Marginal Happiness

Monday, August 15, 2005

Elephant Tracks?

SAC Capital Advisors LLC, run by Steven A. Cohen, operates $6 billion in assets. With a smidgen of leverage, I guess they control $90 billion. They are a quiet outfit and I pay attention when their name pops up. About two weeks ago, they filed two schedule 13g's, in Northwest Airlines (NWAC) and Delta Air Lines (DAL).

The Northwest equity is split among SAC Multiquant Fund (1,600 shares), CR Intrinsic Investors LLC (600,000 shares), SAC Capital Associates/SAC Capital Management, and Mr. Cohen.

July 27th, 2005 NWAC 4.98 million shares (5.7% of class) worth $32.4 million.

There is a similar arrangement with DAL shares.

July 26th, 2005 DAL 9.5 million shares (6.1% of class) worth $32 million.

I don't know what Mr. Cohen has up his sleeve. Perhaps he unwound these positions already; or, it remains in play. With my poor eyesight it's hard to say if I'm way behind the elephant or
standing in his path.

Market Dipstick

Nope. I'm still waiting for more favorable weather.