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Greenlight Capital Buys The Travelers Companies Inc., Automatic Data Processing Inc., Validus Holdings Ltd, Barrick Gold Corp., Novatel Wireless Inc.

10qk

Once a bottom up value investor, Greenlight Capital’s David Einhorn is paying more attentions to macro economics – lessons learned in 2008. This is the Q3 portfolio update for Greenlight Capital.

David Einhorn buys The Travelers Companies Inc., Automatic Data Processing Inc., Validus Holdings Ltd, Barrick Gold Corp., Novatel Wireless Inc. New, sells Max Capital Group Ltd., Helix Energy Solutions Group Inc., Ipc Holdings Ltd., Kkr Financial Holdings Llc, United States Natural Gas Fund, Lp, Dana Holding Corp, Energy Partners Ltd., Guaranty Fin Group, Harman International Industries Inc., Liz Claiborne Inc., Allegheny Energy Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Greenlight Capital Inc. David Einhorn owns 53 stocks with a total value of $2.6 billion. These are the details of the buys and sells.

For the details of David Einhorn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=David+Einhorn

This is the sector weightings of his portfolio:

Financials 18.8%
Health Care 17.8%
Technology 16.1%
Consumer Services 14%
Industrials 9.5%
Oil & Gas 7.7%
Basic Materials 2.1%
Consumer Goods 0.2%


These are the top 5 holdings of David Einhorn

  1. Pfizer Inc (PFE) - 11,987,000 shares, 7.64% of the total portfolio
  2. Carefusion Corp. (CFN) - 8,718,724 shares, 7.32% of the total portfolio
  3. Cardinal Health Inc. (CAH) - 6,652,500 shares, 6.86% of the total portfolio
  4. TERADATA CORP (TDC) - 6,197,717 shares, 6.56% of the total portfolio
  5. URS Corp. (URS) - 3,442,567 shares, 5.78% of the total portfolio


Added: Cardinal Health Inc. (CAH)

David Einhorn added to his holdings in Cardinal Health Inc. by 67.52%. His purchase prices were between $24.97 and $35.63, with an estimated average price of $30.86. The impact to his portfolio due to this purchase was 2.76%. His holdings were 6,652,500 shares as of 09/30/2009.

Cardinal Health, Inc. is one of the leading providers of products and services to healthcare providers and manufacturers to help them improve the efficiency and quality of healthcare. These services and products include Pharmaceutical Distribution and Provider Services, Medical-Surgical Products and Services, Pharmaceutical Technologies and Services and Automation and Information Services. Cardinal Health Inc. has a market cap of $11.21 billion; its shares were traded at around $31.08 with a P/E ratio of 9.42 and P/S ratio of 0.11. The dividend yield of Cardinal Health Inc. stocks is 2.25%. Cardinal Health Inc. had an annual average earning growth of 10.7% over the past 10 years. GuruFocus rated Cardinal Health Inc. the business predictability rank of 3-star.

Added: Microsoft Corp. (MSFT)

David Einhorn added to his holdings in Microsoft Corp. by 240%. His purchase prices were between $22.39 and $25.94, with an estimated average price of $24.17. The impact to his portfolio due to this purchase was 2.39%. His holdings were 3,400,000 shares as of 09/30/2009.

Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft software includes scalable operating systems for servers, personal computers, and intelligent devices; server applications for client/server environments; knowledge worker productivity applications; and software development tools. The Company's online efforts include the MSN network of Internet products and services and alliances with companies involved with broadband access and various forms of digital interactivity. Microsoft Corp. has a market cap of $264.54 billion; its shares were traded at around $29.63 with a P/E ratio of 18.29 and P/S ratio of 4.53. The dividend yield of Microsoft Corp. stocks is 1.75%. Microsoft Corp. had an annual average earning growth of 10% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 4-star.

Added: Health Net Inc. (HNT)

David Einhorn added to his holdings in Health Net Inc. by 433.15%. His purchase prices were between $12.06 and $17.49, with an estimated average price of $14.92. The impact to his portfolio due to this purchase was 1.69%. His holdings were 3,502,337 shares as of 09/30/2009.

Health Net, Inc. is an integrated managed care organization which administers the delivery of managed health care services. The company's health maintenance organizations, insured preferred provider organizations and government contracts subsidiaries provide health benefits to individuals through group, individual, Medicare risk, Medicaid and TRICARE programs. Health Net Inc. has a market cap of $1.92 billion; its shares were traded at around $18.51 with a P/E ratio of 8.49 and P/S ratio of 0.13. Health Net Inc. had an annual average earning growth of 6.6% over the past 5 years.

