Here's the Market Reaction to Those Sohn Investment Ideas

Einhorn says sell some shale, Ackman stays silent on CSX

Mayweather vs. Pacquiao may have grabbed the limelight as the "fight of the century," but the heavy hitters of finance are duking it out today at the annual Sohn Investment Conference in New York. At the industry confab, some of the world's biggest hedge fund titans share investment ideas, generating headlines and sometimes moving markets. Here's a roundup of select fund managers and their market-impact "scores."

David Einhorn, the poker-playing president of Greenlight Capital, burned some shale stocks down after slamming the fracking industry as wasteful, expensive, and a terrible investment. Shale explorers, including Pioneer Natural Resources and EOG Resources, dropped as much as 5.28 percent and 0.35 percent, respectively, following Einhorn's Sohn remarks. Pioneer ended the day down 1.88 percent, at $168.30, while EOG managed to recover somewhat, gaining 0.50 percent to close at $99.43. As always, Einhorn's presentation had some nifty charts. You can see the whole thing over here.

Sohn presentation - Greenlight

Mala Gaonkar, money manager at Lone Pine Capital, highlighted Microsoft as an example of an undervalued "legacy tech stock." Despite the recommendation, Microsoft shares slipped 0.85 percent, to $48.24.

Larry Robbins, founder of Glenview Capital Management, said shares of AbbVie could reach $90 by the end of 2016. AbbVie shares briefly spiked 1.74 percent, to $65.40, after his comments before closing at $64.68.

Keith Meister, founder of the activist hedge fund Corvex Management, argued that Yum! Brands should spin off its China business to increase value. Shares of the company rose 1 percent on the comments but then slipped 0.97 percent, to $91.01.

Bill Ackman managed to spark a share price slide without saying anything. The Pershing Capital founder said he wouldn't be discussing railroad CSX during his presentation. Ackman's silence managed to spark the biggest drop in CSX's share price in more than a month. CSX stock fell as much as 3.84 percent, to $36.02, before closing the day at $36.61, down 2.3 percent.

CSX share price - Bloomberg

 

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