MW Third Point boosts its stake in these 'Magnificent Seven' stocks - but offloads this one
By Bill Peters
Dan Loeb's hedge fund also took new stakes in Capital One and Discover
Daniel Loeb's Third Point hedge fund sold off its position in Apple Inc. in the fourth quarter, while boosting its holdings in electric-vehicle maker Tesla Inc. and social-media giant Meta Platforms Inc.
The investment firm sold off all of its 930,000 shares in Apple $(AAPL)$. But it acquired 120,000 shares of Meta $(META)$, boosting its stake in the company to 665,000 shares. Loeb's firm also bought an extra 100,000 shares of Tesla $(TSLA)$, raising its total holdings to 500,000 shares.
Tesla shares were down 0.2% after hours. Shares of Apple and Meta were down fractionally.
Elsewhere, the fund took new stakes in credit-card giants $Capital One Financial Corp(COF-N)$. $(COF)$ and Discover Financial Services $(DFS)$. It picked up 925,000 shares of Capital One and 640,000 shares of Discover.
Third Point also sold off all its positions in retailer Bath & Body Works Inc. $(BBWI)$ and pharmacy chain CVS Health Corp. $(CVS)$
-Bill Peters
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(END) Dow Jones Newswires
February 14, 2025 17:26 ET (22:26 GMT)
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