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NEW YORK (
TheStreet) -- Hedge fund firm
Viking Global Investors liquidated its position in networking giant
Cisco(CSCO - Get Report) and significantly
increased its stake in
Apple(AAPL - Get Report).
The $12 billion fund, run by Andreas Halvorsen and David C. Ott, sold its entire Cisco stake of 32,290,800 shares, according to 13F documents filed with the Securities and Exchange Commission. It added an additional 807,300 Apple shares, bringing its total stake in the iPhone maker to just over 980,000 shares.
The fund also initiated a position in Apple
component supplierSkyworks Solutions(SWKS - Get Report), with 3,680,200 shares.
Skyworks, one of
TheStreet's Breakout Stocks, has a front-end module in the latest
version of Apple's iPad. The Woburn, Mass.-based firm has two power amplifier modules within the
Verizon(VZ) CDMA version of the iPad 2 and three transit modules in the
AT&T(T) iPad 2, according to
Viking Global Investors also increased its position in another Apple partner,
Qualcomm(QCOM - Get Report). The fund added 3,393,521 shares in the chip supplier, taking its stake to 6,674,648 shares.
In addition, the long-only fund started a stake in
data center specialistEquinix(EQIX - Get Report), adding 762,510 shares, and liquidated its holding in Chinese Internet giant
Cisco, which recently announced plans to
cut 2% of its workforce as part of a long-running restructuring effort, reports its fourth-quarter results after market close today.
Analysts surveyed by
Thomson Reuters expect Cisco to report revenue of $11.6 billion and earnings of 45 cents a share, compared to $11.2 billion and 40 cents a share in the same period last year.
TheStreet will be live-blogging Cisco's fourth-quarter results, starting at 3:45 p.m. New York time today:
--Written by James Rogers in New York.
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