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Third Point drops stakes in Alibaba, Microsoft and Netflix in fourth quarter

Sue Chang

Dan Loeb's Third Point LLC sold stakes in several high profile companies including Alibaba Group Holdings , Microsoft Corp. , Netflix Inc. , and Deere & Co. while buying into Cigna Corp. during the fourth quarter, according to a regulatory filing Friday. It also dropped Marathon Petroleum Corp. and WPX Energy Inc. from its portfolio and trimmed its investment in American Express Co. to 2.9 million shares from 5 million in the previous quarter. At the same time, it raised its holding in Campbell Soup Co. to 21 million from 18 million as part of its effort to push for a sale of the company. For all of 2018, Third Point had reported losses of 11%, the worst since 2008. [Updated to correct that Third Point sold shares of Marathon Petroleum Corp. rather than Marathon Oil Corp.]