Added: Everest Re Group Ltd. (RE)

David Einhorn added to his holdings in Everest Re Group Ltd. by 51.35%. His purchase prices were between $71.67 and $88.99, with an estimated average price of $81.52. The impact to his portfolio due to this purchase was 1.09%. His holdings were 952,445 shares as of 09/30/2009.

Everest Re Group, Ltd. is a world leader in property and casualty reinsurance and insurance, offering innovative products, responsive service and unsurpassed financial strength. Everest Reinsurance Co. underwrites virtually all classes and categories of business in treaty, facultative and specialty lines, both through brokers and directly with ceding companies. Primary insurance products and services are available through several subsidiary operations. Everest Re Group Ltd. has a market cap of $5.41 billion; its shares were traded at around $88.85 with a P/E ratio of 7.25 and P/S ratio of 1.46. The dividend yield of Everest Re Group Ltd. stocks is 2.16%.

Added: Urs Corp. (URS)

David Einhorn added to his holdings in Urs Corp. by 7.75%. His purchase prices were between $41.32 and $51, with an estimated average price of $46.37. The impact to his portfolio due to this purchase was 0.42%. His holdings were 3,442,567 shares as of 09/30/2009.

URS Corporation offers a broad range of planning, design, and program and construction management services for transportation, hazardous waste, industrial processing and petrochemical, general building and water/wastewater projects. The company operates in countries with employees providing engineering services to federal, state and local governmental agencies as well as private clients in the chemical, manufacturing, pharmaceutical, forest products, mining, oil and gas, and utilities industries. (PRESS RELEASE) Urs Corp. has a market cap of $3.78 billion; its shares were traded at around $44.85 with a P/E ratio of 15 and P/S ratio of 0.37.

New Purchase: The Travelers Companies Inc. (TRV)

David Einhorn initiated holdings in The Travelers Companies Inc.. His purchase prices were between $39 and $50.42, with an estimated average price of $45.5. The impact to his portfolio due to this purchase was 4.04%. His holdings were 2,132,272 shares as of 09/30/2009.

St. Paul Travelers is a leading provider of commercial property-liability insurance and asset management services. Under the Travelers brand, the company is also a leading underwriter of homeowners and auto insurance through independent agents. The Travelers Companies Inc. has a market cap of $30.24 billion; its shares were traded at around $53.28 with a P/E ratio of 9.22 and P/S ratio of 1.24. The dividend yield of The Travelers Companies Inc. stocks is 2.25%. The Travelers Companies Inc. had an annual average earning growth of 55% over the past 5 years.

New Purchase: Automatic Data Processing Inc. (ADP)

David Einhorn initiated holdings in Automatic Data Processing Inc.. His purchase prices were between $33.33 and $39.88, with an estimated average price of $37.42. The impact to his portfolio due to this purchase was 2.29%. His holdings were 1,512,500 shares as of 09/30/2009.

Automatic Data Processing, Inc. is one of the largest providers of computerized transaction processing, data communication, and information services in the world. ADP Employer Services offers a comprehensive range of payroll, human resources, benefits administration, time and attendance, tax filing and reporting, professional employer organization, compliance management and retirement plan services to employers in the United States, Canada, Europe and Latin America. Automatic Data Processing Inc. has a market cap of $21.85 billion; its shares were traded at around $43.51 with a P/E ratio of 18.13 and P/S ratio of 2.46. The dividend yield of Automatic Data Processing Inc. stocks is 3.03%. Automatic Data Processing Inc. had an annual average earning growth of 4.1% over the past 10 years. GuruFocus rated Automatic Data Processing Inc. the business predictability rank of 2-star.

New Purchase: Validus Holdings Ltd (VR)

David Einhorn initiated holdings in Validus Holdings Ltd. His purchase prices were between $21.17 and $25.94, with an estimated average price of $24. The impact to his portfolio due to this purchase was 1.78%. His holdings were 1,789,766 shares as of 09/30/2009.

Validus Holdings, Ltd., through its principal operating subsidiary Validus Reinsurance, Ltd., is a global provider of short-tail lines of reinsurance including property catastrophe, property pro-rata and property per risk, marine and energy, and other specialty lines. Validus was formed in December following the significant natural catastrophes of 2005 with an experienced management team and an unencumbered capital base of approximately $one billion. Validus Holdings Ltd has a market cap of $1.97 billion; its shares were traded at around $25.76 with a P/E ratio of 5.55 and P/S ratio of 1.54. The dividend yield of Validus Holdings Ltd stocks is 3.11%.

