Leon Cooperman Friends Facebook, Avoids Apple
NEW YORK (TheStreet) -- Noted hedge fund manager Leon Cooperman of Omega Advisors has some juicy details in his latest 13F filing. He's initiated a new 3 million share stake in Facebook (FB) , while completely selling out of Apple (AAPL) .
Cooperman, who got his start at Goldman Sachs (GS) , announced that as of Dec. 31, 2012, he and Omega Advisors owned 3.1 million shares of the popular social network. He did not have a position in Facebook prior to this filing.
Perhaps even more interesting than Cooperman's new stake in Facebook, though, is his lack of a stake in Apple. Cooperman, a long time Apple bull, has completely sold out of his Apple stock, as the shares fell during the fourth-quarter, amid concerns over slowing innovation and revenue growth. He owned more than 260,000 shares of Apple as of the end of the third-quarter, but held none as of Dec. 31, 2012.
Facebook shares jumped 3.% to $28.19 on the news, while Apple shares were down marginally, off 0.34% to $466.33.
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--Written by Chris Ciaccia in New York
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