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$12 Billion Fund Sells Cisco, Buys Apple

Stocks in this article: CSCO AAPL SWKS QCOM EQIX

NEW YORK ( TheStreet) -- Hedge fund firm Viking Global Investors liquidated its position in networking giant Cisco (CSCO) and significantly increased its stake in Apple (AAPL).

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 supplier Skyworks Solutions (SWKS), 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). 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 specialist Equinix (EQIX), adding 762,510 shares, and liquidated its holding in Chinese Internet giant Baidu (BIDU).

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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