Surprisingly, Maverick's small-cap stocks soar

Mon Feb 2, 2009




By Pete Gallo

Early January saw biting cold weather on Wall Street that seemed to bring a big chill even to the NYSE, but you wouldn't know that from the warm glow coming from certain picks in Lee Ainslie's portfolio at Maverick Capital.

Some of Maverick's stock picks were downright red hot in the opening weeks of 2009, especially in small-cap names, many of which had ended 2008 smaller than ever.

Maverick even managed to see double-digit gains across a number of individual positions in the biotech and tech sectors. PDA-maker Palm and drugmaker Cypress Bioscience had been less than all-stars going into the new year, which no doubt helped them surprise a market otherwise devoid of cheery news.

Cypress Bioscience was trading at $6.84 on December 31, but had jumped to $9.61 by January 15. Remarkably, most of that gain came in a single session, rising a stunning 24.5%...

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