10 Best New Stock Ideas by Steven Cohen
7. Lone Pine Resources (LPR)
Company Profile: Lone Pine Resources is an oil and gas exploration company with operations in Canada. The company was spun off from parent Forest Oil (FST) in the second quarter.
SAC Capital's Investment: Cohen's fund bought 3.7 million shares of Lone Pine in the fourth quarter, which had a market value of $26.2 million as of Dec. 31. Share Price Performance: Since the spin-off from Forest Oil, Lone Pine shares have plunged 40% through Feb. 15. However, the stock is up more than 6% since Dec. 31.6. Comverse Technology (CMVT) Company Profile: Comverse Tech is a telecommunications software company, offering services like customer management, billing, and other communications services. SAC Capital's Investment: Cohen's fund bought 4.3 million shares of Comverse in the fourth quarter, which had a market value of $29.6 million as of Dec. 31. Share Price Performance: Comverse, which has struggled for years with an options backdating scandal that resulted in the stock getting booted from the Nasdaq in 2007, saw shares fall about 5% in 2011. The stock hasn't been a winner in 2012, either, falling another 8.1%.
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