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David Einhorn shorts oil and gas stock Core Laboratories
Hedge fund manager David Einhorn gave a bearish presentation on Core Laboratories , causing shares of the oil and gas stock to drop.
The idea from the head of Greenlight Capital was presented Monday at the Sohn Investment Conference in New York. Einhorn is known for his successful short bets against stocks like Lehman Brothers.
"Core's earnings will disappoint over the next few years," he said at the Sohn Investment Conference in New York. "Core's business is not a secular growth story."
Einhorn cited how the company needs a "V-shaped" recovery in oil prices due to its heavy offshore exposure. He expects Core will miss analyst expectations in the coming years.
The hedge fund manager sees 45 percent down side to the company's share price and fair value of $62 a share.
"We don't believe there is a V shaped recovery on oil prices," the manager concluded.
In March, the portfolio manager proposed a dual share class structure for General Motors aimed at increasing shareholder value.
The shares initially popped as Einhorn began discussing the company without being clear whether he was long or short. The Sohn conference Twitter feed initially said that Einhorn was long.
This article too previously misstated Einhorn's position as bullish.
Correction: David Einhorn is short Core Laboratories. An earlier version misstated his position as long.
