8.1 percent this year, outpacing a Stoxx 600 Technology Index that has gained 0.7 percent.
The company’s stock has struggled of late, however, amid fears that Apple increasingly plans to use its own chips rather than buy them from third parties.
Weak results from Taiwan Semiconductor (TSMC) this month also spread concern about softer demand for smartphones.
Analysts have said that AMS obtains about 35 percent of its revenue from Apple, with mobile phone components making up the vast majority of its business with the U.S. company.
AMS supplies optical sensors that play a key role in facial recognition – one of the most distinctive features of Apple’s flagship iPhone X, which was introduced late last year and appears to have helped to drive AMS’s recent results.
Reporting by John Revill; Editing by David Goodman