New Purchase: Barrick Gold Corp. (ABX)

David Einhorn initiated holdings in Barrick Gold Corp.. His purchase prices were between $31.48 and $40.04, with an estimated average price of $35.14. The impact to his portfolio due to this purchase was 1.6%. His holdings were 1,100,000 shares as of 09/30/2009.

Barrick Gold Corporation is a leading international gold producer with low-cost mines in North and South America. Barrick Gold Corp. has a market cap of $42.15 billion; its shares were traded at around $42.89 with a P/E ratio of 25.38 and P/S ratio of 5.33. The dividend yield of Barrick Gold Corp. stocks is 0.93%. Barrick Gold Corp. had an annual average earning growth of 4.2% over the past 10 years.

New Purchase: Novatel Wireless Inc. New (NVTL)

David Einhorn initiated holdings in Novatel Wireless Inc. New. His purchase prices were between $8.52 and $13.04, with an estimated average price of $10.15. The impact to his portfolio due to this purchase was 0.11%. His holdings were 243,977 shares as of 09/30/2009.

Novatel Wireless, Inc. is a provider of wireless data modems and software for use with handheld computing devices and portable personal computers. The company delivers innovative and comprehensive solutions that enable businesses and consumers to access personal, corporate and public information through email, enterprise networks and the Internet. Novatel Wireless also offers wireless data modems and custom engineering services for hardware integration projects in a wide range of vertical applications. (Company Press Release) Novatel Wireless Inc. New has a market cap of $271.87 million; its shares were traded at around $8.87 with and P/S ratio of 0.85.

Reduced: Echostar Corporation (SATS)

David Einhorn reduced to his holdings in Echostar Corporation by 97.15%. His sale prices were between $14.66 and $19.77, with an estimated average price of $17.2. The impact to his portfolio due to this sale was -0.04%. David Einhorn still held 56,784 shares as of 09/30/2009.

ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses, a digital set-top box business and a fixed satellite services business. Their set-top box business designs, develops and distributes set-top boxes and related products for direct-to-home satellite service providers. Echostar Corporation has a market cap of $1.75 billion; its shares were traded at around $20.49 with and P/S ratio of 0.82.

Reduced: Atp Oil & Gas Corp. (ATPG)

David Einhorn reduced to his holdings in Atp Oil & Gas Corp. by 23.91%. His sale prices were between $5.38 and $22.16, with an estimated average price of $10.74. The impact to his portfolio due to this sale was -0.22%. David Einhorn still held 1,332,000 shares as of 09/30/2009.

ATP OIL & GAS is engaged in the acquisition, development and production of natural gas and oil properties in the outer continental shelf of the Gulf of Mexico, in the shallow-deep waters of the Gulf of Mexico and in the Southern Gas Basin of the U.K. North Sea. They primarily focus their efforts on natural gas and oil properties with proved undeveloped reserves that are economically attractive but are not strategic to major or exploration-oriented independent oil and gas companies. Atp Oil & Gas Corp. has a market cap of $828.37 million; its shares were traded at around $16.54 with a P/E ratio of 165.4 and P/S ratio of 1.34. Atp Oil & Gas Corp. had an annual average earning growth of 71.2% over the past 5 years.

Reduced: Ticketmaster Entertainment, Inc. (TKTM)

David Einhorn reduced to his holdings in Ticketmaster Entertainment, Inc. by 75.62%. His sale prices were between $5.6 and $12.48, with an estimated average price of $9.06. The impact to his portfolio due to this sale was -0.4%. David Einhorn still held 1,179,368 shares as of 09/30/2009.

TICKETMASTER ENTERTAINMENT consists of Ticketmaster and Front Line Management Group. As the world's leading live entertainment ticketing and marketing company, Ticketmaster connects the world to live entertainment. Ticketmaster operates in twenty global markets, providing ticket sales, ticket resale services, marketing and distribution through ticketmaster.com, one of the largest e-commerce sites on the Internet; approximately 6,700 retail outlets; and 19 worldwide call centers. Ticketmaster Entertainment, Inc. has a market cap of $630.71 million; its shares were traded at around $11 with a P/E ratio of 12.79 and P/S ratio of 0.43.

