Here’s Why This Hedge Fund Manager Sold Out Of Apple Inc (AAPL), Amazon.com Inc (AMZN), And Netflix Inc (NFLX)

Glaxis exited from Apple Inc. (NASDAQ:AAPL), in which it had initiated a stake in the March quarter by purchasing 29,250 shares valued at $3.64 million as of March 31. Although shares of the world’s largest company remained flat during the second quarter, there are plenty of reasons to be bullish on the company such as analysts at Canaccord Genuity recently estimating that the company accounted for 92% of all the gains in the smartphone industry in the first quarter, while producing only 20% of all smartphones. Additionally, legendary activist investor Carl Icahn, who owned over 52 million shares of the company at the end of March, recently proclaimed that he thinks Apple’s stock is worth $240 right now, though his bullish proclamations have done little to aid the stock in recent months.

Just like Apple, Glaxis had initiated its stake in Netflix, Inc. (NASDAQ:NFLX) during the March quarter by purchasing 3,000 shares (pre-split) of the company valued at $1.25 million as of March 31, 2015. During the second quarter, shares of the streaming service rose by over 50%, hence Glaxis would have made a decent profit on its stake depending on how long it held it. Netflix, Inc. (NASDAQ:NFLX) declared its second quarter earnings yesterday, reporting that its global subscriber base has surpassed the 65 million mark. The EPS of $0.06 on revenues of $1.64 billion for the quarter came in better than analysts’ estimates of EPS of $0.05 on revenues of $1.6 billion. Carl Icahn’s Icahn Capital LP, which reported owning over 1.4 million shares of the company at the end of March, recently disclosed that it had sold its entire stake in the company as well. Both funds missed out on the tremendous 18% appreciation of shares today following the earnings release.

Glaxis had also initiated a stake in Amazon.com, Inc. (NASDAQ:AMZN) during the first quarter of the year, purchasing 2,000 shares during the quarter, valued at $744,000 at the end of March, which it sold off during the second quarter. The company concluded its much-hyped ‘Prime Day’ sale for Amazon Prime customers on July 15, and the initial indicators show that the sale was a hit among consumers, resulting in an even better selling day than Black Friday. Ken Fisher‘s Fisher Asset Management was the largest shareholder of Amazon.com, Inc. (NASDAQ:AMZN)’s shares as of March 31 among the hedge funds that we track, owning almost 2.5 million shares of the company.

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