NEW YORK, July 24 David Einhorn told investors
his Greenlight Capital hedge fund sold out of computer maker
Dell Inc in the second quarter as the stock "proved to
be a disappointment," with non-PC business growth smaller than
Einhorn, in a letter to investors obtained by Reuters, said
the fund also exited retailer Best Buy Co "with a loss"
as "unexpected problems emerged" that challenged its business.
He cited the depletion of cash resources due to a $1.3 billion
acquisition, a decline in profits from Best Buy's international
business, and the dismissal of its CEO "over his personal
Greenlight Capital funds posted negative 3.2 percent
returns, net of fees, in second quarter, bringing yearly net
returns to 3.4 percent, the letter, dated July 23, said.
Einhorn said a short position in Green Mountain Coffee
Roasters was a big winner in the quarter, with two
other undisclosed short positions also helping performance.