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Is David Einhorn's Secret 'Fiscal Cliff' Bet Blowing Up?

Tickers in this article: AAPL CMG GMCR MCO MLM VMC

NEW YORK ( TheStreet) -- Hedge fund manager David Einhorn has grabbed headlines for suing tech darling Apple(AAPL) , getting burned on coffee maker Green Mountain Coffee Roasters (GMCR) after a public feud and betting the wrong way on high-flying chipmaker Marvell Technologies (MRVL) .

But it's what Einhorn isn't saying that may be most relevant to his investors in 2013.

For instance, Einhorn has kept a long-held short trade in ratings agency Moody's(MCO) on the down low in recent days, in spite of renewed scrutiny on the legitimacy of AAA ratings ascribed to risky debts prior to the crisis and his confirmation of the bearish bet in October.

Meanwhile, after referring to a short trade against asphalt and concrete producer Martin Marietta (MLM) at an investor conference in May, Einhorn's been silent on the company's near 40% gain since he first unveiled the trade.

In fact, at that conference -- called Ira Sohn -- Einhorn surprised investors by disclosing a short trade against Martin Marietta instead of a rumored bet against supplements seller Herbalife(HLF) , which Einhorn confirmed Thursday he has no position in.

The Ira Sohn conference was also where Einhorn first referred to the prospect of a $4 to $6 a share preferred dividend paid by Apple, which he continues to press .

But what about Martin Marietta?

Despite comments from Einhorn in May that the company's earnings would fall off a "fiscal cliff" as government stimulus spending on road construction faded and budget austerity measures kicked in, the company has seen earnings and revenue stabilize. Martin Marietta shares fell nearly 10% the day Einhorn disclosed his trade, but have since recovered strongly.

With the company forecast to report growing year-over-year earnings when it discloses fourth-quarter and full-year results this week, Einhorn's short trade may be suffering from an unanticipated recovery in construction and housing markets just as government spending -- the company's largest earnings stream -- faces headwinds.

On Friday, Jefferies analyst Mike Betts upgraded his fourth-quarter and full-year earnings estimates for Martin Marietta and its principal competitor Vulcan Materials (VMC) , citing stronger-than-expected aggregates and cement shipments in the U.S. reported by the likes of international players Cemex of Mexico and HeidelbergCement of Germany.

Given construction spending in the U.S., and particularly the Southeast, Betts now forecasts Martin Marietta will grow overall aggregates shipments, countering previous estimates of a near 4% fourth-quarter decline. As a result, Betts expects Martin Marietta will post fourth-quarter earnings per share of 57 cents, beating Wall Street earnings forecasts by 6 cents.

At Vulcan Materials -- a company Martin Marietta may continue to pursue as a merger target on friendly terms -- Betts expects a fourth-quarter profit that beats consensus EPS estimates by 10 cents. Betts gives both Martin Marietta and Vulcan Materials "buy" ratings and new price targets of $114 and $63, respectively.