Star hedge fund manager Leon Cooperman has initiated a new three-million share stake in Facebook ( FB), according to a 13F filing this week. As of Dec. 31, 2012, Cooperman's Omega Advisors owned 3.1 million shares of the social networking phenomenon. Cooperman, who liquidated his Apple stake, did not have a position in Facebook prior to this filing. Elsewhere, Warren Buffett's Berkshire Hathaway ( BRK.A) initiated a stake in Internet-infrastructure specialist VeriSign ( VRSN). The billionaire's holding company opened a position in Verisign, which provides domain name registry services, with 3,685,700 shares. The Oracle of Omaha also made a modest increase to his IBM ( IBM) holding, adding 597,588 shares, bringing Berkshire's total to 68,115,484. Facebook shares ended the week down 0.79% at $28.32, while VeriSign was up 1.65% at $46.14. IBM's stock was down 0.35% at $200.98.
Rackspace ( RAX) shares, however, took a pounding on Tuesday after the company missed analysts' fourth-quarter revenue estimates. "We're in a 'prove me' kind of state, where we have spent a lot of time, all of last year, building out a new cloud platform," Bryan McGrath, director of finance at Rackspace, told TheStreet. "Now the onus is on us to sell it and prove that we can run large production workloads on our cloud." Rackspace shares tumbled 19.62% during the week's trading to close at $59 on Friday.
Tech earnings season rumbles on next week, with quarterly numbers from Dell ( DELL) and HP. In the meantime, enjoy the Presidents' Day weekend! --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.