John Paulson Hewlett-Packard
John Paulson Buys $1 Billion in Shares of Hewlett-Packard
Hedge fund manager John Paulson has made a big investment in Hewlett-Packard Co. The hedge fund titan who made a name for himself by betting against the housing market before the financial crisis has bought a $1 billion stake in HP. This purchase amounted to about 25 million shares of the company's stock.
Paulson bought 25 million shares in Hewlett-Packard, valued at about $1 billion, according to a regulatory filing yesterday. The New York-based fund added 17.3 million shares of Transocean, lifting its stake to 7.7 percent and making Paulson the largest holder of the Vernier, Switzerland-based offshore driller.
The hedge fund has said it expects to make money in the next two years with the stocks of companies going through bankruptcy, restructuring or reorganization. Transocean, the owner and operator of the Deepwater Horizon drilling rig that exploded a year ago, was sued by BP Plc last month for billions of dollars in damages related to the oil spill. Hewlett-Packard is pushing deeper into software to try to reverse a 22 percent drop in its shares in the past year.
Leo Apotheker, who took over as Hewlett-Packard’s chief executive officer Nov. 1, outlined his strategy for the first time on March 14. The company is starting a cloud-computing service that will let developers create applications for consumers and businesses that run on HP servers, Apotheker said at the time. Source
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