Reduced: Memc Electronic Materials Inc. (WFR)

David Einhorn reduced to his holdings in Memc Electronic Materials Inc. by 71.47%. His sale prices were between $15.22 and $20.86, with an estimated average price of $17.33. The impact to his portfolio due to this sale was -0.48%. David Einhorn still held 1,039,760 shares as of 09/30/2009.

MEMC Electronic Materials, Inc. is a leading global producer of polysilicon and silicon wafers. The silicon wafer is the fundamental building block of semiconductors, which, in turn, are found in every type of microelectronics application, including computer systems, telecommunications equipment, automobiles, consumer electronics products, industrial automation and control systems. (PRESS RELEASE) Memc Electronic Materials Inc. has a market cap of $2.92 billion; its shares were traded at around $13.07 with a P/E ratio of 22.53 and P/S ratio of 1.46. Memc Electronic Materials Inc. had an annual average earning growth of 50% over the past 5 years.

Reduced: Health Management Associates Inc. (HMA)

David Einhorn reduced to his holdings in Health Management Associates Inc. by 35.34%. His sale prices were between $4.8 and $7.93, with an estimated average price of $6.36. The impact to his portfolio due to this sale was -0.95%. David Einhorn still held 9,282,966 shares as of 09/30/2009.

Health Management Associates, Inc. provides a broad range of general acute care health services in non-urban communities. The Company pursues a business strategy of efficiently and profitably operating its existing base of facilities and selectively acquiring additional 100 to 300 bed acute care hospitals located in non-urban communities in market areas of 40,000 to 300,000 people in the southeastern and southwestern UnitedStates. Health Management Associates Inc. has a market cap of $1.66 billion; its shares were traded at around $6.75 with a P/E ratio of 15 and P/S ratio of 0.37. Health Management Associates Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Health Management Associates Inc. the business predictability rank of 3.5-star.

Sold Out: Allegheny Energy Inc. (AYE)

David Einhorn sold out his holdings in Allegheny Energy Inc.. His sale prices were between $23.71 and $27.64, with an estimated average price of $25.52.

Allegheny Energy, Inc. is a diversified utility holding company. They own directly and indirectly various regulated and non-regulated subsidiaries and have aligned its businesses into three principal business segments: regulated utility operations, unregulated generation operations and other unregulated operations. Allegheny Energy Inc. has a market cap of $3.8 billion; its shares were traded at around $22.4 with a P/E ratio of 10.28 and P/S ratio of 1.12. The dividend yield of Allegheny Energy Inc. stocks is 2.68%. Allegheny Energy Inc. had an annual average earning growth of 46% over the past 5 years.

Sold Out: Max Capital Group Ltd. (MXGL)

David Einhorn sold out his holdings in Max Capital Group Ltd.. His sale prices were between $17.3 and $21.66, with an estimated average price of $20.04.

Max Capital Group Ltd. through its principal operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers. The Company also provides reinsurance for existing blocks of Life & Annuity business. Max Capital Group Ltd. has a market cap of $1.26 billion; its shares were traded at around $22.12 with a P/E ratio of 21.9 and P/S ratio of 1.69. The dividend yield of Max Capital Group Ltd. stocks is 1.81%. Max Capital Group Ltd. had an annual average earning growth of 11.3% over the past 5 years.

Sold Out: Helix Energy Solutions Group Inc. (HLX)

David Einhorn sold out his holdings in Helix Energy Solutions Group Inc.. His sale prices were between $9.22 and $15.76, with an estimated average price of $11.95.

Helix Energy Solutions Group Inc., is a leading marine contractor and operator of offshore oil and gas properties and production facilities. The company seeks to align the interests of the producer and the contractor by investing in mature offshore oil and gas properties, hub production facilities and proven undeveloped reserve plays where Helix Energy Solutions Group adds value by deploying vessels from its diverse contracting fleet. This unique integration of marine contracting and oil and gas operations is designed to add stability to revenues and earnings in an industry as cyclical as energy. Helix Energy Solutions Group Inc. has a market cap of $1.39 billion; its shares were traded at around $13.48 with a P/E ratio of 24.07 and P/S ratio of 0.65. Helix Energy Solutions Group Inc. had an annual average earning growth of 28.6% over the past 10 years.

Sold Out: Liz Claiborne Inc. (LIZ)

David Einhorn sold out his holdings in Liz Claiborne Inc.. His sale prices were between $2.56 and $6.07, with an estimated average price of $3.89.

