Shares of $CLB, Core Labs, are trading lower to the tune of 3% on a bearish presentation from Mr. David Einhorn. Apparently, Mr. Einhorn thinks $CLB is expensive, very expensive. The legendary investor believes $CLB deserves to trade at a price target of $62 and not a penny higher.
Let’s see how this plays out:
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Hedge fund manager David Einhorn gave a bearish presentation on Core Laboratories, causing shares of the oil and gas stock to drop.
The shares initially popped as Einhorn began discussing the company without being clear whether he was long or short. This article previously misstated Einhorn’s position as bullish.
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.