By Claudia Assis
Fund sells off Arm, Broadcom
Billionaire investor George Soros’ investment fund has placed new bets on low-cost and ultra-low-cost U.S. airlines, going for fresh stakes in JetBlue Airways Corp., Spirit Airlines Inc. and Sun Country Airlines Holdings Inc., according to a filing late Wednesday.
Soros’ fund, which had invested in JetBlue (JBLU) in the distant past, has bought more than 370 million shares of the low-cost airline, which recently appealed a court ruling blocking its merger with Spirit.
Activist investor Carl Icahn on Monday disclosed a 9.9% stake in JetBlue, saying that the airline’s stock was “undervalued and represented an attractive investment opportunity.” Icahn also signaled his intention to have a say in the direction of the company.
Low- and ultra-low-cost airlines such as Spirit (SAVE) and Sun Country (SNCY) have continued to reap the benefits of increased demand for leisure air travel in the U.S.
Soros Fund Management also increased its bets on Doordash Inc. (DASH). Doordash is slated to report quarterly earnings after the bell on Thursday.
The fund sold off its stakes in chip makers Arm Holdings Plc. (ARM), whose stock had been on a tear until recently, and Broadcom Inc. (AVGO), to name a few exits.
-Claudia Assis
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02-14-24 1810ET
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