Hedge Fund Billionaires Enjoying the Google Rebound (GOOG, BIDU, AOL, YHOO, MSFT)
Google (GOOG) spiked on Friday after the company delivered solid third-quarter results that came in ahead of Wall Street’s expectations. The company earned $2.2 billion, or $6.72 per share, compared to $1.6 billion, or $5.13 per share, in the same period last year. Excluding certain items, the firm’s EPS came to $7.64, ahead of the $6.69 consensus. Revenue rose by 23% to $7.3 billion, which was also ahead of analysts’ expectations.
At the end of the second quarter, 288 13F-filing asset managers counted Google shares among their top-15 U.S.-listed equity holdings, ranking the stock in the Pros’ 20 favorite stocks heading into the second half.
John Griffin’s Citadel Investment Group, James Simons’ Renaissance Technologies, and Julian Robertson’s Tiger Management were among high-profile Google investors as of the latest regulatory filings, and given the stock’s rally since the end of June, it appears they were on the right side of the trade.
The search giant saw its shares slip by -28% in the first six months of 2010 amid choppy trading by the broad equity markets, and some negative headlines tied to the firm’s pledge to bow out of China amid censorship frustrations. In that same period, Chinese search engine Baidu (BIDU) soared by more than 60%.
Over the last three months, Google has gained more than 24%, easily outpacing large-cap search players in the Dotcom Stocks Index, with Baidu being an exception. AOL Inc (AOL), Yahoo (YHOO), and Microsoft (MSFT) are all up by less than 17% for the period.
It will be interesting to see if more Pros were buying into Google during the stock’s third-quarter rally. End-of-Q3 regulatory filings aren’t due until mid-November, but in the meantime, investors can see more Pros that held big Google stakes heading into the second half at tickerspy.com.
Pro portfolio performance is based on institutions’ top-15 holdings as disclosed in quarter-end filings with the SEC. Pro performance does not take into account additional holdings beyond the top 15 nor does it include positions that are not required to be disclosed by the SEC. As such, Pro portfolio performance should be considered an approximation and not a precise record of how an institution has performed over time.
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