Point72 Asset Management is a hedge fund founded by Steven Cohen in 2014. The firm manages over $22 billion in assets and has a reputation for being one of the most successful hedge funds in the world. Recently, Point72 has made some significant changes to its portfolio, including adding AT&T and Intel while exiting Airbnb and Tesla.
AT&T is a telecommunications company that provides wireless services, internet services, and entertainment services. The company has a market capitalization of over $200 billion and is one of the largest companies in the world. Point72’s decision to add AT&T to its portfolio is likely due to the company’s strong financials and stable business model. AT&T has a dividend yield of over 7%, making it an attractive investment for income-seeking investors.
Intel is a technology company that designs and manufactures computer processors and other hardware components. The company has a market capitalization of over $200 billion and is one of the largest semiconductor companies in the world. Point72’s decision to add Intel to its portfolio is likely due to the company’s strong financials and dominant position in the semiconductor industry. Intel has a dividend yield of over 2%, making it an attractive investment for income-seeking investors.
On the other hand, Point72 has decided to exit its positions in Airbnb and Tesla. Airbnb is an online marketplace that allows people to rent out their homes or apartments to travelers. The company has been hit hard by the COVID-19 pandemic, with travel restrictions and lockdowns causing a significant decline in bookings. Point72’s decision to exit its position in Airbnb is likely due to the uncertainty surrounding the travel industry and the company’s ability to recover from the pandemic.
Tesla is an electric vehicle manufacturer that has seen its stock price soar in recent years. However, Point72 has decided to exit its position in Tesla, likely due to concerns about the company’s valuation and competition from other electric vehicle manufacturers. Tesla’s stock price has been volatile in recent months, with the company’s market capitalization reaching over $800 billion before falling back down to around $600 billion.
In conclusion, Point72’s decision to add AT&T and Intel to its portfolio while exiting Airbnb and Tesla is likely based on the companies’ financials, business models, and market conditions. While these changes may seem significant, it’s important to remember that hedge funds like Point72 are constantly adjusting their portfolios based on market conditions and investment opportunities. As always, investors should do their own research and consult with a financial advisor before making any investment decisions.
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- Source: https://zephyrnet.com/steven-cohens-point72-adds-at-exits-airbnb-tesla/