BOSTON :Hedge fund Third Point LLC said it added new positions and bulked up on names it already owned when markets sold off earlier this year and said that Amazon is at an"inflection point" that should lead to a higher share price.
Third Point's founder, billionaire investor Daniel Loeb, wrote about the moves in a letter sent to shareholders on Wednesday evening and reviewed by Reuters. Loeb also applauded the company's decision to break out advertising revenue and detail capital expenditures by category, calling the steps"shareholder friendly moves" as the company's new CEO, Andy Jassy, makes his mark.
On a call with investors held earlier in the day, Loeb said the market is not fully recognizing the value of Amazon's two businesses; the e-commerce business and its Amazon Web Services cloud business, a person familiar with the content of the call said.