Liz Claiborne, Inc. designs and markets an extensive range of brandedwomen's and men's fashion apparel and accessories, appropriate for occasions ranging from casual to dressy. The company also markets fragrances for women and men. The company's brands include Claiborne, Crazy Horse, Curve, Dana Buchman, Elisabeth, Emma Jeans, First Issue, Laundry by Shelli Segal, Liz Claiborne, Lucky Brand, Russ, Sigrid Olsen, and Villager. Liz Claiborne Inc. has a market cap of $489.69 million; its shares were traded at around $5.15 with and P/S ratio of 0.12.

Sold Out: Kkr Financial Holdings Llc (KFN)

David Einhorn sold out his holdings in Kkr Financial Holdings Llc. His sale prices were between $0.82 and $5.04, with an estimated average price of $2.72.

KKR Financial Corp., an affiliate of Kohlberg Kravis Roberts & Co. L.P., is a diversified specialty finance company that invests across multiple asset classes, including residential mortgage loans and mortgage-backed securities, corporate loans and debt securities, commercial real estate loans and debt securities, and asset-backed securities. Kkr Financial Holdings Llc has a market cap of $917.21 million; its shares were traded at around $5.8 with and P/S ratio of 0.97.

Sold Out: Harman International Industries Inc. (HAR)

David Einhorn sold out his holdings in Harman International Industries Inc.. His sale prices were between $17.89 and $33.98, with an estimated average price of $26.29.

Harman International Industries, Incorporated is a leading manufacturer of high-quality, high-fidelity audio products and electronic systems for the automotive, consumer and professional markets. Harman International is a worldwide leader in the manufacture of high-quality, high-fidelity audio and electronic products for automotive, consumer and professional use. The company's legendary brands have taken a leading role in the creation and innovation of progressive technologies, from the world's first car radio to today's most revolutionary infotainment systems. Our commitment to quality and innovation can be found everywhere, from theaters and stadiums to homes and automobiles, and continues to redefine the boundaries of technology and entertainment. Through internal development and a series of carefully selected acquisitions, they have built up a broad range of renowned brands and products in our principal markets, and a substantial and experienced digital engineering capabilit Harman International Industries Inc. has a market cap of $2.62 billion; its shares were traded at around $37.79 with and P/S ratio of 0.91. Harman International Industries Inc. had an annual average earning growth of 16.8% over the past 10 years. GuruFocus rated Harman International Industries Inc. the business predictability rank of 3-star.

Sold Out: Guaranty Fin Group (GFG)

David Einhorn sold out his holdings in Guaranty Fin Group. His sale prices were between $0.12 and $0.58, with an estimated average price of $0.23.

Guaranty Financial Group is the second largest publicly-traded financial institution holding company. GFG operates Guaranty Bank which engages in consumer and business banking activities through a network of banking centers in Texas and California. Guaranty Bank also provides financing to middle market companies, independent energy producers, and the real estate industry. The company also operates an insurance agency, Guaranty Insurance Services, Inc. Guaranty Fin Group has a market cap of $4.47 million; its shares were traded at around $0.29 .

Sold Out: Energy Partners Ltd. (EPL)

David Einhorn sold out his holdings in Energy Partners Ltd.. His sale prices were between $7.67 and $8.9711, with an estimated average price of $8.23.

Energy Partners, Ltd. is an independent oil and natural gas exploration and production company based in New Orleans, LA and Houston. The Company's operations are primarily located in the Gulf of Mexico shelf. The Company's operations are concentrated in the shallow to moderate-depth waters in the Gulf of Mexico focusing on the areas offshore Louisiana, as well as the deepwater Gulf of Mexico at depths less than 5,000 feet.. Energy Partners Ltd. had an annual average earning growth of 8.5% over the past 5 years.

Sold Out: Dana Holding Corp (DAN)

David Einhorn sold out his holdings in Dana Holding Corp. His sale prices were between $1.17 and $7.13, with an estimated average price of $4.3.

DANA HOLDING CORP is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets. Dana Holding Corp has a market cap of $951.47 million; its shares were traded at around $7.09 with and P/S ratio of 0.12.

Sold Out: United States Natural Gas Fund, Lp (UNG)

David Einhorn sold out his holdings in United States Natural Gas Fund, Lp. His sale prices were between $9.01 and $14.04, with an estimated average price of $12.07.

United States Natural Gas Fund, Lp has a market cap of $224.8 million; its shares were traded at around $9.06 .


Rating: 2.8/5 (6 votes)

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