The hedge fund sold out its stake in drug giant Pfizer (PFE) in the quarter, as it expects cuts in future government reimbursements for branded pharmaceuticals will hurt revenue. Also weighing on the shares are concerns about the recent disclosure of additional government investigations into Pfizer's marketing practices.
Also in the third quarter, Greenlight sold its stake in oil-industry giant BP (BP) over fear of falling energy prices. The hedge fund ended a multiyear short position in Amedisys (AMED), a home health and hospice company.
Einhorn spent a good part of the investors' letter eviscerating the business model and accounting methods of Green Mountain Coffee Roasters (GMCR), in which his fund has a substantial short position. Green Mountain reports earnings after the close of trading today.
>>To see these stocks in action, visit the 3 New Investment Ideas From Greenlight's Einhorn portfolio on Stockpickr.
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