By Svea Herbst-Bayliss
BOSTON (Reuters) – 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 also said certain technology stocks often referred to as “old” tech like Intel “deserve a second look.”
Third Point, which oversees roughly $18 billion, has invested in Intel and Amazon for some time but said it had “significantly increased” the size of its investment in Amazon recently, betting new management will move the company forward with new initiatives.
Third Point’s founder, billionaire investor Daniel Loeb, wrote about the moves in a letter sent to shareholders on Wednesday evening and seen by Reuters.
(Reporting by Svea Herbst-Bayliss; editing by Richard Pullin)
