Point72 Asset Management Sells Stakes in Sirius, Zynga and Yahoo

By Dow Jones Business News, 

By Polya Lesova

Point72 Asset Management, formerly SAC Capital Advisors LP, exited its stake in Blackberry Ltd. ( BBRY ) and sold a portion of its stake in Yahoo Inc. (YHOO) during the quarter ended June 30, according to a regulatory filing.

The hedge-fund firm founded by billionaire Steven A. Cohen held no shares in BlackBerry -- the smartphone maker that has been struggling to turn around its business -- at the end of June, according to a 13-F regulatory filing with the Securities and Exchange Commission on Thursday.

Point72 held 904,400 shares in Yahoo at the end of the second quarter.

Mr. Cohen's firm also held stakes in videogame maker Zynga Inc. (ZNGA), cellphone carrier T-Mobile US Inc. (TMUS) and energy producer Encana Corp. ( ECA ). Point72 owned 432,000 Zynga shares and 43,100 shares of T-Mobile as of June 30. The firm held 2.06 million shares of Encana.

Thursday's regulatory filing also showed that Point72 owned 31.57 million shares in Sirius XM Holdings (SIRI), 5.88 million shares of Quicksilver Resources ( KWK ) and 875,000 shares in Home Depot ( HD ) as of June 30.

SAC Capital has been the subject of a federal investigation into insider trading at the firm. SAC has pleaded guilty to insider trading and agreed to pay a fine of almost $1.2 billion and cease managing outside money.

Eight current or former SAC employees have been convicted of or pleaded guilty to insider trading. Mr. Cohen has denied involvement in any wrongdoing and hasn't been charged criminally but faces a pending civil case brought by the Securities and Exchange Commission, which alleges he failed to adequately supervise his employees.

Write to Polya Lesova at polya.lesova@wsj.com

Corrections & Amplifications

This item was corrected at 5:04 p.m. ET on Friday, August 15, 2014. The original incorrectly reported that the firm had eliminated its stakes in those three companies as well as Home Depot, Quicksilver Resources, Encana Corp. and T- Mobile US. Inc.

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This article appears in: Mutual Funds , Energy

Referenced Stocks: BBRY , ECA , HD , KWK , LMCA

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