Billionaire Steve Cohen’s High Upside Potential Stock Picks Include Apple Inc. (AAPL)

SAC reported owning 2.6 million shares of oilfield services company Schlumberger Limited. (NYSE:SLB). The stock is down 3% in the last year against a rising market, and with revenue and earnings each up about 10% the trailing P/E comes in at 16. This isn’t screaming buy levels, though consensus is for earnings growth to be high enough in the next several years that that PEG ratio is 0.9. Schlumberger was one of the most popular energy stocks last quarter, and we’d be interested in comparing it to peers such as Halliburton.

The fund initiated a position of 1.4 million shares in Fossil, Inc. (NASDAQ:FOSL), which provides consumer fashion items and has a market capitalization of $5.4 billion. In the third quarter of 2012, net income was 10% higher than in the same period in 2011. Given its earnings multiples in the teens and expectations of continued growth, the PEG ratio is 0.9 here as well. Renaissance Technologies, founded by billionaire Jim Simons, also bought shares of the stock last quarter (research more stocks Renaissance was buying). It’s another stock that might be worth considering if it can continue improving on the bottom line.