Billionaire Leon Cooperman grew up as the son of a plumber living in the South Bronx, then worked his way into Hunter College as a Xerox quality control engineer in the mid-60’s. Later, Cooperman went to Columbia Business School for an MBA.
After a 25-year career with Goldman Sachs, Cooperman founded Omega Advisors in 1991. Outlined below is some of the interesting takeaways from Omega’s recent buys and sells per its first quarter filing with the SEC (check all of Cooperman’s new picks).
Holding strong as Cooperman’s top pick is Sprint Nextel Corporation (NYSE:S), making up 6.27% of his fund’s 13F portfolio. The big news of late for Sprint has been the battle between Softbank and Dish Network to see who will have control over the mobile company.
The Japanese cellphone company Softbank made a deal to to inject some $20 billion into Sprint for 70% of its shares. With this new capital, Sprint Nextel Corporation (NYSE:S) had hoped to purchase the remaining shares of Clearwire that it didn’t already own for $2.2 billion. However, in April Dish Network made a new proposal to acquire Sprint for $25.5 billion, outbidding the Softbank offer. Dish also proposed a deal to buy Clearwire for $3.30 per share.
Sprint Nextel Corporation (NYSE:S)’s first quarter 2013 results showed a $0.21 loss per share, which was better than consensus. The outperformance was a result of strong revenue growth and a focus on the core Sprint platform. This should remain the focus going forward, which should help Sprint see further upside. Cooperman has fellow billionaire John Paulson as a supporter in Sprint, with Paulson owning some 127 million shares (see Paulson’s latest moves).Bronx News, Bronx People, Hunter College, Leon Cooperman, South Bronx, Sprint Nextel Corporation