Wednesday, 20 August 2014
Last updated 1 hour ago
Aug 14 2012 | 12:41pm ET
Omega Advisors has drastically cut its exposure to U.S. banks.
The New York-based hedge fund sold down its stakes in JPMorgan Chase and Citigroup in the second quarter, and sold off its entire 6.5 million stake in Bank of America Corp.
Omega had added to its investment in JPMorgan in the first quarter, bringing its total stake in the bank to 2.22 million shares. But it sold more than half of that holding in the second quarter.
Omega also sold off its positions in Andarko Petroleum Corp., Seagate Technology, the SPDR Gold Trust exchange-traded fund and Verisign Inc. The $6 billion hedge fund put some of that money to work on new investments in Express Scripts Holding and Watson Pharmaceuticals.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note