Baupost Group cuts its holdings in Hewlett-Packard
Source: http://hedgejournals.com/2012/11/28/id/844/baupost-group-cuts-its-holdings-in-hewlett-packard.html
The hedge fund of famous investor Seth Klarman Baupost Group has sold around a half of his shares in Hewlett-Packard and Co. as the firm stumbled.
Baupost Group has sold 12.47 m of Hewlett-Packard and cut its holdings to 14.38 m shares. Furthermore, it has sold 5.6 m shares of Microsoft Corporate and has brought its stake in it to 1.4 m shares.
Hewlett-Packard has underscored the challenge which faces the CEO Meg Whiteman. She had projected profits which have missed analysts’ estimates. The company lost 49 per cent this year, which is the 4th worst performing stock in the S & P 500.
In Q3 2011 Baupost Group bought Hewlett-Packard. Microsoft and Hewlett-Packard and Redmond have lost ground because of their competition in the face of tablets. Microsoft reported Q1 revenue and October profit which missed estimates on the declining Windows sales. The company’s shares gained 4.4 % this year.
Seth Klarman has written the preface to the 6th edition of the 1934 book by David Dodd and Benjamin Graham – “Security Analysis”, which is more or less as the bible of the investing world.