latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/third-point-buys-stakes-in-facebook-alibaba-in-q2-exits-sony-allergan-60362533 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform


Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan

Third Point LLC acquired new stakes in Facebook Inc. and Chinese e-commerce companies Alibaba Group Holding Ltd. and JD.com Inc. during the second quarter of 2020 as it divested positions in Sony Corp. and drugmaker Allergan PLC.

The hedge fund purchased 2 million shares of Alibaba, which were worth $431.4 million as of June 30, according to S&P Global Market Intelligence's compilation of U.S. SEC data. The New York-based fund, run by Daniel Loeb, initiated a $193 million stake in Facebook and a $195.6 million stake in JD.com.

Third Point also took new stakes in 11 other companies, including sportswear-maker Nike Inc. and apparel retailer The Gap Inc.

SNL Image

The Walt Disney Co. was Third Point's top holding at the end of June. The fund boosted its stake in the entertainment and media company by 286% over the first quarter, accumulating 5.5 million shares worth $613.3 million.

Third Point decreased its position in Deerfield, Ill.-based drugmaker Baxter International Inc. by 65.5% during the second quarter. It also sold shares in Amazon.com Inc. and Visa Inc., among others.

During the second quarter, Third Point exited positions in eight companies, including Allergan, Centene Corp. and Sony. Its divestiture of $763.6 million worth of Allergan shares marked its biggest exit. Allergan was acquired by AbbVie Inc. in May in a $63 billion deal.

Loeb's fund sold 6,515,000 shares of Centene, worth $387.1 million. It also eliminated its $39.9 million stake in Sony after urging the Japanese electronics retailer to shed its noncore businesses in January.

SNL Image

The total value of Third Point's holdings increased to $7.26 billion during the quarter.

Financials stocks marked Third Point's largest industry holding, valued at $2.05 billion, closely followed by healthcare stocks at $2.04 billion. Technology, media and telecommunications made up the next-largest portion at $1.67 billion, followed by consumer at $1.34 billion.

SNL Image