Third Point sees more value in Amazon, likes some 'old' tech stocks

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 66%

United States News News

United States United States Latest News,United States United States Headlines

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.The New York-based firm, whose investments are closely watched by rivals, als

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in US

United States United States Latest News, United States United States Headlines