So-called earnings surprises have become something of a misnomer on Wall Street in that everyone tends to expect and place bets on them nowadays. But every once in a while there are real earnings jolts in the market that few are positioned to take advantage of in their portfolios.
This fall was an exception. Real surprises were aplenty. At the head of the class was Cupertino-based Apple Computer, which saw its shares jump 13% in a single day in late September based on stellar sales of its iPod digital music player.
While most hedge funds, including tech-focused hedge funds, made Apple conspicuous by its absence in their portfolios, there were a few that did take a bite and scored big. One was Kingdon, which held a heavy 600,000-share stake in Apple, based on its latest quarterly filings with the SEC.
And Mark Kingdon's fund shop likely made a killing...