Tuesday’s movers: Apple takes bite out of Einhorn

http://www.marketwatch.com/story/tuesdays-movers-fossil-baxter-international-2013-05-07?siteid=bigcharts&dist=bigcharts


Bloomberg Enlarge Image David Einhorn

$AAPL: Apple AAPL -0.43%  shares slipped 0.8% after strong gains in the previous session. Einhorn said during Greenlight Capital Re’s GLRE +0.85%  conference call earlier Tuesday that the reinsurer lost money on Apple in the first quarter but he still built up its position on Apple.

“The biggest problems for our Apple investment are disappointing earnings and a diminished forecast,” said Einhorn.

But the thesis remains that Apple has a terrific operating platform and its loyal customer base will make repeated purchases of Apple products, he said.

Einhorn also lauded the company for issuing debt and announcing it will return $100 billion to shareholders.

“We’ve added to our Apple position and now we wait for Apple’s next blockbuster product,” he said.

Einhorn is chairman of the board of Greenlight Capital Re and president of Greenlight Capital Inc.