This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Einhorn: Micron Technology Is One Of The Largest Players In Industry

David Einhorn has picked up a new long position in Micron Technology, Inc. (MU - Get Report) in this quarter. While speaking at the Robin Hood Investors Conference, Einhorn disclosed Micron Technology, Inc. (MU - Get Report) as his best idea. The conference is closed to the media but the stock pick leaked on Twitter and then spread all over the place.

Einhorn on consolidation of semiconductor industry

While speaking to CNBC during the Halftime Report with Scott Wapner, Einhorn further elaborated on the position. He said the semiconductor industry has pretty much consolidated, and it now includes just three main players, which includes Samsung Electronics and Micron.

Einhorn also mentioned that he was shorting Micron Technology, Inc. (MU - Get Report) a few years back but now the industry has changed. Speaking about Micron, Einhorn also mentioned his successful investment in Seagate Technology PLC (STX - Get Report) which he closed successfully in Q2.

He also spoke about The St. Joe Company (JOE - Get Report) which Einhorn has shorted for seven years now. Einhorn said that St. Joe’s has just sold two-thirds of their land and their stock price still does not reflect the decline that it should have seen, being that land is their principal asset. Einhorn says St. Joe’s should be at $7, compared to the current price of $18.

Einhorn also discussed his longstanding short position in Green Mountain Coffee Roasters Inc. (GMCR - Get Report) which has gained over 16% today on positive earnings report. The stock has now gained 75% against Einhorn’s short bet through the year.

Hedge funds like Micron

Micron Technology, Inc. (MU - Get Report) makes semiconductor chips and is a popular holding among hedge funds. Seth Klarman’s Baupost Group holds a large position in the company and bought another 22 million shares in the last quarter. Baupost Group now holds 64 million shares of the chip maker, which are worth more than $1 billion.

Ray Dalio’s Bridgewater Associates holds 1.99 million shares of Micron Technology whereas Andreas Halvorsen’s Viking Global owns 37 million shares of the company. Ray Dalio also spoke at the Robin Hood Conference today.

Shares of Micron Technology, Inc. (MU - Get Report) has gained over 5% so far since news broke that Einhorn is betting in favor of the company.

-By Tabinda Hussain

null

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GMCR $115.05 0.00%
JOE $18.85 0.00%
MU $29.20 0.00%
STX $58.34 0.00%
AAPL $130.28 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs