Third Point LLC Holdings hedge fund starts new positions in FDX, GOOG, EQT, XON – 13F Flash

Samantha Nielson - Author

Nov. 18 2013, Updated 2:24 p.m. ET

Third Point LLC Holdings, a large U.S. based hedge fund started new positions in Fedex Corp. (FDX), Google Inc. (GOOG), EQT Corp. (EQT), and Intrexon Corp. (XON).

Abbreviated financial summaries and metrics for these securities are included below. Detailed analysis and recommendations require a subscription (more information at the bottom of the article).

Fedex Corp. (FDX):

FedEx Corporation (“FedEx”) provides a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. These companies are included in four business segments:

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FedEx Express: Federal Express Corporation (“FedEx Express”) is the world’s largest express transportation company, offering time-certain delivery to more than 220 countries and territories, connecting markets that comprise more than 90% of the world’s gross domestic product. The FedEx Express segment also includes FedEx Trade Networks, Inc., which provides international trade services, specializing in customs brokerage and global ocean and air freight forwarding, and FedEx SupplyChain Systems, Inc., which offers a range of supply chain solutions.

FedEx Ground: FedEx Ground Package System, Inc. (“FedEx Ground”) is a leading North American provider of small-package ground delivery services. FedEx Ground provides low-cost, day-certain service to every business address in the United States and Canada, as well as residential delivery to nearly 100% of U.S. residences through its FedEx Home Delivery service. The FedEx Ground segment also includes FedEx SmartPost, Inc., which specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages using the U.S. Postal Service (“USPS”) for final delivery to any residential address or PO Box in the United States.

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FedEx Freight: FedEx Freight, Inc. (“FedEx Freight”) is a leading North American provider of less-than-truckload (“LTL”) freight services across all lengths of haul, offering: FedEx Freight Priority, when speed is critical to meet supply chain needs; and FedEx Freight Economy, when time can be traded for cost savings. The FedEx Freight segment also offers freight delivery service to most points in Canada, Mexico, Puerto Rico and the U.S. Virgin Islands and includes FedEx Custom Critical, Inc., a leading North American provider of time-specific, critical shipment services.

FedEx Services: FedEx Corporate Services, Inc. (“FedEx Services”) provides its other companies with sales, marketing, information technology, communications and back-office support. The FedEx Services segment also includes FedEx TechConnect, Inc., which is responsible for customer service, billings and collections for its U.S. customers and offers technical support services, and FedEx Office and Print Services, Inc. (“FedEx Office”), which provides document and business services and retail access to its package transportation businesses.

Google Inc. (GOOG):

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Google is a global technology leader focused on improving the ways people connect with information. The Company aspires to build products and provide services that improve the lives of billions of people globally. Its mission is to organize the world’s information and make it universally accessible and useful. Its innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.

Google’s Motorola business is comprised of two operating segments. The Mobile segment is focused on mobile wireless devices and related products and services. The Home segment is focused on technologies and devices that provide video entertainment services to consumers by enabling subscribers to access a variety of interactive digital television services.

Google generates revenue primarily by delivering relevant, cost-effective online advertising. Businesses use our AdWords program to promote their products and services with targeted advertising. In addition, the third parties that comprise the Google Network use its AdSense program to deliver relevant ads that generate revenues and enhance the user experience. Google also generates revenues from Motorola by selling hardware products.

EQT Corp. (EQT):

EQT Corporation (EQT or the Company) conducts its business through three business segments: EQT Production, EQT Midstream and Distribution. EQT Production is one of the largest natural gas producers in the Appalachian Basin with 6.0 Tcfe of proved natural gas and crude oil reserves across approximately 3.5 million gross acres, including approximately 540,000 gross acres in the Marcellus play, as of December 31, 2012. EQT Midstream provides gathering, transmission and storage services for the Company’s produced gas, as well as for independent third parties across the Appalachian Basin.  The Distribution segment distributes and sells natural gas to residential, commercial and industrial customers through the Company’s regulated distribution subsidiary, Equitable Gas Company, LLC (Equitable Gas).  As a local distribution company, Equitable Gas has customers in southwestern Pennsylvania, West Virginia and eastern Kentucky.  Equitable Gas also operates a small gathering system in Pennsylvania, and provides off-system sales activities that include the purchase and delivery of natural gas.

Intrexon Corp. (XON):

The core technology behind Intrexon, the UltraVector® platform, produces and optimizes custom, complex gene systems with desired biological outcome efficiently and cost-effectively. It uses its technologies to:

  • Precisely control the amount, location, and modification of biological molecules
  • Work in many cell types in multiple organisms, from microbe to mammal, in vitro or in vivo
  • Develop novel approaches across a broad spectrum of end markets

Third Point is run Dan Loeb and is an employee owned hedge fund. The fund pursues event-driven and long-short strategies and is based in New York City, on 390 Park Avenue, 18th floor. Third Point can invest across the capital structure.


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