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Point72, Formerly SAC Capital, Increases Tech Holdings

May 15, 2014
Jing Chen

Steve Cohen’s newly renamed Point72 Asset Management has increased its holdings in several technology stocks.

Bloomberg Businessweek reported that Connecticut-based Point72, previously known as SAC Capital Advisors, bought a $91 million stake in mobile company Blackberry and also increased its holding in Yahoo! by 7.17 million shares to 9.69 million.

Point72 also increased its stake in Chinese internet search engine Baidu by 1.52 million shares to 1.67 million with a market value of $254.3 million.

Point72 was forced to transition into a family office and pay a record $1.8 billion fine as part of an insider trading settlement. The firm pleaded guilty to insider trading in November after being charged last July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010.

Point72 managed $11.9 billion in assets as of February 1, falling from $15 billion at the start of 2013.

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