US hedge fund Omega Advisors leaves Apple for Facebook

Leon Cooperman’s hedge fund Omega Advisors divested the shares it held in US technology major Apple Inc (NASDAQ:AAPL) and acquired new shares in Facebook Inc (NASDAQ:FB) and in oil and gas company SandRidge Energy Inc (NYSE:SD) in the fourth quarter of last year, according to a filing with the US securities regulator.

Omega Advisors, which is led by Cooperman as CEO, shed 266,404 shares in Apple, which represented its entire holding in the technology firm and bought 3.16m shares in Facebook as well as 24.38m shares in SandRidge.

The market value of Apple has fallen considerably in the last months.

In addition, Omega Advisors boosted its ownership in US energy firm McMoRan Exploration Company (NYSE:MMR) by some 1.8m shares.

The filing provided no financial details.