Hedge fund manager Daniel Loeb told investors on Tuesday he urged biotechnology company Amgen Inc to split apart, a move that could boost its share price by more than 80 percent."Our own extensive diligence suggests that a break-up of Amgen is feasible and that purported constraints such as tax strategy and supply chain management can be managed," he said in a quarterly letter sent to investors by his Third Point hedge fund.Loeb, who ranks among the industry's most closely followed investors - returning an average 17.5 percent per year since 1996 - also said Third Point made new bets on eBay Inc and Alibaba Group Holding Ltd, while exiting other holdings such as Sony Corp.The letter said Amgen, in which Third Point is an investor, has "all the hallmarks of a hidden value situation."
Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN traded higher by 4.79% or $6.58/share to $144.09. In the past year, the shares have traded as low as $108.20 and as high as $144.46. On average, 3538670 shares of AMGN exchange hands on a given day and today's volume is recorded at 8125324.
eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 3.37% or $1.66/share to $50.86. In the past year, the shares have traded as low as $46.34 and as high as $59.70. On average, 14152500 shares of EBAY exchange hands on a given day and today's volume is recorded at 12426652.
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